Billionaire Mukesh Ambani’s Reliance Jio Platforms has pivoted to a pure fundraise for its planned Mumbai listing, dropping earlier plans that would have allowed some shareholders to exit, two sources said.
“Given the uncertainty in markets due to the situation in West Asia, investors have chosen to stay invested in the company rather than use the IPO as an exit opportunity,” one of the sources said.
Ambani’s Jio Platforms, which houses the world’s second-largest telecom company by users after China Mobile, counts Meta, Google and Vista Equity Partners among its investors.
There was chaos in the market in Pachor town of Rajgarh district when a massive fire suddenly broke out in a petrol pump located on the main road. The fire could be controlled after about two hours. According to eyewitnesses, petrol was being emptied from the tanker into the underground tank, when strong flames erupted and within no time the entire complex was engulfed in smoke. A pump employee got burnt in the accident, who was immediately taken to the civil hospital.
The incident took place tonight at 8:30 pm. Amidst the hustle and bustle of the market, suddenly high flames erupted at the decanting point of the petrol pump. Hearing the sound like a loud bang, nearby shopkeepers and customers got scared. People ran to save their lives, many shopkeepers pulled down their shutters and went to safe places. Within a few minutes, smoke spread throughout the area and visibility reduced.
As soon as the information was received, Pachor police station and city council’s fire brigade and fire team reached the spot. Additional fire vehicles were also called from Rajgarh and Biaora. The fire could be controlled after about an hour of effort. The flames did not reach the surrounding residential areas in time, otherwise a major accident could have occurred. As a precautionary measure, the police surrounded the entire area and diverted the traffic.
According to the pump management, the burnt employee has been identified as Dinesh Mewada. He was standing near the nozzle while emptying the tanker. Due to the fire, his hands and face got burnt, apart from this 10 more people got burnt. A total of 11 people, including minor ones, were burnt to death in the fire. After first aid, they were referred to Rajgarh District Hospital, where doctors declared their condition to be stable.
At present, the clear cause of the fire has not been known. In the preliminary investigation, there is a possibility of spark arising from static charge or short circuit. SDM and SDOP reached the spot and took stock. Forensic team and security officials of Indian Oil have also been called for investigation. The petrol pump has been sealed till further orders.
A New South Wales anti-corruption inquiry is investigating whether three friends in powerful positions at a western Sydney council, who called themselves the “Pink Ops”, subverted recruitment and promotion processes to benefit friends.
The NSW Independent Commission against Corruption (Icac) held its first day of public hearings on Monday into allegations concerning Parramatta council’s former chief executive Gail Connolly, as well as council employees Roxanne Thornton and Angela Jones-Blayney and other staff.
In her opening address, counsel assisting Joanna Davidson SC said the three women were formerly part of a group working together at Ryde council, which called itself the “Pink Ladies” or “Pink Ops” or “Pops”. The name was “a play on words on the term Black Ops”.
“The group attended social events together, including dinners and weekends away, and maintained contact via WhatsApp, chats containing thousands of messages continuing after the period during which they worked together.”
Davidson alleged evidence would show that “this close network maintained over years formed part of the backdrop to key decisions later made at Parramatta”.
Icac is investigating whether Connolly and other staff conducted targeted electronic surveillance and investigated staff for reprisals, including termination.
Connolly was appointed chief executive in March 2023. Davidson alleged an unsuccessful attempt to have the council reconsider her appointment through a rescission motion “marked an early line between those staff perceived as supporters of the new CEO and those perceived as opponents”.
“This was a divide that it is alleged later influenced both scrutiny and reprisal,” the barrister said.
Davidson said the evidence would show the possibility of a “broader objective” to create staff vacancies aligned with Connolly, and later Thornton and Jones-Blayney, “who were loyal to Ms Connolly personally, and in some cases connected to her personally”.
Davidson said this included “substantial questions” about the recruitment processes in the hiring of Thornton and Jones-Blayney, following Connolly’s appointment, as well as other members of the “Pink Ops” group.
Davidson said while relationships in local government were “not of themselves, problematic”, during Connolly’s tenure, they “were not always managed with the transparency, proper boundaries and disclosure of conflicts of interest”.
