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☆ India’s economy and Modi, Ambani, Adani: The three men shaping the next economic superpower
▼ + stars: | 2024-05-07 | by ( Diksha Madhok | ) edition.cnn.com time to read: +13 min

Fellow billionaire Gautam Adani, founder of the Adani group, was also invited. Reliance Industries and the Adani Group are sprawling conglomerates worth over $200 billion each, with established businesses in sectors ranging from fossil fuels and clean energy to media and technology. As a result, these three men — Modi, Ambani and Adani — are playing a fundamental role in shaping the economic superpower India will become in the coming decades. Both Adani and Ambani have become key allies as the country embarks on this revolution. “India cannot grow rich before it becomes old on the back of a few big firms like Adani or Ambani,” he said.

Persons: Mukesh Ambani, Mark Zuckerberg, Bill Gates, Ivanka Trump, popstar Rihanna, David Blaine, Ambani, Gautam Adani, Jeff Bezos, ”, Rohit Lamba, Narendra Modi, — Modi, Adani, Noemi Cassanelli, ’, John D Rockefeller, Vanderbilt, James Crabtree, Modi, Guido Cozzi, Cozzi, Ambani’s, Dhirubhai, helms, Cantor Fitzgerald, Cantor, ’ Ambani, Amit Dave, Hindenburg’s, ferociously, ” Cantor, Modi’s, Prasanna Tantri, Crabtree, Lamba Organizations: New, New Delhi CNN —, Reliance Industries, Pennsylvania State University, Investors, Adani, CNN, Adani Realty, Frick, Astor, Carnegie, Samsung, Hyundai, World Bank . Coal, University of St, Adani Group, Reliance, Reliance Industry, Adani Enterprises, AEL “, Tata Group, Modi, India’s, Hindenburg, GQG Partners, Indian School of Business Locations: New Delhi, Gujarat, Davos, Coachella, Silicon Valley, India, China, Mumbai, Antilia, America, Asia, Britain, South Korea, Worth, United Kingdom, University of St Gallen, Switzerland, American

☆ The Ambani Wedding Event Signifies the Rise of the Oligarch in Modi’s India - The New York Times
▼ + stars: | 2024-03-17 | by ( Sonia Faleiro | ) www.nytimes.com time to read: +2 min

Those were some of the highlights of what is likely the most ostentatious “pre-wedding” ceremony the modern world has ever seen. Watching the event, I couldn’t help thinking of the 1911 durbar, or royal reception, when King George V was proclaimed emperor of India. It’s difficult to imagine the Ambani-Merchant wedding event in an India that isn’t ruled by Prime Minister Narendra Modi. India’s richest 1 percent now own more than 40 percent of the country’s wealth, according to Oxfam. Oxfam has described this new India as the “survival of the richest.”

Persons: Rihanna, Mark Zuckerberg, Mukesh Ambani’s, Anant, Radhika Merchant ., Bill Gates, Ivanka Trump, King George V, Ambani, isn’t, Narendra Modi, Modi, ” Organizations: Radhika Merchant . Monarchs, India, Oxfam Locations: Gujarat, India, Britain

☆ Anant Ambani pre-wedding photos: Rihanna, Mark Zuckerberg among stars at Indian billionaire heir’s celebrations
▼ + stars: | 2024-03-04 | by ( Oscar Holland | ) edition.cnn.com time to read: +3 min

Ambani is the youngest son of Asia’s richest man, Mukesh Ambani, who has an estimated fortune of $117 billion, according to Forbes. Jared Kushner, Ivanka Trump and their daughter Arabella pose with the groom's father, billionaire Mukesh Ambani. On Wednesday, the Ambani family hosted a communal dinner for more than 50,000 villagers. Reliance Industries/Handout/ReutersActors Salman Khan, Ram Charan, Shah Rukh Khan and Aamir Khan perform during the pre-wedding celebrations. Reliance Industries/Handout/ReutersBillionaire industrialist Mukesh Ambani with his son Anant and wife Nita.

