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Alibaba’s Jack Ma quits board of Japan’s struggling SoftBank

Chinese billionaire Jack Ma is stepping down from the board of SoftBank Group Corp., as the Japanese technology company struggles over its risky investments such as office-sharing venture WeWork. Tokyo-based SoftBank announced Ma’s resignation Monday, ahead of releasing financial results.,

Chinese Billionaire Jack Ma Is Stepping Down From The Board Of SoftBank Group Corp., As The Japanese Technology Company Struggles Over Its Risky Investments Such As Office-sharing Venture WeWork. Tokyo-based SoftBank Announced Ma’s Resignation Monday, Ahead Of Releasing Financial Results.


PTI
| Updated on: 18 May 2020, 01:15:41 PM




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Ma, co-founder of Chinese e-commerce giant Alibaba, has been focusing on philanthropy lately. (Photo Credit: News Nation)

Tokyo:

Chinese billionaire Jack Ma is stepping down from the board of SoftBank Group Corp., as the Japanese technology company struggles over its risky investments such as office-sharing venture WeWork. Tokyo-based SoftBank announced Ma’s resignation Monday, ahead of releasing financial results. It did not say why he was leaving.

Ma, co-founder of Chinese e-commerce giant Alibaba, has been focusing on philanthropy lately, such as donating masks and test kits to help in the efforts against the new coronavirus pandemic. SoftBank announced three new board members, including SoftBank Chief Financial Officer Yoshimitsu Goto and Waseda University professor Yuko Kawamoto.

Another new member is Lip-Bu Tan, founder of Walden International, a venture capital firm focused on computer chips, cloud and artificial intelligence. He is also chief executive of Cadence Design, a US electronic design automation software and engineering services company. Also Monday, SoftBank said it was buying back its own shares, of up to 500 billion yen (USD 4.7 billion) in value, to shore up its bottom line.

SoftBank is a major investor in Alibaba. Ma, who joined the SoftBank board in 2007, has a close relationship with SoftBank founder and Chief Executive Masayoshi Son.


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First Published : 18 May 2020, 01:15:41 PM

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Rupee rises 6 paise to 75.60 against US dollar in early trade

The rupee appreciated 6 paise to 75.60 against the US dollar in early trade on Wednesday tracking positive opening of domestic equities. Forex traders said a positive start of domestic stocks supported the local unit, while sustained foreign fund outflows and concerns over coronavirus pandemic weigh,

The Rupee Appreciated 6 Paise To 75.60 Against The US Dollar In Early Trade On Wednesday Tracking Positive Opening Of Domestic Equities. Forex Traders Said A Positive Start Of Domestic Stocks Supported The Local Unit, While Sustained Foreign Fund Outflows And Concerns Over Coronavirus Pandemic Weigh


PTI
| Updated on: 20 May 2020, 10:38:26 AM




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The rupee appreciated 6 paise to 75.60 against the US dollar in early trade on Wednesday tracking positive opening of domestic equities. (Photo Credit: News Nation)

Mumbai:

The rupee appreciated 6 paise to 75.60 against the US dollar in early trade on Wednesday tracking positive opening of domestic equities. Forex traders said a positive start of domestic stocks supported the local unit, while sustained foreign fund outflows and concerns over coronavirus pandemic weighed on the local unit.

At the interbank foreign exchange, the rupee opened at 75.60, registering a rise of 6 paise over its previous close. On Tuesday, the rupee had settled at 75.66 against the US dollar. Domestic bourses were trading on a positive note with the benchmark Sensex trading 281.53 points higher at 30,477.70 and broader Nifty rising 87.20 points to 8,966.30.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.09 per cent higher at 99.46. Traders said investor sentiment remained fragile amid concerns over the impact of coronavirus outbreak on the domestic as well as global economy. Globally, over 48.97 lakh people have been infected by the virus and over 3.23 lakh have died.