She said that included Connolly’s alleged preferred use of personal email accounts and “avoiding things being put in writing” to prevent them being released via freedom of information requests.
The inquiry heard that the “position of trust” between Connolly and Thornton was such that during their time working at Georges River council, they had a jointly-controlled Facebook profile under a name not belonging to either of them to comment on council-related matters.
Davidson alleged that when Connolly “was in a rush to sign her employment contract at the city of Parramatta”, she wrote Thornton’s signature on the document as a witness to her own signature, at a time when Thornton was not present.
Davidson alleged Connolly assisted Thornton’s appointment to Parramatta council, first as chief governance and risk officer, then to the permanent position of group manager in the office of the lord mayor and CEO.
That included removing an essential requirement for the chief governance officer that required them to have a law degree, Icac heard on Monday.
Davidson alleged that Thornton, after starting at the council, assisted Connolly with a restructure “that involved a future position of the kind that Miss Thornton later occupied as group manager”, arranging for her temporary appointment to the role, which she took up permanently in February 2024.
Davidson said the inquiry would also examine the assistance allegedly provided by Connolly in the appointment of her niece to a senior executive assistant role at the council last year.
The inquiry will look at whether the former CEO and other staff misused public funds to facilitate the exit of council staff through “deeds of release”.
Parramatta council voted to terminate Connolly from her position in October last year. Connolly has denied any wrongdoing.
Guardian Australia directed questions to Thornton and Jones-Blayney via Parramatta Council. A spokesperson said the council would not be making any comments while the inquiry was under way.
The inquiry, overseen by Icac chief commissioner, John Hatzistergos, is expected to conduct four weeks of public hearings.
US President Donald Trump has given a big statement regarding the ongoing ceasefire with Iran. He said that this ceasefire is now in a very weak condition and is on life support. Trump made this statement when he was asked a question about the ongoing peace process and proposal with Iran.
Trump rejected Iran’s answer
Trump rejected Iran’s recent response and called it completely unacceptable. He said that he read Iran’s proposal and it is not acceptable at all. While talking to reporters in the Oval Office, Trump said that there is no pressure of any kind on America and the country is moving towards complete victory.
Tension increased despite peace efforts
Efforts have been going on to restore peace between Iran and America for the last few months, but till now no concrete solution has been found. Tension has increased in many areas after the conflict that started on February 28. A temporary ceasefire was agreed between the two sides in April, but the situation is still not stable.
Tehran’s terms on peace proposal
According to Iranian state media, Tehran has said in its response to stop the war. Iran wants a ceasefire on all fronts, including Lebanon. Also, it has set a condition to ensure the safety of ships in Hormuz. The US had earlier proposed that the two countries end hostilities before discussing other sensitive issues such as the nuclear programme.
Controversy over nuclear program and sanctions
America is continuously demanding from Iran to completely end its uranium enrichment program. In return, there has been talk of lifting the ban and releasing the frozen funds. The talks also included the issue of opening the Strait of Hormuz, which is an important route for global oil supplies. About 20% of the world’s crude oil is supplied through this route.
Fear of impact on global markets
Due to increasing tensions between Iran and America, the fear of instability in global energy markets has increased. Experts believe that if the situation worsens, it may impact oil supply and prices.
Authorities in Greece have intensified investigations into how an explosive-packed drone ended up in waters off the west of the country.
An inquiry, involving specialised military teams, broadened at the weekend after bomb disposal experts detonated the unmanned device at sea.
The Greek defence minister, Nikos Dendias, said the drone, suspected to be of Ukrainian origin, almost certainly came from “a foreign state” although he stopped short of identifying the country.
“We know what it is, and we more or less know what it contains,” he said, while also attempting to allay fears that Greece lacked the military capabilities to defend itself against such emerging technology. “We have nothing to envy, we are creating the possibilities so that our homeland can equip its combat navy with the most developed drones and anti-drone systems that currently exist.”
It is believed the drone landed close to the shores of Lefkada, a popular resort island in the Ionian, when its operators lost control and the device drifted off course. It was found by a fisher in a cave last Thursday.
Alarm over its discovery deepened on Saturday after it was reported that the long-range kamikaze drone was laden with an estimated 100kg of explosives. Greek defence ministry officials refused to confirm it was loaded with munitions.
