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☆ The week that life in Dubai ground to a halt
▼ + stars: | 2024-04-20 | by ( Abbas Allawati | Abbas Al Lawati | ) edition.cnn.com time to read: +9 min

The United Arab Emirates, of which Dubai is part, saw the heaviest rainfall in at least 75 years, with more than a year’s worth of precipitation in 24 hours. Abandoned vehicles on a flooded highway after a rainstorm in Dubai, United Arab Emirates on Wednesday. People stand as flood water caused by heavy rains covers the stairs of a residential building, in Dubai, United Arab Emirates on Wednesday. A man walks in flood water caused by heavy rains, with the Burj Khalifa tower visible in the background, in Dubai, United Arab Emirates, April 17, 2024. Residents move their belongings on a kayak at a flooded residential complex following heavy rainfall, in Dubai, United Arab Emirates on Thursday.

Persons: hadn’t, Christopher Pike, ”, Sofie, Sheikh, Avinash Babur, Amr Alfiky, Babur, Amr Alfiky Amr Alfiky, Ali Salem, “, wasn’t Organizations: UAE CNN, United, United Arab Emirates, Bloomberg, Getty, Dubai Marina, CNN, “, Dubai “, REUTERS, Reuters, . Schools Locations: Dubai, UAE, United Arab Emirates, Ras Al, Khaimah, Persian, United Arab, Western, lockdowns, freezers, United States, China, Burj Khalifa, Jumeirah

☆ Goldman Sachs leaders are charting a course for the bank's future in Miami for the second year in a row. Here's how the stakes are different this time.
▼ + stars: | 2024-02-07 | by ( Reed Alexander | Emmalyse Brownstein | ) www.businessinsider.com time to read: +5 min

The Miami Beach Edition hotel on Collins Avenue, where conferences for Goldman parnters are being held. Inside the Edition Hotel in Miami, which is playing host to the Goldman Sachs partner conference this week. The Faena Hotel along Collins Avenue is also playing host to some Goldman partners and events this week. A spokesperson for Goldman Sachs declined to comment about the Miami gathering this week. Are you a Goldman Sachs or Wall Street insider?

Persons: Goldman Sachs, confab, —, Goldman, Denis Coleman, Avinash, Goldman parnters, Emmalyse, David Solomon, Solomon, Lloyd Blankfein, he's, Reed Alexander Big, Solomon —, John Waldron —, Solomon himself, Emmalyse Brownstein Goldman, George Lee, Alison Mass, Trevor Noah, decamped, Reed Alexander Organizations: Magic City, Miami Beach, Business, Wall Street Journal, Goldman, Wall Street Locations: New York, London, Miami, Collins, New York City, South Florida, ralexander@businessinsider.com

COP28 president Sultan Ahmed Al Jaber speaks during the Transforming Food Systems in the Face of Climate Change event on the sidelines of the COP28 climate summit at Dubai Expo on December 1, 2023. "We delivered world first after world first," the UAE summit presidency said in a further social media update. And we have language on fossil fuels in our final agreement." Many believed the COP28 summit could only be considered a success if it resulted in a deal to phase out all fossil fuels. COP28 President Sultan al-Jaber sparked a backlash earlier this month after he claimed there is "no science" behind calls for a phase-out of fossil fuels.

Persons: Sultan Ahmed Al Jaber, Ludovic Marin, Licypriya Kangujam, Sean Gallup, Wopke Hoekstra, Alok Sharma, Sharma, CNBC's, Simon Stiell, We're, John Kerry, Selma de Montgomery, Avinash Persaud, Mikhail Gitarskiy, Sultan al, Jaber, he'd, Al Organizations: Food Systems, Dubai Expo, Afp, Getty Images, UAE Consensus, UAE, United Arab Emirates, Getty, Russian, BBC, Abu, Abu Dhabi National Oil Co Locations: Dubai, UAE, United Arab, United Arab Emirates, Pacific, Caribbean, Latin America, Africa, Asia, North America, Paris, United States, China, Denmark, Barbados, Moscow, Abu Dhabi

☆ Countries at COP28 approve climate disaster fund deal details in early breakthrough
▼ + stars: | 2023-11-30 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

A man wearing a thawb walks past flags of nations participating in the UNFCCC COP28 Climate Conference the day before its official opening on November 29, 2023 in Dubai, United Arab Emirates. Dubai, UNITED ARAB EMIRATES — Countries at the U.N. COP28 summit on Thursday agreed on deal details for a disaster fund to help nations reeling from damages caused by the climate crisis. So far, the pledges to the fund include $100 million from Germany, $100 million from the United Arab Emirates, $17 million from the U.S. and $10 million from Japan. High-income countries, which account for the bulk of historical greenhouse gas emissions, have long opposed the creation of a loss and damage fund to compensate low-income nations. Avinash Persaud, special climate envoy to Barbados, said that the deal reflects "a hard fought historic agreement."