In India, the death toll due to COVID-19 rose to 3,303 and the number of cases climbed to 1.06 lakh, according to the health ministry. Meanwhile, foreign institutional investors were net sellers in the capital market as they sold equity shares worth Rs 1,328.31 crore on Tuesday, according to provisional exchange data. Brent crude futures, the global oil benchmark, rose 0.81 per cent to USD 34.93 per barrel.


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First Published : 20 May 2020, 10:38:26 AM

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Sensex jumps over 150 pts in opening trade; Nifty tops 9,100

Equity benchmark Sensex rose over 150 points in opening session on Thursday as investors accumulated index heavyweights HDFC twins, Kotak Bank and Reliance Industries amid mixed cues from global markets. Similarly, NSE Nifty rose 38.45 points, or 0.42 per cent, to 9,105.,

Equity Benchmark Sensex Rose Over 150 Points In Opening Session On Thursday As Investors Accumulated Index Heavyweights HDFC Twins, Kotak Bank And Reliance Industries Amid Mixed Cues From Global Markets. Similarly, NSE Nifty Rose 38.45 Points, Or 0.42 Per Cent, To 9,105.


PTI
| Updated on: 21 May 2020, 10:01:37 AM




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According to traders, market was trading higher tacking gains in select index heavyweights. (Photo Credit: News Nation)

Mumbai:

Equity benchmark Sensex rose over 150 points in opening session on Thursday as investors accumulated index heavyweights HDFC twins, Kotak Bank and Reliance Industries amid mixed cues from global markets. After rising to 30,989.03, the 30-share index was trading at 157.82 points or 0.51 per cent higher at 30,976.43. Similarly, NSE Nifty rose 38.45 points, or 0.42 per cent, to 9,105.

Bajaj Auto was the top gainer in the Sensex pack, rallying around 6 per cent, followed by Hero MotoCorp, Kotak Bank, HDFC Bank, Asian Paints and Maruti. On the other hand, NTPC, ONGC, ITC and Tech Mahindra were among the laggards. In the previous session, the BSE barometer climbed 622.44 points or 2.06 per cent to settle at 30,818.61, while the broader Nifty rose 187.45 points, or 2.11 cent, to 9,066.55. Foreign portfolio investors offloaded equities worth Rs 1,466.52 crore in the capital market on Wednesday, provisional exchange data showed.

According to traders, market was trading higher tacking gains in select index heavyweights. However, concerns over the long-term impact of COVID-19 and worsening China-US relations kept investors on edge. The number of COVID-19 cases in India spiked over 1.12 lakh, while the death toll rose to 3,435, according to the health ministry.

Globally, the number of cases linked to the disease has crossed 49.96 lakh and the death toll has topped 3.28 lakh. Bourses in Shanghai and Seoul were trading on a positive note, while Tokyo and Hong Kong were in the red. Stock exchanges on Wall Street ended with strong gains in overnight session. International oil benchmark Brent crude futures were trading 0.92 per cent higher at USD 36.08 per barrel.


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First Published : 21 May 2020, 10:01:37 AM

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GDP growth in 2020-21 likely to in negative: RBI Guv

The Reserve Bank on India (RBI) on Friday said India’s gross domestic product (GDP) growth will be in negative territory in 2020-21 as the outbreak of coronavirus has disrupted economic activities. In a televised address, RBI Governor Shaktikanta Das said the global economy is heading into recession,

The Reserve Bank On India (RBI) On Friday Said India’s Gross Domestic Product (GDP) Growth Will Be In Negative Territory In 2020-21 As The Outbreak Of Coronavirus Has Disrupted Economic Activities. In A Televised Address, RBI Governor Shaktikanta Das Said The Global Economy Is Heading Into Recession


PTI
| Updated on: 22 May 2020, 11:28:34 AM




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He said high-frequency indicators point to collapse in demand, and there is a plunge in demand for electricity and petroleum productions. (Photo Credit: News Nation)

Mumbai:

The Reserve Bank on India (RBI) on Friday said India’s gross domestic product (GDP) growth will be in negative territory in 2020-21 as the outbreak of coronavirus has disrupted economic activities. In a televised address, RBI Governor Shaktikanta Das said the global economy is heading into recession. He also said inflation outlook is “highly uncertain”. “Domestic economic activity has been impacted severely by the two-month lockdown,” he said and added that the top-six industrialised states that account for 60 per cent of India’s industrial output are largely in red and orange zones.