But in a new era of warfare, where cheap and deadly drones have increasingly changed the nature of combat, the incident raised questions over maritime security in an EU member state that is more vulnerable for having Europe’s longest coastline.
The political opposition was quick to accuse Athens’ centre-right government of being ill-prepared to deal with the threat posed by such weaponry.
On Sunday, Michalis Katrinis, the main opposition Pasok party’s defence spokesperson, said: “Mr Dendias has told us he ‘knows’ [all about the drone] but the Greek people are not allowed to learn anything about its origins, the purposes it served and how it was found, moving unhindered, around Lefkada.”
Its discovery, he added, had proved that Greece was in danger of being dragged into the theatre of war.
The small nationalist, pro-Russian Greek Solution party said the chance finding was evidence of a “conscious military provocation”.
Inspection of the maritime drone was taking place at a naval base on the Greek mainland where the device had been transported. Military sources, quoted in local media, said experts were examining the robot’s serial number as well as its inbuilt GPS for clues to its origin.
With specialist teams increasingly saying the device resembled a Ukrainian-made Magura V3 naval drone, the theory that its intended target was Russian oil and gas shipping in the Mediterranean was also gaining traction.
Kyiv has admitted taking aim at tankers used to circumvent sanctions in Russia’s shadow fleet.
Equipped with satellite communication systems, V3 drones can carry explosive loads of up to 300kg. Their lethality has been upgraded by their autonomy and speed: the unmanned vehicles can travel for up to 60 hours at a top speed of about 50mph (80kmph).
State Bank of India shares declined more than 3 per cent on Monday after the lender reported a weaker-than-expected March quarter performance, with pressure on net interest margins, softer treasury income and moderation in net interest income growth weighing on investor sentiment despite steady asset quality and robust loan growth.
The stock hit a low of ₹984 in early trade after opening at ₹1,007, down from the previous close of ₹1,019.30.
The lender reported a 6 per cent yoy rise in standalone net profit for Q4FY26 at ₹19,684 crore. Net interest income rose 3.8 per cent yoy but declined 2 per cent qoq to ₹44,380 crore as margins compressed sharply during the quarter. Lower provisions and stable credit costs supported profitability, although treasury mark-to-market losses and lower non-interest income impacted earnings.
SBI’s whole bank net interest margin fell 17 basis points qoq to 2.81 per cent, while domestic NIM declined 18 basis points qoq to 2.93 per cent, reflecting the impact of repo-linked loan repricing, MCLR resets following rate cuts and a higher share of floating-rate loans.
Asset quality remained stable, with gross non-performing assets improving to 1.49 per cent. Slippages rose marginally on a sequential basis due to seasonal factors, while credit costs remained benign at around 24 basis points. Loan growth came in strong at 17 per cent yoy, while deposit growth improved to 11 per cent yoy. The CASA ratio remained steady at 39 per cent.
Bernstein maintained a market perform rating with a target price of ₹1,300 and described the quarter as mixed, noting that the 18 basis points q-o-q fall in domestic NIM was the steepest among large banks even as loan growth accelerated.
CLSA retained its outperform rating and target price of ₹1,275, stating that while the top line was weak due to margin pressure, the quarter was otherwise healthy with strong loan growth, lower credit costs and stable asset quality.
Kotak Institutional Equities maintained a buy rating with a target price of ₹1,250 and said the earnings miss could lead to a near-term pause in the stock’s re-rating until investors get clearer signs of margin recovery.
JP Morgan maintained an overweight rating with a target price of ₹1,225, saying SBI reported a weaker-than-expected quarter due to moderation in NII growth and sharper-than-anticipated margin compression. The brokerage, however, noted that management remained confident of NIM recovery in FY27.
BofA Securities reiterated its buy rating and target price of ₹1,200, highlighting that profit growth was supported by strong loan growth and lower credit costs, partially offset by NIM compression and softer non-interest income. The brokerage also pointed to management guidance of 13-15 per cent loan growth and domestic NIM above 3 per cent for FY27.
Macquarie maintained an outperform rating with a target price of ₹1,150 and said the earnings miss was driven by weak margins and trading losses. The brokerage added that asset quality continued to remain a bright spot.