Persons: Friederike Roder, Roder, Avinash Persaud Organizations: United Arab Emirates, UNITED, EMIRATES, United Arab, Bank, Global Citizen Locations: Dubai, United Arab, COP28, United Arab Emirates, COP27, Egypt, Germany, U.S, Japan, Barbados

A loss and damage fund would be the first United Nations mechanism dedicated to helping countries that have suffered irreparable climate-driven damage from drought, floods and rising sea levels. "There was a lot at stake at this meeting," Avinash Persaud, special envoy to the Prime Minister of Barbados and the country's representative on the U.N. committee, told Reuters. Developing nations argue that rich countries responsible for most of the historical CO2 emissions causing climate change should be obliged to pay - something the United States and other rich nations refused to accept. Mohamed Nasr, Egypt's lead climate negotiator and representative on the committee, told Reuters such pledges would be crucial to the overall COP28 negotiations. If rich nations fail to follow through, he said, it could reopen decades-old fights that have derailed past climate deals - with poorer nations demanding "compensation" from rich nations for causing climate change, or refusing to agree to cut emissions faster without substantially more financial support from rich countries.

Persons: Rula, U.N, Persaud, Jennifer Morgan, Mohamed Nasr, Nasr, Valerie Volcovici, Kate Abnett, Christina Fincher Organizations: Abu Dhabi Sustainability, REUTERS, COP28 Finance, Bank, United, Reuters, U.S . State Department, European Union, Climate, Thomson Locations: UAE, Abu Dhabi, United Nations, Dubai, Barbados, United States, U.S, Egypt, COP28, Germany, Europe's, Berlin

☆ Goldman Sachs just promoted 608 employees to the coveted role of managing directors. See the full list here.
▼ + stars: | 2023-11-02 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +14 min

Goldman Sachs announced its 2023 class of managing directors Thursday afternoon, giving 608 employees the coveted title. It's a smaller cohort than the bank's 2021 MD class, down 5% amid a dealmaking slowdown. Still, Goldman appears to have taken pains to promote employees in revenue-generating divisions like investment banking and trading. Goldman says the percentage of women it promoted as part of the 2023 MD class sets a record, up 1% from 2021. Two years ago, Goldman promoted the largest managing director class in its history, naming 643 employees to the designation in 2021.

