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Monsoon rains bring familiar tale of misery

NORTHEAST INDIA AND BANGLADESH AFFECTED

FLASH floods triggered by heavy monsoon rains in south Asia have killed dozens of people and displaced more than a million, most in northeast India and Bangladesh, authorities said on Tuesday (19).


The Brahmaputra river, which flows from the Himalayas down to India and then through Bangladesh, has burst its banks, swamping more than 1,500 villages in India’s Assam state in the past week.

“The flood situation remains critical,” Assam’s water re­sources minister Keshab Mahanta said.

“The weather office is forecasting more rain in the next 48 hours,” Mahanta said, adding that the army had put helicopters on standby in case they were needed for rescues.

The floods have killed nearly 20 people and displaced about 800,000 in the northeastern Indian states of Assam, Tripura and Manipur.

The water level in the Brahmaputra is expected to rise until the end of the week and then level off, in the absence of more heavy rain, India’s Central Water Commission said.

Downstream in Bangladesh, 11 people have been killed and more than 250,000 have been displaced or affected by the flooding, officials there said.

Last week, landslides and other mishaps triggered by rains killed at least 12 people in southeast Bangladesh, in­cluding two Rohingya Muslim refugees from Myanmar liv­ing in camps near the border.

The camps, set up after an estimated 700,000 Rohingyas fled from a Myanmar military crackdown on insurgents that began last August, are believed to be particularly vulnerable to storms in the rainy season, which has just begun.

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Lakshmi Mittal

Mittal's exit comes as Rachel Reeves prepares a fresh tax raising budget aimed at balancing the government's finances

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Lakshmi Mittal quits Britain for Switzerland and Dubai over inheritance tax concerns

Highlights

  • Lakshmi Mittal, worth over £15 bn, has moved his tax residence from UK to Switzerland with plans to spend most time in Dubai.
  • Inheritance tax concerns, not income tax, drove the decision of the "King of Steel" to leave after 30 years in Britain.
  • The departure marks another high-profile exit as chancellor Rachel Reeves prepares major tax rises in the coming Budget.
Lakshmi Mittal, one of Britain's wealthiest men, has ended his three-decade association with the UK, relocating his tax residence to Switzerland and planning to base himself in Dubai. The 74-year-old steel magnate, worth approximately £15.5 bn according to the Asian Rich List 2025, is the latest prominent entrepreneur to leave Britain amid Labour's tax reforms targeting the super-rich.

The Indian-born billionaire built his fortune through ArcelorMittal, the world's second-largest steelmaker, in which he and his family hold nearly 40 per cent ownership. Since arriving in London in 1995, Mittal became a prominent figure in British business, acquiring expensive properties including a £57 m mansion on Kensington Palace Gardens known as the "Taj Mittal."

An adviser familiar with Mittal's family plans told The Sunday Times that, inheritance tax was the decisive factor in the decision. "It wasn't the tax on income or capital gains that was the issue, the issue was inheritance tax."

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