UBS retained its neutral rating with a target price of ₹1,080, saying margin trends remained subdued and return on assets could face pressure as treasury gains and credit costs normalize over FY27 and FY28.
Morgan Stanley maintained an equal-weight rating with a target price of ₹980 and said the key focus during the earnings call was the sharp decline in margins. The brokerage trimmed its FY27 and FY28 earnings estimates and lowered NIM forecasts by more than 20 basis points, although it expects some recovery from Q4 levels.
Influential former prime minister released on parole after spending about eight months behind bars.
Published On 11 May 202611 May 2026
Thailand’s former Prime Minister Thaksin Shinawatra has been released from a prison in Bangkok after spending eight months of a one-year sentence there over a corruption-related charge.
Hundreds of people, including the 76-year-old billionaire’s family and political allies, greeted him on Monday, chanting, “We love Thakisn” as he left the Klong Prem Central Prison.
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Thaksin remade and dominated Thai politics for a quarter-century, but his influence has waned of late following his jailing and his once formidable Pheu Thai Party’s worst election performance on record earlier this year.
His hair closely cropped and in a simple white shirt, Thaksin walked out of prison at about 7:40am local time (00:40 GMT) and was immediately surrounded by family members, including his daughter, Paetongtarn Shinawatra, who was sacked as prime minister by a court order in August last year, weeks before his imprisonment.
He smiled brightly as he walked around to greet his supporters, but left without speaking to reporters.
Thaksin had served as prime minister from 2001 until a military coup toppled him in 2006, while he was abroad.
After 15 years in self-exile, he returned to Thailand in 2023 to face an eight-year sentence for conflicts of interest and abuse of power relating to his time in office. That sentence had been commuted to one year by the king.
But he was in prison for only a few hours following his homecoming before complaining of heart trouble and chest pains. He then spent six months in the VIP wing of a hospital until he was freed on parole.
In September last year, the Supreme Court ruled that Thaksin must serve that time in prison, concluding that he and his doctors had intentionally prolonged his hospital stay with minor surgeries that were unnecessary.
A Ministry of Justice panel agreed last month to grant him parole as part of a review of more than 900 eligible prisoners’ cases, citing his good behaviour in prison, his age and the low risk that he would repeat his offence.
According to the corrections department, Thaksin will be required to wear an electronic ankle monitor for the remainder of his sentence.
In a video streamed by the Thairath news outlet on Monday, Thaksin was seen rolling down the car window to greet a small group of supporters outside his home in western Bangkok and responding to reporters’ shouted questions that “I was in hibernation; I can’t remember anything now”.
Thaksin’s Pheu Thai Party, which slipped to third place in February’s elections, joined the governing coalition of conservative Prime Minister Anutin Charnvirakul.
Thaksin’s nephew, Yodchanan Wongsawat, who became Pheu Thai’s standard-bearer ahead of the February election, was made minister of higher education in Anutin’s cabinet.
Thaksin’s daughter, Paetongtarn, became the country’s youngest prime minister in 2024, but was removed from office by Thailand’s Constitutional Court after a recording was released of a compromising phone call with former Cambodian leader Hun Sen.
After the formation of the Bharatiya Janata Party government in West Bengal, the first cabinet meeting of the new government of the state is going to be held on Monday. This will be the first important administrative exercise of the BJP government under the leadership of the ninth Chief Minister of the state, Subhendu Adhikari. The meeting will be held at the existing state secretariat Nabanna located at Mandartala in Howrah district.
Why is work starting from Nabanna?
The Nabanna building was originally built as a garments hub during the Left Front rule. But two years after coming to power in 2011, the then Chief Minister Mamata Banerjee had decided to shift the state secretariat from Writers Building to Nabanna in 2013. It is said that this decision was taken on the advice of his personal astrologer. After this, the functioning of the State Secretariat started from Nabanna from 5 October 2013.
Work will start from Writers Building
Now after the formation of the BJP government, it has been decided to move the state secretariat back to the historic Writers Building. The Writers’ Building has been an important center of the political and administrative heritage of West Bengal. Before Mamata Banerjee, all the Chief Ministers of the state, from Prafulla Chandra Ghosh to Buddhadev Bhattacharya, had ruled from here.