Persons: Goldman Sachs, Goldman, David Solomon, John Waldron, we've, Solomon, Waldron, Goldman Sachs Fereshteh Abbasi Thomas Abe Devina Abreo Francesca Adamski Emmanuel Adenitire Gopal Agarwal Prasoon Agarwal Udit Agrawal Khamran Ali Omar Alzaim Dorothee Amar Akbar Amin Joe Amsler Wilfred Amuri Jack Anstey Paul Antonios Hidemi Aoki, Carolina Aragon Gonzalez Nelson Armbrust Georgina Aspden Laurene, Gisha, Sharon Babick Navin Babu Alexey Bachurin Alberto Bacis Patrick Badaro Rahul Bajaj Elise Bal Tanya Ballaram Brian Baltz Guillaume Banderet Nirav Bansal Nitin Bansal Swati, Chalapathi, Andrei Banu Camella Barnes James Barry Elisa Anna Bassu Aman Batra Eleanor Beasley Nicole Beavan Michael Becker Yukiko Beer Omar Benchekroune Richard Bennett Nigel Beslee Ashima Bhalla Nikhil Bhandari Nimita Bhargava Bodha Bhattacharya Rebecca Bibb Roseline, Rahul Bindu Mark Bird Leo Biselman Christian Blanc Patrick Bogues Michael Boratin Katherine Bordlemay Gabriela Borges Kate Boucher Erik Bouland Joanne Braidi Chris Brett Joseph Briggs Charles Brockett Emmeline Brothers Aaron Brown Adrienne Brown Kevin Bryck Archana Budida Oliver Bunn Rebecca Burgoyne Andrew Burpitt Todd Byers Patrick Byrne Michael Cahill Ashley Caldwell Jake Caldwell Serdar Caliskan Jon Calluzzo Stewart Campbell Samantha Cantor Yuri Cantor Dan Carabas Gemma Carlaw Laura Carroll Tim Carson Matt Carter Quentin Cezard Alex Cham Simon Chamama Heidi Chan Patrick Chan Suraj Chandran Kim Cheah Jon Cheh CP Chen Nelly Cheng Sarrah Cherhabil Jackson Cheung Michael Cheung Rama, Stan Chiu Anish, Kunal Choraria Ankit Chowdhari Dario Claus Cosimo Codacci, Michael Coleman David Collerd Shannon Collins Francesca Condini Lee Coppersmith John Couch Tim Creamer Maziar, Satish Damodaran Gareth Davies Serkan, Nick De Kock Ann de la, Nick De Kock Ann de la Montaigne Jan Debeuckelaer Molly Decker Gabrielle Decrion Laurent Dedieu Antoine Demongeot Yannick Derippe Deepalakshmi Desai Tim Desiano Joshua Dezube Randeep Dhillon Javier Diaz, Merry Matheus, Jared Dickow Alex Doell Mao Dong Praneil Doolabh Daniel Dooling Michelle Dorea Szymon Doroz Jacqueline Du Benjamin Duell Kelsey Dumont Julie Duval Todd Ebe Dayo, Jeremy Eisenstein Chris Elmore Ryan Erickson Joaquin Escribano Larry Estrada Pavel Fadeev Will Fairbourn Jeremy Falgiani Fabio Federici Wenlong Fei David Felman Sophia Ferguson Zach Fernandez David Fernandez Miguez Scott, William Fio Rito Duffy Fischer Lisa Florentine Akshay Fomra Janice Foo Nicholas Forbat Elie Franko Georgina Fraser Jason Freeman Nicole Freeman Oliver Friedberg Gavriel Friedland Ross Fuller Angela Fung Greg Furness Nikhil Gadodia Stefano Gamba Amit Singh Gambhir Javier Gandara Giorgio Gandola Amit Gangrade Sudha Garimella Mima Garland Mingmin Ge Graziano Gemma Shefali Gera Constance Germain Brad Gifford Benjamin Giles Abbas Ginwala Marlene Giorgio Thomas Giovachini Zachary Glasser Guillaume Gnech Harley Golding Yuriy Goldman Jesse Goldstein Roy Golender Sharon Gonnella Alejandro Gonzalez Steven Gooden Jessie Gould Varun, George Graf von Waldersee Florian Granier Jamie Greenberg Brian Grzelakowski Alessandro Guicciardi Michael Guiliano Samuel Guinness Bivash Gunpath Deepa Gupta Parikshit Gupta Lauren Gutierrez Johannes Hahn Chris Hallam Alex Halpern Christina Halpin Michael Hamilton Brooke Hammel Saki Hanioka John Hanson Mathew Harris Ally Hart Amy Harwood Tom, Emily Hashimoto Rob Haslam Michael Heino Brandon Herde Sarah Higgins Camilla Hill Spencer Hill Sho, Cecilia Ho Jonathan Ho Bryan Hoffman Kevin Hoffmeyer Eliza Hollyday Simon Holmes Mehdi, Lily, Derek Hu Jennifer Hui Tim Huiszoon Camille Humbert Kurt Humes Kelley Hutchison Masayuki Ichioka Andrew Imber Calvin Isaac Jackson Isaacs Sharif Ismail Yu, Doug Michael Jaffa Nitin Jagga Rahul Jain, Jataprolu Fiona Jervis Yinpeng Jin Sandeep Jindal Jennifer Jochinger Steven Johnson David Johnstone Megan Jordan Nicolas Joseph Bob Kadel Jean Kam Harneet Kaur Vinay Kaura Peter Kelman Stephanie Kenary Maggie Keohan Humayun Khalid Sunil Khandelwal Scott Kilpatrick Jenny Kim Ashley King Joel Klaus Rene Klos Rossitsa, Michael Kondoleon Gregory Kontopoulos Larry Kornreich Shrivathsa Kota Konrad Krallmann Ken Kraska Alexander Kretzberg Bryant Krongard Simon Kubbies Adam Kulik Peter Kulka Ajeya Kumar Aditya Kurella Sara Lachapelle Raagini, Langalia Chaim Langer Alexander Langley Raven