Indian industrialist Pramod Mittal, brother of steel magnate Lakshmi Mittal, was released on Tuesday (30) after payment of 12.5 million euros, a week after his arrest in a Bosnian fraud probe, a prosecutor said.
Pramod Mittal was caught up in the inquiry following the suspicious transfer of 21 million Bosnian marks (nearly 11 million euros, $12 million) from the bank account of a coking plant between 2006 and 2015.
The 62-year-old head of the supervisory board of GIKIL, which operates a coking plant in the northeastern Bosnian town of Lukavac, was arrested last Tuesday.
Two other company officials -- general manager Paramesh Bhattacharyya and another member of the supervisory board, Razib Dash, -- were also arrested.
A court in Tuzla, in the northeast on Tuesday "annulled the provisional detention order and all (three) suspects have been released," prosecutor Cazim Serhatlic told AFP.
They had been detained for a month in view of the "flight risk, repetition of criminal acts and breach of public order".
Bail for Mittal was set at one million euros and 250,000 euros for the other two Indians. All three were forbidden to hold any senior positions at GIKIL.
Serhatlic said an "insurance" of 11 million euros was also paid into a special account and had to remain there until the end of the proceedings.
The company was founded in 2003 and is co-managed by Pramod Mittal's Global Steel Holdings and a local public company (KHK).
In operation since the 1950s, the coking plant employs around 1,000 people.
In India, Lakshmi Mittal, CEO of global steel giant ArcelorMittal, has reportedly spent millions to keep his cash-strapped younger brother afloat.
TATA STEEL UK has started construction of a new Electric Arc Furnace (EAF) at its Port Talbot site in South Wales. Tata Group chairman Natarajan Chandrasekaran marked the groundbreaking ceremony on July 14, joined by Tata Steel CEO and managing director TV Narendran and Tata Steel UK CEO Rajesh Nair.
The EAF project is part of Tata Steel UK’s £1.25 billion plan to transition to low-carbon steelmaking, backed by £500 million from the UK government. The furnace is expected to be commissioned by the end of 2027 and aims to reduce carbon emissions at Port Talbot by about 90 per cent, or 5 million tonnes of CO₂ annually. The project is expected to support 5,000 jobs.
“This is an important day for Tata Group, Tata Steel and for the UK,” said Mr Chandrasekaran. “Today’s groundbreaking marks not just the beginning of a new Electric Arc Furnace, but a new era for sustainable manufacturing in Britain. At Port Talbot, we are building the foundations of a cleaner, greener future, supporting jobs, driving innovation, and demonstrating our commitment to responsible industry leadership.”
Business secretary Jonathan Reynolds said: “This is our Industrial Strategy in action and is great news for Welsh steelmaking backing this crucial Welsh industry, which will give certainty to local communities and thousands of local jobs for years to come.”
Wales Secretary Jo Stevens said: “The UK Government acted decisively to ensure that steelmaking in Port Talbot will continue for generations to come, backing Tata Steel with £500 million to secure its future in the town.”
The Port Talbot EAF will produce up to 3 million tonnes of steel per year using UK-sourced scrap. Construction is being led by Sir Robert McAlpine, with support from regional contractors and technology providers including Tenova, ABB, and Clecim.
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Virgin Media has not yet issued an official statement about the current outage
Virgin Media users report widespread service outages on the morning of 14 July
Over 400 complaints logged on DownDetector within hours
Customers say live chat support has been unresponsive or unhelpful
Issues also reported with Sky Sports app logins via Virgin Media
Company yet to issue full statement but advises users to contact customer services
Virgin Media broadband users across the UK experienced widespread disruption on Monday morning (14 July), with several hundred reporting a complete internet “blackout” and issues accessing the Sky Sports app via their Virgin logins.
According to data from DownDetector, over 400 reports were logged in the early hours, with affected customers sharing their frustration online. Many cited connectivity failures, poor customer support, and issues persisting for hours.
Users report internet failure and lack of support
One customer wrote: “Having massive problems with my Wi-Fi. Online live chats not providing any help, even after I was told to contact [support].”
