Skip to content
Search

Latest Stories

Infosys plays down Russia ties

Infosys plays down Russia ties

INDIA's Infosys played down its business ties in Russia after British chancellor Rishi Sunak came under fire over his wife's stake in the IT giant.

Infosys, with a market value of some $100 billion, was co-founded by Sunak's father-in-law NR Narayana Murthy. His daughter Akshata Murty, Sunak's wife, owns a stake worth around $1 billion.


With Britain and others seeking to isolate Russia economically over its invasion of Ukraine, Sunak was grilled in an interview with Sky News on Thursday (24) about Infosys and his wife's share.

Asked if Infosys was also reducing its presence in Russia, Sunak said: "I have absolutely no idea because I have nothing to do with that company."

"I am an elected politician and I'm here to talk to you about what I am responsible for, my wife is not," he said.

Infosys also issued a statement saying that 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. We do not have any active business relationships with local Russian enterprises," it said.

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 continuing 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".

Putin also visited the corporate headquarters of Infosys in Bangalore in 2004 and was welcomed by co-founder Murthy, who has since retired.

(AFP)

More For You

Piyush Goyal

Piyush Goyal recalled that in February, Narendra Modi and Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025. (Photo: Getty Images)

Getty Images

Trade talks with US moving forward positively, says Indian minister Goyal

INDIA’s commerce and industry minister Piyush Goyal on Thursday said that negotiations on the proposed trade agreement between India and the United States, which began in March, are progressing in a positive atmosphere and both sides are satisfied with the discussions.

He recalled that in February, Indian prime minister Narendra Modi and US president Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025.

Keep ReadingShow less
Baiju Bhatt

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)

Baiju Bhatt named among youngest billionaires in US by Forbes

INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London. (Photo: Getty Images)
Getty Images

Economy shows no growth in July amid political turbulence

UK's ECONOMY showed no growth in July, according to official data released on Friday, adding to a difficult week for prime minister Keir Starmer’s government.

The Office for National Statistics (ONS) said gross domestic product was flat in July, following a 0.4 per cent rise in June.

Keep ReadingShow less
Rachel Reeves

'Our economy isn't broken, but it does feel stuck,' Reeves said, speaking alongside the release of a finance ministry report on business property taxation, known as rates.

Getty Images

Reeves signals possible changes to business property taxes ahead of budget

CHANCELLOR Rachel Reeves said on Thursday she is considering changes to business property taxes to support small firms looking to expand, as part of her plans to boost growth.

Reeves’ comments come ahead of her annual budget on November 26, at a time when concerns about possible tax rises and inflation are weighing on businesses and households.

Keep ReadingShow less
Rachel Reeves

Reeves pledged to keep a tight hold on spending to reduce inflation and borrowing costs amid concerns over Britain’s fiscal outlook.

Getty Images

Reeves urges ministers to back Bank of England on inflation

CHANCELLOR Rachel Reeves has said the government must support the Bank of England in bringing down inflation while also focusing on growth, ahead of a budget later this year that is expected to include tax rises.

Last week, Reeves said the economy was not “broken” as she announced November 26 as the date for her annual budget.

Keep ReadingShow less