LaRue Dolapo Lawal Claire Leblanc, Langalia Chaim Langer Alexander Langley Raven LaRue Dolapo Lawal Claire Leblanc Mary LeDonne, Allison Lee Michael Lee Soohyun Lee Victoria Lewis Alice Li Qing Li George Lin Ali Lippert David Lipworth Bozhena Lisko, Murphy Mark Littlewood Zhenyi Liu Yelli Lobel Avinash Lobo Burke Loeffler Gabriela Lopez Cristian Lopez, Balboa Carlos Lopez Torrero Stephanie Louie Edward Lowe Reynolds Lowry Fei Luo Ranjan Luthra Sangeetha M Martin Ma Matthew Maciaszek Michael Magee Steffen Mahringer Poonam Majithia Terres Maloney Gopal Manchikanti Jade Mandel, Manfay Varun, Pierre Marboeuf Matt Margolin Thiago Marinheiro Kevin Martens Masato Maruyama Lucinda Mataka Rishi Mathur Pierre Maugest Scott Maxfield Andrei Maxim Michael McClurg Selina McCole Jeff McCown Andrea McGee Sinead McGuigan John McGuinness Benjamin McRoberts Amit Mehrotra Gaurav Mehta Kelly Mellecker Josef Menasche Raf Mercado Alexander Mielke Rachel Miles Christopher Miller Megan Miller Robert Miller Max Minton Edward Mitchell Oliver Money Tyler Moni Anna Montvai Taylor Moore Anthony Moschella Brandon Moy Faraz Munaim Sasha Munn Ashok Musuvathy Negar, Julian Naden Robinson Hiroki Nagamine Srijith Nair Cornelius Namiluko Sanjiv Nanwani Jay Narain Robert Andranik Nazarian Jovan Negovan Ryan Newman Michael Ng, Tasuku Nishihara John Nixon Kristy Nomi Alexandre Nunes Patrick O'Callaghan Yusuke Ochi KC O'Connor David Olivares Erica Olsen Victoria Ortengren Anas, Peter Pace Robert Packwood Nitin, Ellen Pak Ruth Pan Pedro Panizo Jayshri, Rahul Parikh Dan Parisi Freddie Parker Phil Parsons Peter Paruch Paul Pate Bella Patel Preya Patel Rakesh Patel Amit Patni Ed Paulinski Adam Pennacchio Kyle Penton Abhishek Periwal Michael Perrier Yoric Perrin Rasmus Persson Tommy Pinhas, Marco Poletti Megan Prasad Avijit Praveer James Puccinelli Sameer Punde Rob Pyne Na Qiao Valentina Quadri Marco Quirico Anya Radford Abhishek Rai Rahul Raj Ram Rajamony Ryan Ramsay Rami Rankoussi Nach Rao Pawan Rao Anurag Rathi Philip Renton Noel Reyes Ruth Reynolds Timothy Richards Peter Richter Brigid Riley Hutchinson Nick Rill Kristina Ristagno Vicky Ritter Martin Roberson James Roberts James Robinson Giorgio, Erin Roos Erin Ross Sumit Roy Conrad Ryan Soo, Ryu David Sage Jai Sahani Namita, Sarah Sakkej Karim Saleh Ayesha Salman Divya Samani Henrik Samuelsson Ryan Sansalone Vikram Sarker Shalini Satish Babu Charlotte Saury, Hania Schmidt Helene Schmitt Emily Schorr Wendy Schrunk Thomas Schwegler Michael Sciancalepore Brandon Seaman Benjamin Seigel Gamal Selvarajah Nicholas Semeniuk Devjoy Sengupta Michael Shafik Arpan Shah Shashwat Shah Shahnawaz Shahbaz Manoj Sharma Sachin Sharma Wazila, Gunduz Shirin Alex Silver Asmita Singh Kamalpreet Singh Andrew Sinnott Sapna, Dan Skinner Andrew Snow Stephanie Snyder Farouk Soussa Christopher Spahr Erik Sparks Matt Speltz Naveen Srinivasan Bhargav, Warren, Damian Steele Tobias Stein Catherine Stemp Dave Stringer Shekar Subramanian Jordan Sudy Philipp Suess Fatima Sultana Lu Sun Kumar Sundaram Fiona Syer Matthew Sykes Tofi, Filippo Taddei Sandhya Tadishetty Omer Tanvir Rita Taylor Zachary Tcheyan Brian Teague Wesley, Caitlin Terry Thomas Tesauro Hemal, Justin Therry Christine Thornburg Gregory Thysheril Angelo Tierno Alexander Tingle Ryan Townsend Cynthia Trillo Dimitris, Jessica Tung Jonathan Tung Ezgi, Zachary Upcheshaw Kiyomi, Nadine Urseanu Jim Vais Pim Valantagul Perrin Van Allen Annerieke van Dijk Jeroen van Dorp Dennis van Laer Todd van Stolk, Riley Jacqueline Vargas Alexander Vavalidis Edwin Velez Prasanna Venugopal Tim Verheyden Amanda Verstegen Ankit Vijay Vargiya Salvador Villanueva Arthur Villard Sichel Denzel Voesenek Bradley Wainwright Adam Walker Barbara Walters Omar Waly Daniel Wang Kenneth Wang Kristen Ward Gavin Warren Michael Washington Harry Webster Fredrik Weege Brian Weiss Thomas Weitz Nat Wells Joe Wenzel Tim Whitehead Henry Willans Matthew Williams Taylor Williams Katie Wilson Richard Wilson Stephanie Wisner Ilana Wolfe Jake Woodson Jeff Wu Qi Wu Jackson Yang Esma, Yoon Harm, John Zhai Jenny Zhang Lynn Zhang Raye Zhu Jane Zhuang Hans Zijlmans Carolyn Zimmer Samia Zitouni Mira Zorkot Organizations: Goldman, Wall, Carolina, Nick De Kock Ann de la Montaigne, Langalia Chaim Langer Alexander Langley Raven LaRue Dolapo Lawal Claire Leblanc Mary Locations: Europe, Asia, India