Persons: Mark Zuckerberg, Bill Gates, Ivanka Trump, jetted, Anant Ambani’s, Rihanna, David Blaine, Sachin Tendulkar, Shah Rukh Khan, Ambani, Mukesh Ambani, Radhika Merchant, Jared Kushner, Arabella, ”, Paula Hurd, Ranveer Singh, Deepika Padukone, Salman Khan, Ram Charan, Aamir Khan, Saif Ali Khan, Kareena Kapoor Khan, Taimur Ali, Anant, Nita, Anjali Organizations: CNN, Forbes, Reliance, Reuters, Reliance Foundation, Microsoft, Reliance Industries, Reuters Billionaire, AP Former India Locations: India, Silicon Valley, Jamnagar, Gujarat, New Delhi, Mumbai

☆ Anant Ambani pre-wedding bash: Celebrities, tycoons jet to Indian billionaire heir’s celebrations in Jamnagar
▼ + stars: | 2024-03-01 | by ( Story Reuters | ) edition.cnn.com time to read: +3 min

New Delhi Reuters —Charter jets for tycoons and celebrities, a performance by Rihanna and directions to don “jungle fever” outfits when visiting an animal rescue center — that’s how billionaire Mukesh Ambani is kickstarting big fat Indian wedding celebrations for his son. The occasion of the moment that has India transfixed is a three-day pre-wedding jamboree for his youngest son Anant Ambani, 28, who is set to marry his long-time girlfriend Radhika Merchant, 29. Anant is a director at Reliance’s new energy business and one of Ambani’s three children who are the heirs to his empire. Ambani also made headlines with his daughter Isha’s wedding in 2018 which was described by some as a mini-Davos summit. Guests to Anant Ambani’s celebrations are set to savor 500 dishes created by around 100 chefs.

Persons: Rihanna, Mukesh Ambani, Ambani, Anant Ambani, Radhika Merchant, Anant, David Blaine, Bill Gates, Meta’s Mark Zuckerberg, Gautam Adani, Kumar Mangalam Birla, Shah Rukh Khan, Salman Khan, Bob Iger, Hillary Clinton, John Kerry, Anant Ambani’s Organizations: Delhi Reuters —, Reliance, Forbes, Disney, Reliance’s, Encore, Former U.S, Reuters Locations: Delhi, India, Jamnagar, Reliance’s, Gujarat, Davos, Former, New Delhi, Mumbai

☆ Nita Ambani is now the most powerful woman in Indian media
▼ + stars: | 2024-02-29 | by ( Diksha Madhok | ) edition.cnn.com time to read: +5 min

New Delhi CNN —Just a few months ago, Nita Ambani stepped away from frontline business to focus on philanthropy. Now, the wife of Asia’s richest man is back with the biggest job in the ferociously competitive world of India media. Nita Ambani will not be steering the media giant alone. Nita Ambani first stepped into the business limelight 10 years ago, becoming the first woman director on the board of Reliance Industries. With her new job title, Nita Ambani has become the most powerful woman in Indian media and entertainment sector, which is worth over $25 billion and growing rapidly.

Persons: New Delhi CNN —, Nita Ambani, Mukesh Ambani, Uday Shankar, “, ”, Ambani’s, Nita Mukesh Ambani, Bikas Das, —, Isha, Anant, Akash —, Akash, ” Nita Ambani, National Stock Exchange —, EY, Mihir Shah Organizations: New, New Delhi CNN, Disney’s, Reliance Industries, Disney’s Asia, Disney, Reliance Foundation, Indian Premier League, IPL, Reliance, Music, International Olympic Committee, Metropolitan Museum of Art, National Stock Exchange, Media Partners, Netflix Locations: New Delhi, India, Mumbai, Disney India, New York, Viacom18

☆ Disney, Ambani’s Reliance create new India media giant with 750 million viewers
▼ + stars: | 2024-02-28 | by ( Diksha Madhok | Hanna Ziady | ) edition.cnn.com time to read: +3 min