Another said: “Appalling broadband service the last few weeks. System goes down for hours on end and you can’t get through to speak to anyone. Just happened again this morning with an estimate of 6 pm recovery.”
Users took to social media platforms, particularly X (formerly Twitter), to share their experiences and seek help, with many stating they had tried rebooting systems without success.
Sky Sports access disrupted during Test match
In addition to broadband issues, Virgin Media customers also reported problems accessing the Sky Sports app, coinciding with the final day of a major Test cricket match.
One user posted: “Come on Virgin Media, it's the 5th day of the Test match in 5 minutes and the Sky Sports login is broken... Please acknowledge and fix it soon.”
Another added: “Trying to watch Sky Sports cricket on the app using my Virgin Go login and I'm getting an ‘access denied’ error. Tried about five times now. It was working fine yesterday.”
Company response pending
Virgin Media has not yet issued an official statement about the current outage. However, its social media support team has responded to individual complaints, directing users to contact customer services for further assistance.
The last significant disruption occurred in February this year, when customers similarly reported a “total blackout.” At the time, a Virgin Media spokesperson apologised and said the company was working urgently to resolve the issue.
It remains unclear how long the current problems will persist or whether compensation will be offered to affected users.
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Starmer and Reeves during a visit to Horiba Mira in Nuneaton in Nuneaton. (Photo: Getty Images)
PLANS by Labour to overhaul the tax rules for non-domiciled residents in the UK could cost the public purse up to £4 billion and result in the loss of thousands of private sector jobs, according to a new analysis.
A report by the Centre for Economics and Business Research (CEBR), shared with The Times, suggested that scrapping the current non-dom regime could lead to a sharp drop in tax revenues if even a fraction of those affected decide to leave the country.
The thinktank estimates that if a quarter of non-doms - roughly 10,000 individuals - moved abroad, tax receipts could fall by £4.6bn over the next five years. That figure could rise to nearly £8bn if half of them departed.
The CEBR’s model, based on the approach used by the Office for Budget Responsibility (OBR), also predicted that such a shift could cause the UK to lose between 3,100 and 6,300 jobs, depending on how many wealthy residents choose to relocate.
This potential tax shortfall poses a serious challenge for chancellor Rachel Reeves, who currently has £9.9bn in fiscal headroom. Experts warn that this cushion could be halved or even wiped out by the autumn due to other financial pressures, such as changes to welfare payments and weaker-than-expected economic growth.
Although Labour has stood by its commitment to end the non-dom tax regime, Reeves is now believed to be considering a partial rethink. Specifically, she may drop plans to apply inheritance tax to non-doms' worldwide assets, following concerns that the proposal could accelerate the departure of wealthy individuals.
“We’re continuing to work with stakeholders to ensure the new system remains competitive on the international stage,” a Treasury spokesperson said, noting the importance of attracting global talent and investment.
Some high-profile figures have already indicated they might leave, including steel magnate Lakshmi Mittal.
Lakshmi Mittal
According to Companies House filings, more than 4,400 directors have stepped down from UK-based firms in the past year, with April departures up 75 per cent compared to the same month in 2024. Most of those exits were from finance, insurance, and property - sectors with high numbers of non-doms.
According to the report, the policy change is triggering an exodus of top earners. The centuries-old non-dom system allowed wealthy foreign residents to shield overseas income from UK taxes for a flat annual fee starting at £30,000. In its place, the government introduced a stricter residence-based scheme.
Now, anyone living in Britain for more than four years must pay income and capital gains tax on global income, with inheritance tax at 40 per cent also looming if they stay longer.
Sam Miley of the CEBR warned that even small economic shifts could have wider implications. “Our findings show the changes would negatively affect the economy, albeit modestly,” he was quoted as saying. “At a time of limited fiscal space, even marginal losses matter.”
Andrew Barclay, who runs the entrepreneur-led group Land of Opportunity, which commissioned the report, said: “It’s increasingly clear that abolishing non-dom status could do real harm to the economy and public finances. There’s still time to stop the outflow.”