He said high-frequency indicators point to collapse in demand, and there is a plunge in demand for electricity and petroleum productions. The biggest blow is to private consumption that accounts for 60 per cent of domestic demand, the governor said. Das said the combined impact of demand compression and supply disruption will depress economic activity in the first half of the current fiscal. “Assuming that economic activity gets restored in a phased manner in the second half of this year and taking in consideration favourable base effect, it is expected that combined fiscal, monetary and administrative measures currently undertaken by both the government and RBI create conditions for gradual revival of activities in the second half of 2020-21.

“GDP growth in 2020-21 is estimated to remain in the negative territory with some pick up in growth impulses in the second half of 2020-21 onwards,” he said. On inflation, Das said headline inflation may remain firm in the first half of the current financial year, and ease in the later part of the year.


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First Published : 22 May 2020, 11:28:34 AM

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As edible oils pact with Malaysia, Indonesia ends, India should now hike import duties: SEA

As India’s 2010 pact with Malaysia and Indonesia came to an end, the government should hike customs duty on soya, sunflower and crude palm oils and encourage domestic production. The Solvent Extractors Association of India (SEA) also urged the government to ban the import of refined palm oils.,

New Delhi:

As India’s 2010 pact with Malaysia and Indonesia came to an end, trade body SEA on Monday said the government should hike customs duty on soya, sunflower and crude palm oils and encourage domestic production. The Solvent Extractors Association of India (SEA) also urged the government to ban the import of refined palm oils or palmolien in order to encourage domestic production. These are some of the short-term measures the trade body has submitted to the government for making India self-sufficient in edible oils.

“…No nation can afford to compromise its edible oil security to the extent of almost 70 per cent of its annual consumption. This situation calls for corrective actions to be taken up on priority,” SEA President Atul Chaturvedi said in a statement. Low import duties on edible oils over the years has practically made our farmers lose interest in oilseed cultivation.

No wonder India’s oilseed production has remained stagnant but consumption of edible oils driven by improved affluence has skyrocketed and has been growing at the rate of 3 to 4 per cent per annum, he said, adding that however in the last few years, an attempt has been made to correct this anomaly. However, the agreements which India had signed with Indonesia and Malaysia way back in 2010 is not allowing India to raise duties.

“Good news is that the period of the agreements have now come to an end and India is free to raise duties,” he said. SEA has suggested the government to increase import duties on soya and sunflower oils to 45 per cent from the current 37.5 per cent, while crude palm oils to 50 per cent. Besides, import of refined palm oil or palmolien should be totally banned. Chaturvedi said, “We feel the above measures would help raise local oilseed prices which in turn would enthuse our oilseed farmers besides increasing revenue for the government.”

Ban on refined palm oils would help the Indian refining industry in saving jobs in these difficult times. Needless to say the capacity utilisation of the palm refining industry is currently around 30 per cent and fear of runaway inflation is totally unfounded, he said. That apart, high oil import duties would also help in better exploitation of non-traditional sources of oils like rice bran, cottonseed and tree borne oilseeds, he added.

SEA also pitched for the launch of an oilseed mission without delay and entry of private companies in this sector. Among long term measures, SEA has suggested the government to encourage Punjab and Haryana farmers to divert land to corn or sunflower in kharif season and mustard in rabi season.

“We should target 25 per cent land diversion as it would go a long way in breaking the wheat-rice cycle in these states. Needless to say we keep producing wheat and rice much in excess of our requirement and importing edible oils. This diversion would also help in reducing the destruction of the water table in these states which is the need of the hour,” the SEA president said.