New Delhi/London CNN —Disney is joining forces with Asia’s richest man to create a new media giant in India that says it will reach a domestic audience of more than 750 million people. Billionaire Mukesh Ambani’s Reliance Industries and Disney have combined their digital streaming platforms and 100 TV channels in the country in a joint venture worth about $8.5 billion, the companies said in a statement Wednesday. Disney (DIS) made a major push into the country in 2019, when it acquired most of 21st Century Fox, including its vast Star India network. “India is the world’s most populous market, and we are excited for the opportunities that this joint venture will provide to create long-term value for the company,” said Disney CEO Bob Iger. Disney salvaging its Indian dreamDisney has faced multiple challenges in India, which boasts a vibrant media and entertainment sector.

Persons: Mukesh, ”, Mukesh Ambani, Nita M, Ambani, Viacom18, Bob Iger, Mouse, Weeks, JioCinema, Iger, “, Mihir Shah Organizations: London CNN, Disney, Reliance Industries, Century Fox, Star, Reliance, Indian Premier League, Warner Bros ., HBO, CNN, Media Partners Locations: New Delhi, London, India, Star India, Viacom18

☆ Sony’s $10 billion India media deal with Zee ends in ugly breakup
▼ + stars: | 2024-01-22 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

New Delhi CNN —A dramatic acquisition saga in one of the world’s fastest growing media industries is headed for a bitter ending. Sony Group (SONY) has called off the merger between its India unit and Mumbai-based Zee Entertainment, the Japanese company said on Monday. Sony’s move to end talks comes at a time when Disney (DIS) and Mukesh Ambani’s Reliance Industries are discussing combining their Indian media businesses. Zee “categorically denies all the assertions … including their claims for the termination fee,” the statement added. Prime Minister Narendra Modi’s government expects the nation to soon become the world’s third largest media and entertainment market, from fifth currently.

Persons: Sony’s, Mukesh Ambani’s, Zee, Punit Goenka, Zee “, Narendra Modi’s Organizations: New, New Delhi CNN, Sony Group, SONY, Zee Entertainment, Netflix, Disney, Mukesh Ambani’s Reliance Industries, Sony, Reuters, Zee, Reliance Locations: New Delhi, India, Mumbai

☆ Indian economy regains its swagger as China stumbles
▼ + stars: | 2023-11-03 | by ( Diksha Madhok | ) edition.cnn.com time to read: +9 min

New Delhi CNN —India’s economy is like an elephant. India’s economy is currently worth nearly $3.5 trillion, making it the world’s fifth largest. “India’s economy is comfortably placed to grow at an annual rate of at least 6% in the coming few years,” Barclays said. But even as India’s heft is increasing, it is far from recreating the economic miracle China unleashed decades ago. It will, no doubt — though it won’t be enough to shield the world economy should China’s economy stumble badly,” they added.

Persons: Narendra Modi, ”, Eswar Prasad, Modi, Prasad, Ludovic Marin, Mukesh Ambani’s, Gautam Adani’s, Willy Shih, Frederic Neumann, Justin Feng Organizations: New, New Delhi CNN, Economic, Cornell University, International Monetary Fund, China, Barclays, IMF, ” Barclays, Hindustan Times, Modi, bonanza, Unified, Bharat, Getty, Bank, Mukesh Ambani’s Reliance Industries, Apple, Harvard Business School, HSBC Locations: New Delhi, India, Switzerland, Davos, ”, ’, China, ” New Delhi, Sewri, Mumbai Bhushan, AFP, Beijing, Washington

☆ South Korea Had High Hopes for 5G. What Happened?
▼ + stars: | 2023-10-13 | by ( Jiyoung Sohn | ) www.wsj.com time to read: 1 min

Journal Reports: TechnologyBillionaire Bets That a $12 Mobile Phone Can Get More of the World’s Most-Populous Country OnlineBy Newley PurnellSmartphones are financially out of reach for millions of people in India. Mukesh Ambani’s Reliance Jio Infocomm’s new device can stream music and video.