A recent Oxford Economics survey of tax advisers found that 60 per cent expect over 40 per cent of their non-dom clients to leave the UK within two years of the changes taking effect.
While the exact number of departures remains unclear, the list of wealthy individuals who have already moved abroad includes billionaire Anne Beaufour, investor Max Gottschalk, and boxing promoter Eddie Hearn, among others.
Meanwhile, Labour faces growing pressure to strike a balance between tax fairness and maintaining the UK’s status as a global hub for wealth and investment.
US CARMAKER Tesla is finally making its official debut in India with the opening of its first showroom in Mumbai.
The firm, led by Elon Musk, will unveil the new “Tesla Experience Centre” on Tuesday (15) at Maker Maxity Mall in the Bandra Kurla Complex, one of the city's top commercial hubs.
This marks Tesla’s first formal step into the Indian market, after years of delays and speculation. According to official records, the company has already imported around $1 million (£780,000) worth of cars, charging equipment, and accessories into the country—mostly from China and the US.
Among the imported vehicles are six units of the popular Model Y, with five standard versions valued at £25,350 each and one long-range model at £35,880. Several Tesla Superchargers were also shipped in as part of the initial setup.
Although India has been eager to welcome Tesla, including introducing policies to encourage local production, the company has chosen to start with imports.
This means Tesla will have to pay high import duties - nearly 70 per cent - making its cars much pricier in India compared to other markets. The government has offered lower duties of 15 per cent for companies willing to invest $500m (£390m) and set up manufacturing locally, but so far, Tesla has not agreed to those terms.
Reports suggest Tesla is not currently interested in building a factory in India. Musk had previously planned a visit to the country in 2024, during which he was expected to announce a multi-billion-dollar investment, but the trip was cancelled at the last minute.
Despite the absence of local production, Tesla appears committed to growing its presence. It has started hiring in India, filling positions for showroom advisors, service engineers, vehicle testers for its Autopilot system, and other roles in cities like Mumbai and Delhi.
The Indian EV market is growing rapidly, with local player Tata Motors and Chinese firm BYD already established in the sector. Tesla’s entry is expected to increase competition and raise interest in premium electric vehicles, even as high costs remain a concern for most buyers.
(with inputs from agencies)
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UK-based Nanak Hotels acquired the 60-room Kings Court Hotel in Warwickshire for £2.75 million. (Photo: Colliers International UK)
UK-BASED Nanak Hotels recently acquired the 60-room Kings Court Hotel, a 17th-century property in Warwickshire, England, for £2.75 million. This is the first regional acquisition by the privately held firm led by British Indians Harpreet Singh Saluja and Karamvir Singh.
Nanak Hotels, which operates a UK property portfolio, plans to invest in the property's refurbishment and repositioning, according to a statement from Colliers International UK, which brokered the transaction.
“We’re excited to bring Kings Court Hotel into our portfolio as our first Warwickshire acquisition,” said Saluja. “It has a solid foundation and loyal customer base. We see potential to develop the hotel while preserving its heritage.”
The West Midlands hotel, on a 4.2-acre site between Alcester and Redditch, began as a 17th-century farmhouse and now operates as a hospitality business with public areas, event and conference facilities and wedding capacity for up to 130 guests.
The hotel’s previous owner said Kings Court had been central to their work for over 30 years.
“It’s been a privilege to grow it into what it is today,” the owner said. “As we retire, we’re pleased to see it pass to a new owner who shares our commitment to hospitality and has a vision for its future.”
“The sale of Kings Court Hotel drew strong interest due to its size, location and trading performance,” said Josh Sullivan and Peter Brunt of Colliers International UK. “We’re pleased to have completed the transaction with Nanak Hotels and look forward to seeing how they develop the asset.”
In February, UK-based Shiva Hotels, led by founder and CEO Rishi Sachdev, secured $372m (£289m) to renovate The BoTree in Marylebone, London. Separately, Indian tech firm Oyo announced a $62m (£48m), three-year plan to expand its UK hotel portfolio by acquiring inventory and securing leasehold and management contracts, supporting 1,000 jobs.