☆ Chinese firms backed by global banks found using leopards and pangolins parts, says environmental group
▼ + stars: | 2023-10-23 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Three top Chinese pharmaceutical companies, which are backed by top global banks, are using endangered animal parts in their medicines, according to an investigation by an environmental protection group. Among them are three publicly listed traditional Chinese medicine (TCM) giants: Beijing Tong Ren Tang, Tianjin Pharmaceutical and Jilin Aodong Medicine. The EIA said it had found at least nine “products stated to contain leopard and/ or pangolin” that were manufactured by the firms. CNN has reached out to Tong Ren Tang, Tianjin Pharmaceutical and Jilin Aodong for comment. Tong Ren Tang, founded in 1669, is one of China’s most storied brands.

Persons: Beijing Tong Ren Tang, Avinash, Tong Ren Tang, ”, “ It’s, ” Basker, pangolins, Sakchai Lalit Organizations: Hong Kong CNN —, Environmental Investigation Agency, Tianjin Pharmaceutical, Jilin Aodong Medicine, EIA, CNN, TCM, Fortune, BlackRock, Citigroup, HSBC, Citi, IUCN SSC Pangolin Locations: China, Hong Kong, Beijing, Tianjin, Jilin, Bangkok

☆ Three Listed Chinese Firms Used Endangered Animal Parts as Ingredients Report
▼ + stars: | 2023-10-22 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +3 min

In a report published Monday, the London-based Environmental Investigation Agency urged global investors in the three firms - Beijing Tong Ren Tang group, Tianjin Pharmaceutical group and Jilin Aodong Pharmaceutical Group - to divest their stakes. The group said it focused on the pharmaceutical companies because they are publicly listed, and display products that include leopard or pangolin parts on their websites. Beijing Tong Ren Tang and Tianjin Pharmaceutical group did not respond to several emails and calls from Reuters asking for comment. Jilin Aodong Pharmaceutical Group could not be reached for comment. The environmental group said Deutsche Bank, HSBC Holdings, Citigroup and BlackRock did not respond to its queries.

Persons: Andrew Silver, Selena Li SHANGHAI, Beijing Tong Ren Tang, Avinash Basker, Wells, China's, Selena Li, Miyoung Kim, Miral Organizations: Reuters, UBS, HSBC, Environmental Investigation Agency, Tianjin Pharmaceutical, Jilin Aodong Pharmaceutical, TCM, Deutsche Bank, HSBC Holdings, Citigroup, Co, HSBC Global Asset Management Canada, Royal Bank of Canada, BlackRock, Citigroup ， Deutsche Bank, Medical Products Administration, Protection Locations: HONG KONG, London, Beijing, Tianjin, Jilin, BlackRock, Shanghai, Hong Kong

In a report published Monday, the London-based Environmental Investigation Agency urged global investors in the three firms - Beijing Tong Ren Tang group (600085.SS), Tianjin Pharmaceutical group (600329.SS) and Jilin Aodong Pharmaceutical Group (000623.SZ) - to divest their stakes. The group said it focused on the pharmaceutical companies because they are publicly listed, and display products that include leopard or pangolin parts on their websites. Beijing Tong Ren Tang and Tianjin Pharmaceutical group did not respond to several emails and calls from Reuters asking for comment. Jilin Aodong Pharmaceutical Group could not be reached for comment. The environmental group said Deutsche Bank, HSBC Holdings, Citigroup and BlackRock did not respond to its queries.

Persons: pangolin, Seun, Beijing Tong Ren Tang, Avinash Basker, Wells, China's, Andrew Silver, Selena Li, Miyoung Kim Organizations: REUTERS, Rights, UBS, HSBC, Environmental Investigation Agency, Tianjin Pharmaceutical, Jilin Aodong Pharmaceutical, TCM, Deutsche Bank, HSBC Holdings, Citigroup, BlackRock, & Co, HSBC Global Asset Management Canada, Royal Bank of Canada, Citigroup ， Deutsche Bank, Reuters, Medical Products Administration, Protection, Thomson Locations: Lagos, Nigeria, Rights SHANGHAI, HONG KONG, London, Beijing, Tianjin, Jilin, Shanghai, Hong Kong

☆ India's Bharti Group to buy out French partner AXA's stake in JV
▼ + stars: | 2023-10-11 | by ( Hritam Mukherjee | ) www.reuters.com time to read: +2 min

Logos of France's biggest insurer Axa are seen on a building in Nanterre, near Paris, March 8, 2016. REUTERS/Christian Hartmann/File Photo Acquire Licensing RightsBENGALURU, Oct 11 (Reuters) - Bharti Group will acquire French insurer AXA's (AXAF.PA) 49% stake in Bharti AXA Life Insurance Co, the Indian conglomerate said on Wednesday, taking full control of a venture that was jointly run for nearly two decades. "There is ample scope for life insurance to grow in India. Bharti's JV deal, made through its Bharti Life Ventures arm, is expected to close by December this year, subject to regulatory approvals. The company competes with HDFC Life Insurance (HDFL.NS), ICICI Prudential Life Insurance (ICIR.NS), SBI Life Insurance (SBIL.NS) and LIC in a market ranked ninth in the world, according to the insurance regulatory body's latest annual report.