Persons: Newley Purnell, Mukesh Ambani’s Organizations: Technology Locations: India

☆ Ambani’s retail backers dispel only a little doubt
▼ + stars: | 2023-09-15 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

Asia’s richest man is raising fresh funds to trim debt and expand the shopping unit of his flagship Reliance Industries (RELI.NS). Ambit Capital, a broking firm, for example ascribes Reliance Retail a $57 billion valuation in a sum of the parts analysis, almost half Bernstein’s estimated $111 billion. Any financial haze around Reliance Retail will naturally clear whenever it publishes a detailed listing prospectus. U.S. private equity giant KKR will invest 20.7 billion rupees ($250 million) into Reliance Retail Ventures, the company’s parent Reliance Industries said on Sept. 11. Reliance Retail is a subsidiary of Reliance Industries.

Persons: Mukesh Ambani, Thakore, Singapore’s GIC, Bernstein, Una Galani, Thomas Shum Organizations: Reuters, Reliance Industries, KKR, Abraham, Qatar Investment, U.S, Reliance Retail, Abu Dhabi Investment Authority, Saudi Arabia’s Public Investment Fund, Reliance, HK, India’s Reliance Industries, Reliance Retail Ventures, Thomson Locations: MUMBAI, Qatar, Abu Dhabi, China, Singapore, Saudi Arabia

☆ India’s fintech partygoers nurse a needed hangover
▼ + stars: | 2023-09-11 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

MUMBAI, Sept 11 (Reuters Breakingviews) - India’s financial technology industry is suffering from overindulgence. And it was on full display at a sombre Global Fintech Festival in Mumbai last week. The South Asian country is the world’s third-largest fintech market by number of unicorns. Poster child Byju’s is squabbling with lenders as investors walk away and financial reports get delayed. Follow @ShritamaBose on XCONTEXT NEWSThe Global Fintech Fest organised by the National Payments Corporation of India and industry association Payments Council of India was held between Sept. 5 and 7 in Mumbai.

Persons: securitisation, ’, hesitatingly, Vishwas Patel, they’re, fintechs, Mukesh Ambani’s, Antony Currie, Katrina Hamlin, Thomas Shum Organizations: Reuters, Founders, Boston Consulting Group, Venture, Reserve Bank, One97 Communications, FSN, Commerce Ventures, Innoven Triple Blue Capital, XV Partners, Financial, National Payments Corporation of India, Thomson Locations: MUMBAI, Mumbai, India, fintech, Sequoia Capital’s India, Southeast Asia, Rwanda, Japan, Germany, Peru

☆ Adani fault lines raise bar for India’s regulator
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. It was a hunt an Indian panel probing allegations of stock manipulation warned might be "a journey without a destination". Adani on Thursday rejected OCCRP’s claims, saying they are based on decade-old closed cases. Shares of Adani Total Gas (ADAG.NS), a joint venture with France’s Total, and Adani Power (ADAN.NS) and Adani Enterprises (ADEL.NS) fell 2.5%, 3.5% and 3% respectively. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gautam Adani, Amir Cohen, Gautam, Hindenburg, Madhabi Puri, she’s, Nasser Ali Shaban Ahli, Taiwan’s Chang Chung, Ling, Vinod Adani, Gautam Adani’s, Adani, OCCRP’s, Mukesh Ambani’s, Didi, Antony Currie, Thomas Shum Organizations: Adani Group, Haifa Port, REUTERS, Rights, Reuters, India’s Securities, Exchange Board of India, United Arab Emirates, France’s, Adani Enterprises, X, Thomson Locations: Haifa, Israel, Madhabi Puri Buch, Una

☆ Pernod Ricard shares face a lengthy dry spell
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