Adequate arrangements will have to be made for incentivising the farmers and procuring their produce in initial years to giveprice protection. Private sector support can be galvanised for this initiative, he said. To encourage palm cultivation, SEA noted that it is rather unfortunate and beyond comprehension that palm is not treated as a plantation crop in India unlike other parts of the world.

“Due to this anomalous situation of not treating oil palm as a plantation crop, the private sector cannot invest in palm plantation even though huge opportunity exists in India,” it said. As per the government study, India has a potential of 2 million hectares palm cultivation. Against this, the current area under oil palm is only 0.3 million hectares.

“Huge opportunity exists. Needles to say palm oil yields at around 4 tonne per hectare is the highest among all oilseeds and would go a long way in reducing import dependence,” SEA said. The potential of palm oil production in India is almost 8 million tonnes against current production of about 0.25 million tonnes. There is a need to fix a target of bringing the minimum 1 million hectare area under oil palm in the next four years, it added.


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Sensex surrenders opening gains, drops over 60 points; Nifty near 9,000 level

Equity benchmark Sensex turned volatile after jumping over 200 points in early trade on Wednesday tracking mixed cues from global markets and uncertainty over the impact of easing lockdown restrictions.,

Equity Benchmark Sensex Turned Volatile After Jumping Over 200 Points In Early Trade On Wednesday Tracking Mixed Cues From Global Markets And Uncertainty Over The Impact Of Easing Lockdown Restrictions.


PTI
| Updated on: 27 May 2020, 10:52:00 AM




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Equity benchmark Sensex turned volatile after jumping over 200 points in early trade on Wednesday. (Photo Credit: News Nation)

New Delhi:

Equity benchmark Sensex turned volatile after jumping over 200 points in early trade on Wednesday tracking mixed cues from global markets and uncertainty over the impact of easing lockdown restrictions. After touching a high of 30,825.18 in opening session, the 30-share index gave up all of its gains to trade 63.21 points or 0.21 per cent lower at 30,546.09. Similarly, NSE Nifty fell 13.70 points or 0.15 per cent to 9,015.35.

M&M was the top laggard in the Sensex pack, falling around 2 per cent, followed by UltraTech Cement, Titan, Asian Paints and Bajaj Finance. On the other hand, Kotak Bank, ICICI Bank, L&T, Axis Bank, Hero MotoCorp and HDFC Bank were among the gainers. In the previous session, the BSE barometer declined 63.29 points or 0.21 per cent to end at 30,609.30, while the broader Nifty closed 10.20 points or 0.11 per cent down at 9,029.05.

Foreign portfolio investors purchased equities worth Rs 4,716.13 crore in the capital market on Tuesday, provisional exchange data showed. According to experts, market participants were unsure about the extent of pain in the Indian economy as COVID-19 cases continued to rise as the end day of the lockdown neared. In the next few days, market is likely to trade range-bound with a zig-zag fashion as traders will prefer not to carry forward their open positions on uncertainty in the global markets, they said.

The number of coronavirus cases in India climbed to 1,51,767 and the death toll touched 4,337, as per health ministry data. Globally, the number of cases linked to the disease has crossed 55.89 lakh and the deceased tally stood around 3.50 lakh. Meanwhile, bourses in Shanghai and Hong Kong were in the red, while those in Tokyo and Seoul were trading with gains. Stock exchanges on Wall Street ended on a positive note in overnight trade. International oil benchmark Brent crude futures were trading 0.17 per cent lower at USD 36.11 per barrel.


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First Published : 27 May 2020, 10:52:00 AM

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Reliance diverts Alok Industries into making PPE; cuts down cost to one-third

The company has redeployed Alok Industries’ manufacturing facilities in Silvassa, Gujarat for exclusively manufacturing personal protective equipment (PPE) to safeguard doctors, nurses, medical staff and other frontline workers engaged in fighting the COVID-19 pandemic, sources said.,

The Company Has Redeployed Alok Industries’ Manufacturing Facilities In Silvassa, Gujarat For Exclusively Manufacturing Personal Protective Equipment (PPE) To Safeguard Doctors, Nurses, Medical Staff And Other Frontline Workers Engaged In Fighting The COVID-19 Pandemic, Sources Said.