Persons: Christian Hartmann, Bharti, Burman, Avinash Singh, Hritam Mukherjee, Nivedita Bhattacharjee, Anil D'Silva Organizations: Axa, REUTERS, Rights, Bharti Group, Bharti AXA Life Insurance, Bharti, AXA, Life Insurance Corporation of India, United Provident Association, Insurance, JV, Religare Enterprises, Emkay Global Financial Services, Bharti's JV, Ventures, Life Insurance, ICICI Prudential Life Insurance, SBI Life Insurance, Bharti Airtel, Bharti Realty, Del Monte Foods, Del, Del Monte Pacific, Thomson Locations: Nanterre, Paris, India, Del Monte, Bengaluru

☆ India's Adani Ports stock drops on Haifa port worries over Israel conflict
▼ + stars: | 2023-10-09 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

Adani Ports is closely monitoring the conflict in Israel and is prepared with a business continuity plan, the company said in a statement. Haifa's contribution to Adani Ports' numbers is "relatively small" at 3% of the total cargo volume, the statement added. Shares of Adani Ports are down 2.1% this year, compared with nearly 8% gains in the broader Nifty 50 index (.NSEI). "The next couple of months are going to be volatile for Adani Ports as the war has just started and will trade with a negative bias ... Earlier in the year, Adani Ports completed the sale of its port in sanction-hit Myanmar for $30 million, significantly lower than its investment in the project.

Persons: Gautam Adani's, Adani, Avinash Gorakshakar, Indranil Sarkar, Dhanya Ann Thoppil Organizations: Hamas, Saturday, Ports, Profitmart Securities, Adani Ports, Adani Group, Sethuraman, Thomson Locations: BENGALURU, Israel, South Israel, Haifa, Haifa Port, Iran, Myanmar, Bengaluru

☆ Client sentiment and recent M&A data give us optimism in deal activity, says Goldman's Mehrotra
▼ + stars: | 2023-09-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailClient sentiment and recent M&A data give us optimism in deal activity, says Goldman's MehrotraAvinash Mehrotra, Goldman Sachs co-head of M&A, joins 'Squawk Box' to discuss where we are in the merger & acquisitions space, what spaces Mehrotra expects to see more deal activity, and how much the regulatory landscape has become a damper on deal activity.

Persons: Goldman's, Mehrotra, Goldman Sachs

☆ Watch CNBC's full interview with Goldman Sach's Avinash Mehrotra
▼ + stars: | 2023-09-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Goldman Sach's Avinash MehrotraAvinash Mehrotra, Goldman Sachs co-head of M&A, joins 'Squawk Box' to discuss where we are in the merger & acquisitions space, what spaces Mehrotra expects to see more deal activity, and how much the regulatory landscape has become a damper on deal activity.

Persons: Goldman Sach's Avinash, Mehrotra, Goldman Sachs

In climate negotiations, "loss and damage" refers to existing costs incurred from climate-fueled weather impacts, such last year's devastating Pakistan flooding. The U.S. is part of a 24-country committee deciding how the fund will work before the COP28 climate summit in Dubai can officially adopt it this year. Both voted to approve new funding arrangements under the condition that the fund not be about liability for rich countries and compensation. Instead, both Washington and Brussels say the fund should be filled from myriad sources including industry taxes, philanthropic donations or other schemes. The world’s least developed nations want the fund to be limited to the neediest nations.

Persons: Akhtar Soomro, that's, ”, Sue Biniaz, Biniaz, Christina Chan, “, “ That’s, Avinash Persaud, Mia Mottley, Persaud, Dileimy Orzoco, Valerie Volcovici, Katy Daigle, Josie Kao Organizations: REUTERS, Rights, . State Department, Reuters, The, State Department, EU, Nonprofit, Thomson Locations: Sehwan, Pakistan, U.S, Washington, The U.S, Dubai, Dominican Republic, Paris, Brussels, China, Barbados, Philippines

☆ India's Adani group stocks hit by first auditor quitting over Hindenburg report
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

Traffic moves past the logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad, India, February 2, 2023. Adani Ports said Deloitte, which does not audit any of the other six listed Adani group companies, had all the necessary information and its reason to quit was "not convincing." "The spotlight is back on Adani Group stocks and this time the auditor has raised concerns and resigned. The flagship Adani Enterprises (ADEL.NS) dropped 5.5%, while Adani Power (ADAN.NS), Adani Energy Solutions (ADAI.NS), Adani Wilmar (ADAW.NS), Adani Green Energy (ADNA.NS) and Adani Total Gas (ADAG.NS) declined between 3% and 5%. "In the near term, the Adani group stocks will likely remain under pressure and any re-rating will happen gradually when the water settles down."