A glass of cognac is pictured on a bar in the Manhattan borough of New York City, November 13, 2015. REUTERS/Mike Segar Acquire Licensing RightsLONDON, Aug 31 (Reuters Breakingviews) - Pernod Ricard (PERP.PA) shareholders have few reasons to cheer. The owner of Mumm champagne and Absolut Vodka said that China’s property crunch was making wholesalers cautious and keeping punters out of nightclubs. China has been a key source of growth for drink-makers: helped by Asia, Pernod Ricard’s sales outside of Europe and the Americas grew 17% in 2023. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Segar, Pernod Ricard, Mumm, Remy Cointreau, Aimee Donnellan, Mukesh Ambani’s, Neil Unmack, Oliver Taslic Organizations: REUTERS, Reuters, Investors, Pernod, Diageo, X, Thomson Locations: Manhattan, New York City, U.S, China, Asia, Europe, Americas

☆ Microsoft swerves to avoid EU speeding ticket
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Microsoft Teams app is seen on the smartphone placed on the keyboard in this illustration taken, July 26, 2021. Yet Microsoft has arguably created a lot more value using its market clout. Back in 2016, Slack was the hottest new product for helping office workers communicate with over 4 million users. Combining Teams with its Office 365 and Microsoft 365 software bundles gave the messaging and collaboration app a big leg up. Microsoft said on a call in April that Teams had over 300 million monthly users.

Persons: Slack, Robert Cyran, Pernod Ricard, Mukesh Ambani’s, Peter Thal Larsen, Sharon Lam Organizations: Microsoft, Reuters, Big Tech, European Union, Apps, X, Thomson Locations: Europe

☆ Mukesh Ambani’s succession planning is a bonus
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

Mukesh Ambani (R), Chairman and Managing Director of Reliance Industries, poses with (from 2nd R to L) wife Nita Ambani, children Isha Ambani, Anant Ambani, and Akash Ambani before addressing the company's annual general meeting in Mumbai, India July 21, 2017. REUTERS/Shailesh Andrade Acquire Licensing RightsMUMBAI, Aug 29 (Reuters Breakingviews) - The bar for Mukesh Ambani to impress is rising, including on succession. Planning is sensible, yet Reliance shares closed down 1.1%. Here, the top challenge may be getting public shareholders to match the $100 billion valuation the Qataris have set for the shopping unit. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mukesh Ambani, Nita Ambani, Isha Ambani, Anant Ambani, Akash Ambani, Shailesh Andrade, Ambani, Isha, Akash, Anant, That’s, Shritama Bose, Didi, Una Galani, Thomas Shum Organizations: Reliance Industries, REUTERS, Rights, Reuters, Reliance, Reliance Retail, Jio Financial Services, X, White, Thomson Locations: Mumbai, India

☆ NN Group’s deal spree is finally delivering
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 29 (Reuters Breakingviews) - NN Group (NN.AS) is reaping the benefits of scale in its Dutch backyard. Benign weather in the Netherlands, one of the few European states to escape extreme summer weather, helped. But the seeds of NN’s resurgence lie back in 2016 when it began a 3 billion euro deal splurge, first on domestic rival Delta Lloyd and then VIVAT’s general insurance arm. That helped it hike a 10% share of the general insurance market to 24% as of 2021. NN has outperformed its country rival Aegon (AEGN.AS), boosting shareholder returns by 64% since it bought Delta Lloyd in 2016.