PTI
| Updated on: 31 May 2020, 11:24:46 AM




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Capacity has been scaled up to produce more than 1 lakh PPE kits per day and cost has been slashed to nearly Rs 650 per unit. (Photo Credit: News Nation)

Mumbai:

Reliance Industries has converted its newly acquired textiles and apparel fabrics maker Alok Industries into a PPE manufacturer, helping produce COVID-19 protective gears at one-third the cost of those imported from China. The company has redeployed Alok Industries’ manufacturing facilities in Silvassa, Gujarat for exclusively manufacturing personal protective equipment (PPE) to safeguard doctors, nurses, medical staff and other frontline workers engaged in fighting the COVID-19 pandemic, sources said.

Capacity has been scaled up to produce more than 1 lakh PPE kits per day and cost has been slashed to nearly Rs 650 per unit from the about Rs 2,000 apiece imported price, they said. The facility can also be used for exporting PPE in future, they added. Reliance integrated technology, raw material from its petchem plants and 10,000 tailors after re-engineering the plant. Production started in mid-April and has been quickly ramped up to now constitute close to a fifth of India’s daily PPE production capacity.

Other PPE kit manufacturers include JCT Phagwara, Gokaldas Exports, and Aditya Birla. India was importing most of its PPE requirement till manufacturing started within the country in the aftermath of the coronavirus crisis. The availability of high quality and low cost PPE from Reliance is expected to significantly boost India’s effectiveness in handling the COVID-19 emergency. Sources said the Silvassa unit is manufacturing PPE coverall suits a single piece zip-up suits and these are covered with anti-microbial tape.

High grade polypropylene is the raw material used to produce the equipment, lending it more opacity while keeping it light weight. A PPE suit consists of coveralls, gloves, shoe covers, three-ply or N95 face masks, head gear and face shield. According to the World Health Organization (WHO), the protective equipment consists of garments placed to protect the health care workers or any other persons. These usually consist of standard items — gloves, mask and gown. For blood or airborne high infections, it will include face protection, goggles and mask or face shield, gloves, gown or coverall, head cover and rubber boots.


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First Published : 31 May 2020, 11:24:46 AM

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Rupee jumps 32 paise to 75.30 against US dollar in early trade

The rupee appreciated 32 paise to 75.30 against the US dollar in opening trade on Monday supported by the government’s reopening plan for the domestic economy. Forex traders said foreign fund inflows, weak American currency and positive opening of domestic equities also boosted investor confidence.,

The Rupee Appreciated 32 Paise To 75.30 Against The US Dollar In Opening Trade On Monday Supported By The Government’s Reopening Plan For The Domestic Economy. Forex Traders Said Foreign Fund Inflows, Weak American Currency And Positive Opening Of Domestic Equities Also Boosted Investor Confidence.


PTI
| Updated on: 01 Jun 2020, 10:38:23 AM




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The rupee opened at 75.32 at the interbank forex market and then gained further ground to touch 75.30, up 32 paise over its last close. (Photo Credit: News Nation)

Mumbai:

The rupee appreciated 32 paise to 75.30 against the US dollar in opening trade on Monday supported by the government’s reopening plan for the domestic economy. Forex traders said foreign fund inflows, weak American currency and positive opening of domestic equities also boosted investor confidence. The rupee opened at 75.32 at the interbank forex market and then gained further ground to touch 75.30, up 32 paise over its last close. It had settled at 75.62 against the US dollar on Friday.

The government on Saturday said a phased exit would begin on June 1 from the over-two-months-long nationwide lockdown. Announcing the new guidelines, the home ministry said a complete lockdown would continue till June 30 in areas identified as COVID-19 containment zones across the country, but restrictions would be lifted in a phased manner at other places after the ongoing fourth phase. Reliance Securities in a report said Asian currencies have more or less started with gains against the US gollar supported by less severe response from US President Donald Trump.