Persons: Amit Dave, Hindenburg, Gautam Adani, Prashant Tapse, Adani, Avinash Gorakshakar, Rama Venkat, Savio D'Souza Organizations: Adani, REUTERS, Deloitte, Reuters, Adani Ports, Mehta, Adani Enterprises, Adani Energy Solutions, Energy, Profitmart Securities, Associates, BDO International, Thomson Locations: Ahmedabad, India, BENGALURU, Bengaluru

The World Bank and others also said they would start adding clauses to lending terms that allow vulnerable states to suspend debt repayments when natural disaster strikes. Specifically, for the first time, the document acknowledged the potential need for richer countries to provide fresh money to multilateral development institutions like the World Bank. Another first was in the explicit target for multilateral development banks to leverage "at least" $100 billion a year in private sector capital when they lend. All eyes now turn to more traditional events later in the year, including the International Monetary Fund and World Bank annual meetings, a G20 meeting in September and the COP28 climate talks in Dubai. Persaud said his focus would be on making sure the plan to scale up multilateral development bank lending was in place by the time of annual meetings in October, and that pilot work began on reducing the cost of capital for developing countries.

Persons: Macron, Mia Mottley, Avinash Persaud, What's, Persaud, Teresa Anderson, They've, Sonia Dunlop, Simon Jessop, Leigh Thomas, Tommy Reggiori Wilkes, Mark Heinrich Our Organizations: Global, Pact, Reuters, World Bank, International Maritime Organisation, Paris Summit, Climate Justice, ActionAid, International Monetary Fund, Bank, Thomson Locations: Barbados, PARIS, Bridgetown, Zambia, Paris, Dubai

Ranging from debt relief to climate finance, many of the topics on the agenda take up suggestions from a group of developing countries, led by Barbados Prime Minister Mia Mottley, dubbed the 'Bridgetown Initiative'. Though binding decisions are not expected, officials involved in the summit's planning said that some strong commitments should be made about financing poor countries. In particular, there should be an announcement that a $100 billion target has been met that will be made available through the International Monetary Fund for vulnerable countries, officials said. The plan, first agreed two years ago at an African finance summit in Paris, calls on wealthy governments to lend unused special drawing rights to the IMF to, in turn, lend to poor countries. Reporting by Leigh Thomas in Paris and Simon Jessop in London; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Emmanuel Macron, Mia Mottley, Avinash Persaud, Persaud, Leigh Thomas, Simon Jessop, Christina Fincher Organizations: World Bank, United Nations, Barbados, Bridgetown Initiative, Bretton, International Monetary Fund, IMF, AAA, Paris Club, International Maritime Organization, Thomson Locations: Bridgetown, Mottley, Paris, Ethiopia, Ghana, Sri Lanka, Zambia, China, London

☆ Adani shares tumble on report group seeking time to pay ACC, Ambuja debt
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, March 28 (Reuters) - Shares of Adani Group companies tumbled on Tuesday after a report said the conglomerate was seeking to renegotiate terms of outstanding loans worth $4 billion taken last year to buy cement firms ACC (ACC.NS) and Ambuja Cements (ABUJ.NS). The group's flagship firm, Adani Enterprises (ADEL.NS), slid nearly 8% to a near four-week low, while Adani Ports (APSE.NS) tumbled 9.2%. The Adani Group and lenders Standard Chartered, Barclays and Deutsche Bank did not immediately respond to Reuters' requests for comment. Whatever expansion plans announced by Adani Ports, Adani Enterprises, and even Adani Total, for the next two years will undergo delays," said Avinash Gorakshakar, head - research of Profitmart Securities. Since the Hindenburg report, Adani Group stocks have lost between 22% and 80%.

So You Want to Turn an Office Building Into a Home? There’s an appealing simplicity to the idea of converting office buildings into housing. Basically, they did this:How to Turn a 26-story Office Building Into a 30-story Apartment Building Cut a hole through 23 floors of the building. How to Turn a 26-story Office Building Into a 30-story Apartment Building Cut a hole through 23 floors of the building. That could change with tax abatements and subsidy programs, or if outdated office buildings lose so much value that the cost of acquiring them plummets.