Persons: David Knibbe, Elliott Advisors, Elliott, Delta Lloyd, Aimee Donnellan, Mukesh Ambani’s, Didi, George Hay, Oliver Taslic Organizations: Reuters, Chief, Delta, Aegon, Delta Lloyd, Thomson Locations: Netherlands

☆ 3M’s $6 bln earplugs settlement is a little sticky
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +2 min

A variety of 3M products are pictured at an Orchard Supply Hardware store in Pasadena, California U.S., January 24, 2017. REUTERS/Mario Anzuoni Acquire Licensing RightsNEW YORK, Aug 29 (Reuters Breakingviews) - 3M’s (MMM.N) latest legal settlement includes some curious wrinkles. Moreover, the earplugs agreement is conditioned on 98% participation from what is now roughly 250,000 claimants. The $60 billion company is trying to project the idea it’s getting past its legal entanglements, but the reality is a little stickier. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mario Anzuoni, Scotchgard, Jeffrey Goldfarb, Mukesh Ambani’s, Didi, Lauren Silva Laughlin, Sharon Lam Organizations: Supply, Pasadena , California U.S, REUTERS, Reuters, Aearo Technologies, X, Thomson Locations: Pasadena , California

☆ Fairy-tale ending will elude Disney in India
▼ + stars: | 2023-08-11 | by ( Shritama Bose | ) www.reuters.com time to read: +4 min

MUMBAI, Aug 11 (Reuters Breakingviews) - India has lost its magic for Walt Disney (DIS.N). Even if boss Bob Iger can find a buyer or joint venture partner, a fairy-tale ending will elude the Magic Kingdom. The combination of changing viewing preferences and Disney’s own conservatism in streaming puts Disney India in a weak spot. The average monthly revenue per subscriber held steady at 59 cents, compared to $7.31 per subscriber in its domestic Disney+ business. Disney is exploring strategic options for its Star India business, including a joint venture or a sale, the Wall Street Journal reported on July 11, citing unnamed people familiar with the matter.

Persons: Walt Disney, pare, Bob Iger, Iger, Mukesh, Ambani, JioCinema, Una Galani, Katrina Hamlin Organizations: Reuters, Fox, Kingdom, Netflix, Indian Premier League, HBO, Disney, Disney India, Walt Disney, Star India, Wall Street, Thomson Locations: MUMBAI, India, U.S, Mumbai, United States, Canada

☆ Spain vote stalemate requires winner to drop out
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 24 (Reuters Breakingviews) - After Sunday’s election, neither the conservative People’s Party nor the governing Spanish Socialist Workers’ Party are likely to have enough support to rule. But he could shorten the pain by declining to form a government, paving the way for another poll in the autumn. The snap election called by left-wing Prime Minister Pedro Sánchez in May failed to deliver either bloc the 176 parliamentary seats needed to govern. Since Sánchez is also unlikely to muster enough support, that would give Spaniards another chance to choose a leader in cooler conditions. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Alberto Núñez Feijóo, Pedro Sánchez, King Felipe VI’s, Mariano Rajoy, Francesco Guerrera, George Hay, Streisand Neto Organizations: Reuters, People’s Party, Spanish Socialist Workers ’ Party, El, Vox, PSOE, Spanish, Twitter, Thomson Locations: “ El Gobierno, el aire, El Pais

☆ Office landlord offers glimpse of what’s to come
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 24 (Reuters Breakingviews) - Piedmont Office Realty Trust (PDM.N) is sifting through the rubble. The $910 million owner of high-quality office buildings in Boston, Dallas and beyond just borrowed at 9.25%, more than twice the interest rate it’s replacing. It’s an ominous sign for U.S. office landlords facing $60 billion of debt maturing at the end of 2023 and 2024, per data miner RCA. Office prices have fallen so much that cap rates are approaching 10%, according to Jonathan Litt, founder of activist hedge fund Land and Buildings Investment Management. Pricier debt means less income, but if rents have stabilized and interest rates keep rising, Piedmont was wise to start reconstructing its balance sheet sooner rather than later.