Meanwhile, in India, the death toll due to COVID-19 rose to 5,394 and the number of cases surged past 1.90 lakh, according to the health ministry. The number of cases around the world linked to the disease has crossed over 61.66 lakh and the death toll has topped 3.72 lakh. On the equities front, the 30-share BSE benchmark Sensex was quoting 865.44 points higher at 33,289.54 and broader Nifty rose 244.10 points to 9,824.40.

Foreign institutional investors were net buyers in the capital market, as they bought equity shares worth Rs 1,460.71 crore on Friday, according to provisional exchange data. Brent crude futures, the global oil benchmark, fell 0.63 per cent to USD 37.60 per barrel. The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell by 0.33 per cent to 98.02. Meanwhile, India’s GDP growth tumbled to 3.1 per cent in the March quarter, the slowest pace since the global financial crisis more than a decade back. In 2019-20, the Indian economy grew by 4.2 per cent, the slowest in 11 years.


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First Published : 01 Jun 2020, 10:38:23 AM

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Patanjali in the race of bidding for IPL13 title sponsorship

Yoga Guru Baba Ramdev’s venture Patanjali Ayurveda is considering to bid for the title sponsorship of the upcoming Indian Premier League (IPL), according to a company official.,

Yoga Guru Baba Ramdev’s Venture Patanjali Ayurveda Is Considering To Bid For The Title Sponsorship Of The Upcoming Indian Premier League (IPL), According To A Company Official.


News Nation Bureau | Edited By : Avinash Prabhakar
| Updated on: 11 Aug 2020, 10:32:47 AM




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Yoga Guru Baba Ramdev (Photo Credit: File)

New Delhi:

Yoga Guru Baba Ramdev‘s venture Patanjali Ayurved is considering to bid for the title sponsorship of the upcoming Indian Premier League (IPL), according to a company official.

As the Chinese mobile company VIVO took the exit route from IPL sponsorship, the title sponsorship slot has been vacated. If Patanjali gets the sponsorship for IPL Season 13, it would defenitely help the Ayurveda form to get featured on the global platform. Eventually, the Haridwar-based firm can have access to global marketing, as Patanjali is focusing on exports for its Ayurveda-based FMCG products.

Read Also:PM Modi launches submarine Optical Fibre Cable connecting Chennai and Port Blair to boost remote broadband connectivity

However, the Ayurveda form Patanjali is yet to make a final call on this, the spokesperson of Patanjali confirmed this developement, saying, ‘we are considering this.


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First Published : 11 Aug 2020, 10:32:47 AM

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NRA Leadership and Bankruptcy Assailed by U.S. Trustee

In a rare move, the trustee, part of the Justice Department, called for the dismissal of the N.R.A.’s bankruptcy filing or the appointment of an outside monitor.,

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The National Rifle Association’s hopes of end-running a legal challenge in New York were dealt a serious blow on Monday when a Justice Department official rebuked its leadership and called for the dismissal of its bankruptcy filing or the appointment of an outside monitor to oversee its finances.

Lisa L. Lambert, a lawyer in the United States Trustee’s office, which is part of the Justice Department, said the “evidentiary record clearly and convincingly establishes” that Wayne LaPierre, the longtime N.R.A. chief executive, “has failed to provide the proper oversight.” For a number of years, she added, “the record is unrefuted that Wayne LaPierre’s personal expenses were made to look like business expenses.”

Mr. LaPierre and the N.R.A. had filed for bankruptcy not because of any financial distress, but as a strategy to avoid litigation in New York, where the attorney general, Letitia James, is seeking to shut down the organization and claw back millions of dollars in allegedly misspent funds from Mr. LaPierre and three other current or former executives.

The N.R.A. was chartered in New York a century and a half ago, but it filed its bankruptcy case in federal court in Dallas and is seeking to move its charter to Texas, where politicians are far more favorable to the organization. But the position of the U.S. trustee’s office, which weighed in during closing arguments on the final day of the trial, is likely to weigh on the presiding judge, Harlin D. Hale, who said he will decide by early next week. The United States Trustee Program oversees the integrity of the nation’s bankruptcy courts.