SYDNEY/BENGALURU, March 3 (Reuters) - Adani shares surged on Friday after a $1.87 billion investment in the group by GQG Partners Inc eased concerns about the group's ability to attract funding, while the conglomerate lined up more road shows to shore up investor confidence. Adani Group will hold road shows this month in London, Dubai and several cities in the United States, according to a document seen by Reuters. Overall, Adani group firms' net debt totalled $24.1 billion as of September 2022. Adani Green Energy and Adani Transmission jumped 5% each. Dollar bonds issued by Adani entities also rallied, with Adani Green Energy's 2024 bond adding 2.3 cents on the dollar to trade at 85.5 cents, while most bonds issued by Adani Ports and Special Economic Zone, Adani Transmission and Adani Electricity Mumbai rose by more than 1 cent.

BENGALURU, March 2 (Reuters) - U.S. boutique investment firm GQG Partners has bought shares worth $1.87 billion in four Adani group companies, marking the first major investment in the Indian conglomerate since a short-seller's critical report sparked a stock rout. U.S-based, Australia-listed GQG has, through block deals, bought shares worth 154.46 billion rupees in four Adani group companies, including the conglomerate's flagship firm Adani Enterprises (ADEL.NS), a regulatory filing showed. GQG took a 3.4% stake in Adani Enterprises for about $662 million, 4.1% in Adani Ports for $640 million, 2.5% in Adani Transmission for $230 million, and a 3.5% stake in Adani Green Energy for $340 million. "This transaction marks the continued confidence of global investors in the governance, management practices and the growth of Adani Portfolio of companies," said Adani Group CFO Jugeshinder Singh. In the run-up to the announcement, Adani group shares rallied, with Adani Enterprises climbing nearly 35% over the last three sessions, Adani Ports 11% and Adani Green Energy 16%.

☆ India's sugar output could fall further as cane matures early
▼ + stars: | 2023-02-20 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +3 min

Lower sugar output could prevent the world's second-biggest exporter from allowing additional exports, potentially supporting global prices , , and helping rivals Brazil and Thailand to increase their shipments. Another global trade house has reduced output estimate to 32.4 million tonnes, anticipating a big drop in Maharashtra's production to around 11.3 million tonnes. Maharashtra's sugar cane commissioner was expecting the state to produce 12.8 million tonnes. "The cane crop is just 10 months old, but started flowering last month and losing weight," Avinash Thombare, a sugar cane grower from Satara district, said, as he showed the crop with white flowers. India has allowed sugar mills to export only 6.1 million tonnes of the sweetener in the current season, down from the record 11 million tonnes exported in the previous season.

☆ Instant View: India's Adani calls off $2.5 bln share sale
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

NEW DELHI, Feb 1 (Reuters) - India's Adani Enterprises (ADEL.NS) on Wednesday called off its $2.5 billion share sale, citing market conditions, a week after a U.S. short-seller's critical report unleashed a rout in the wider Adani Group's stocks. COMMENTARYDEVEN CHOKSEY, MANAGING DIRECTOR, KR CHOKSEY SHARES AND SECURITIES"In the given situation, when the entire environment has become negative, it is good that the share sale is withdrawn. GURMEET CHADHA, CHIEF INVESTMENT OFFICER AND MANAGEMENT PARTNER OF COMPLETE CIRCLE WEALTH"It was the right thing to do. It must have been a hard decision but it was the right thing to do. To go through this exercise of a share sale and to call it off raises more questions."

[1/5] Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port in Haifa port, Israel January 31, 2023. "The kind of fall that we are seeing in Adani stocks is scary," said Avinash Gorakshakar, head of research at Mumbai-based Profitmart Securities. After losing $86 billion in recent days, the seven listed Adani Group entities now have a combined market capitalisation of about $131 billion. LIC owned a 4.23% stake in Adani Enterprises as of end-December and more than 9% in Adani Ports and Special Economic Zone. Siddhartha Mohanty, one of LIC's managing directors, said in interviews on Monday that the insurer was engaging with the Adani Group but was positive on its investments.

☆ Indian shares flat in choppy trade as liquidity dries up
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Dec 28 (Reuters) - Indian shares swung between small gains and losses on Wednesday in the absence of major triggers, with liquidity drying up ahead of the year-end and weaker global cues. Foreign institutional investors had sold net 43.2 billion rupees since Dec. 16, as per National Stock Exchange data. Adding to the worries for domestic equities were oil prices, which hovered around a three-week high on hopes of demand recovery in China. Higher oil prices hurt oil-importing countries like India, where crude constitutes the bulk of the country's import bill. Twenty-six of the Nifty 50 stocks logged losses, with Bharti Airtel (BRTI.NS), Bajaj Finserv (BJFS.NS), ONGC (ONGC.NS), Infosys (INFY.NS) and Bajaj Auto (BAJA.NS) losing over 0.6%.

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