Persons: Brent Smith, Jonathan Litt, Lauren Silva Laughlin, Jeffrey Goldfarb, Sharon Lam Organizations: YORK, Reuters, Realty Trust, Refinitiv, RCA, Buildings Investment Management, Twitter, Thomson Locations: Boston, Dallas, Piedmont, Spain

☆ TSMC’s awkward signalling opens up chip limbo
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, July 21 (Reuters Breakingviews) - Is the chip market bottoming out? On the other hand, executives struck an upbeat tone on artificial intelligence, and noted the company is adding capacity on that front. TSMC's lower full-year revenue guidance now casts doubt on a much-anticipated year-end or early-2024 rebound in demand for electronics that would reverse the industry supply glut. Even so, investors have no clearer insight into how fast global demand will pick up, nor how the AI frenzy will evolve. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: C.C, Wei, TSMC, Robyn Mak, whir, Una Galani, Thomas Shum Organizations: Reuters, Taiwan Semiconductor Manufacturing, TSMC, Twitter, Thomson Locations: HONG KONG

☆ SSAB profit hit flags EU steel's parlous state
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 21 (Reuters Breakingviews) - SSAB (SSABa.ST) has kicked off European steelmakers' quarterly earnings season with a profit drama. Poor demand in Europe, declining steel prices and severe rises in energy and production costs are to blame. With steel consumption expected to decrease further in the second half of the year, investors sent SSAB stock down more than 15%. Without a deal, trade tariffs, which have been temporarily frozen, would return in December along with retaliatory measures from the EU. For SSAB, whose heavy plate business in North America was relatively stable during the second quarter, that would take things from bad to worse.

Persons: SSAB, steelmakers, Valdis Dombrovskis, Pamela Barbaglia, whir, George Hay, Streisand Neto Organizations: Reuters, SSAB, European Central Bank, Union, Twitter, Thomson Locations: Europe, U.S, North America

☆ European earnings add weight to economic bear case
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 20 (Reuters Breakingviews) - It’s only early in the financial-reporting season for European companies. But macro bears will already be able to find all the doom and gloom they could ever want. But pricey recipe kits and premium toilet paper are relatively easy ways for pinched consumers to save money. Before the results, all three companies were priced at a premium to the STOXX Europe 600 Index (.STOXX) using 12-month forward price to earnings multiples, suggesting possible shareholder complacency. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: napping, Liam Proud, whir, Neil Unmack, Oliver Taslic Organizations: Reuters, Twitter, Thomson Locations: Europe

☆ Ambani’s finance unit gets credit before it’s due
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, July 20 (Reuters Breakingviews) - Mukesh Ambani’s capacity to disrupt India’s $2 trillion small loans market is fully priced in. It’s a big endorsement, considering the lending company starts with a tiny $244 million loan portfolio as of March 2022. Ambani will have his task cut out to deliver on expectations, despite a reputation for upending industries from telecoms to retail. The $155 billion HDFC Bank (HDBK.NS), freshly merged with its mortgage financier parent, will chase the latter’s customers with renewed vigour. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mukesh, Ambani, It’s, Jio, Shritama Bose, whir, Xavier Niel’s, Una Galani, Thomas Shum Organizations: Reuters, Reliance Industries, Bajaj Finance, HDFC Bank, Twitter, Xavier Niel’s GAM, Thomson Locations: MUMBAI

☆ Shein partners with Reliance in major India comeback
▼ + stars: | 2023-05-26 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Shein is plotting a major comeback in India, nearly three years after it was booted out of the country. The fast fashion giant is partnering with the retail arm of Mukesh Ambani’s Reliance Industries, a Shein spokesperson confirmed Friday. “We can confirm Shein’s partnership with Reliance Retail and have no additional comment at this time,” a Shein spokesperson said. A powerful partnerIts new partnership with Reliance Retail, which bills itself as the country’s largest retailer, could be a game-changer. Shein has said it doesn’t have any suppliers in the Xinjiang region, and it has zero tolerance for forced labor.

Persons: Hong Kong CNN — Shein, Mukesh Ambani’s, Shein, Bain, “, Sania Farooqui Organizations: Hong Kong CNN, Industries, Wall Street, Financial Times, Reliance, Reliance Retail, Burberry, Apple, US Securities and Exchange Commission Locations: Hong Kong, India, Zara, China, Singapore, ”, Washington, Xinjiang, New Delhi

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