The N.R.A.’s lawyer, Gregory Garman, appeared somewhat flustered by the U.S. Trustee’s weighing in on the last day of the trial. While he said “I respect immensely” the office he also suggested politics might be at play, even though the critics of the N.R.A.’s management are growing on the right, and include the N.R.A.’s former president, Oliver L. North.

“I’m disappointed that I hear for the first time in closing arguments that the United States Trustee has now taken a position for which I’m expected to respond in real time, but that is what it is,” Mr. Garman said. “Your honor, we have natural enemies. This Department of Justice may not see eye to eye with the National Rifle Association, but so be it, we have done the right thing.”

Bankruptcy experts said the U.S. Trustee’s move was a rare one.

“The N.R.A. is in real trouble,” said Adam J. Levitin, a professor specializing in bankruptcy at Georgetown University. “The U.S. Trustee rarely gets involved in this sort of motion, much less urges dismissal, a trustee or an examiner. I cannot see an outcome where the N.R.A. comes out unscathed. I think the real issue is what remedy the judge grants.”

John Pottow, who teaches bankruptcy at the University of Michigan Law School, called the trustee’s intervention “a glaring signal of profound dysfunction” at the N.R.A., adding that such an intervention by the trustee “doesn’t happen very often.”

The trial has underscored concerns about Mr. LaPierre’s oversight. Mr. LaPierre testified that he took the N.R.A. into bankruptcy without telling even his top lieutenants or most of his board. He testified that he didn’t know his former chief financial officer had received a $360,000-a-year consulting contract after leaving under a cloud, or that his personal travel agent, hired by the N.R.A., was charging a 10 percent booking fee for charter flights on top of a retainer that could reach $26,000 a month.

Mr. Garman said in his closing arguments that the wrongdoing of the organization, while “cringe-worthy,” was relatively minor and did not rise to the level of appointing outside oversight, like a trustee.

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Wayne LaPierre, the gun group’s longtime chief executive, “has failed to provide the proper oversight,” a lawyer in the U.S. Trustee’s Office said.Credit…Erin Schaff/The New York Times

“I’ve had experience when there are foreign bank accounts, I’ve had experience when there is missing money appointing a trustee,” he said, adding that was not the case here. “The National Rifle Association has righted its ship.”

Ms. Lambert, the assistant U.S. trustee in Dallas, disagreed, laying out episodes of alleged corruption by Mr. LaPierre and other N.R.A. officials, a number of which were not disputed during the trial. She cited spending by the N.R.A. or its contractors on tailored Zegna suits for Mr. LaPierre, meals at a fancy Tuscan restaurant in Northern Virginia, and charter flights for him and his family, as well as a plan that was drawn up to buy a multimillion-dollar house for the use of Mr. LaPierre and his wife that was ultimately abandoned.

Regarding the charter flights, she said: “LaPierre says these are for security, but the evidence says he picked up family. The evidence says that extra stops were not to be noted in the booking records. And the testimony is unrefuted that no N.R.A. policy authorizes charter plane flights.”

Mr. LaPierre’s close aide, Millie Hallow, even diverted $40,000 for her son’s wedding, Ms. Lambert noted, but beyond repaying that amount after she was caught, she “otherwise has suffered no additional consequences.”

Mr. Garman said throughout the trial that there was a “line of demarcation” in 2018, when the N.R.A. undertook a self-audit and corrective measures. But Ms. Lambert said the evidence presented in the 12-day trial showed that “even after the self-described course correction the irregularities were not fixed,” noting that, among other things, Craig Spray, the former chief financial officer, refused to sign the N.R.A.’s 2019 tax filings.

“The N.R.A. has stated that it is seeking refuge from the New York attorney general’s actions and wishes to change its state of incorporation,” she added. “That can be done outside of bankruptcy. It is not a legitimate reason for filing bankruptcy.”

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