Shubhendu presided over the first meeting
According to sources, Chief Minister Shubhendu Adhikari’s day will start at 10:30 am with a meeting with BJP state president and Rajya Sabha MP Samik Bhattacharya. After this, the Chief Minister will preside over the first cabinet meeting at 12 noon. In this meeting, the final decision will be taken on the names of additional members of the cabinet and distribution of departments.
After the cabinet meeting, the Chief Minister will also preside over three important administrative meetings. The first meeting will be held with top bureaucrats of the state, which will include the Chief Secretary and secretaries of various departments. The second meeting will be held with all the district magistrates, while the third meeting will be held with senior police officers of the state. This will include Kolkata Police Commissioner, other Police Commissioners and District Superintendent of Police.
How will Shubhendu run his government?
Chief Minister Subhendu Adhikari has already indicated that his government will work on the principle of collective leadership. He has said that he will adopt an administrative model different from the working style of his predecessor Chief Minister Mamata Banerjee, in which decisions will be taken collectively and the government will work with better coordination between the organization and the administration.
The shadow treasurer, Tim Wilson, has said he would “never, ever, ever” support a coalition government with One Nation, walking back previous comments that left the door open to such an arrangement.
Urging the Liberals to “get on with” setting out what they stand for, Wilson joined other senior party figures in rejecting any partnership with the rightwing populist party.
After One Nation’s resounding victory in the Farrer byelection, where it easily won a seat held for 77 years by the Coalition and consigned the Liberals to 12% of the primary vote, focus has sharpened on how the Angus Taylor-led party will hold off threats on both its right and left flanks.
On Sunday, Wilson raised the possibility of forming government with One Nation but on Monday he and other senior Liberal figures rejected joining forces, despite the conservative vote in Australia splintering and One Nation’s consistent outpolling of the Coalition spelling an existential threat to its survival.
“Of course, we traditionally form a coalition with the National party but it’s up to the Australian people to decide who they want to vote for,” Wilson, a Liberal moderate who won back a teal-held seat at the 2025 election, told the ABC’s Insiders program when asked on Sunday about potentially working with One Nation.
“It all comes down to what Australians put up.”
But when asked about those comments on Monday, Wilson rejected such a rightwing alliance.
“I have never, ever, ever, and never, ever, ever will make such a statement in favour of such an alignment,” he said. “The reality is, the leader of that party [Pauline Hanson] has already declared that she won’t form a coalition with us, and I have no interest in forming a coalition with them.”
The shadow foreign affairs minister, Ted O’Brien, also dismissed the idea, saying: “We have no plans for going into a coalition with One Nation.”
Barnaby Joyce, the former Nationals MP who switched to One Nation, said his party would offer confidence in parliament to the Coalition if such a situation arose but rejected a formal alliance.
“We’ll offer supply and confidence on policy outcomes … and that is not a coalition. We don’t want your ministries, keep your ministries and your salaries,” Joyce told Channel Nine, saying his colleagues wouldn’t want to be “constricted by cabinet solidarity”.
Wilson accused One Nation of “hubris” in its leaders’ comments about targeting seats in western Sydney and major cities but conceded many voters wanted change and were fed up with the political status quo, while admitting the Coalition needed to work harder to keep voters onside.
“People are faced with choices about how they bring about change, and they’re sending a message very clearly to the government,” Wilson said.
“There’s a lot of work to do, and no one’s pretending otherwise, and that’s why we’re going to put forward a bold, confident vision for the future of the country, backed up with policy to back the self-starters of this nation, to back small businesses, to back families and to back communities. And we have to get on with that.”
While the One Nation surge has largely damaged the Coalition so far, the Labor government is mindful of the anti-establishment and anti-status quo messages from Hanson’s rise. Anthony Albanese has been reluctant to strongly criticise One Nation voters, instead focusing his critiques on Hanson’s lack of real-world outcomes despite a long career in politics.
“Quite clearly there’s a lot of people under financial pressure who feel like the system isn’t working for them,” the prime minister told ABC Radio National. “And that’s a message for all political parties in the system.
“I respect people’s right to vote whatever way they determine. But One Nation, of course, is not a party of government. They are a political party led by someone who’s promoted grievance rather than solutions.”
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