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☆ Gautam Adani will be playing defense for a while after mauling by Hindenburg
  + stars: | 2023-02-10 | by ( Diksha Madhok | ) edition.cnn.com   time to read: +6 min
The sprawling Adani Group, which he founded over 30 years ago, has established interests in industries ranging from logistics to mining. “We view this as validation of our findings on offshore stock parking by Adani,” Hindenburg founder Nate Anderson said on Twitter. In its report, Hindenburg had alleged that “offshore shells and funds tied to the Adani Group comprise many of the largest ‘public’ holders of Adani stock.”An Adani Group spokesperson declined to comment. Meanwhile, Norway’s sovereign wealth fund, said Thursday it has “for all practical purposes…fully divested,” from the Adani companies. The loans were backed by shares in Adani Ports, Adani Green Energy and Adani Transmission.
☆ Adani Group shares continue to slide as Hindenburg rout deepens
  + stars: | 2023-02-03 | by ( Diksha Madhok | ) edition.cnn.com   time to read: +2 min
New Delhi CNN —Shares in Adani Group companies continued to plunge on Friday, as the embattled conglomerate grapples with stock market mayhem unleashed after a US short seller accused it of fraud. But his address did little to halt the stock market meltdown that has wiped more than $100 billion off the combined market value of his companies. The unprecedented crash in value of Adani Group shares started when an American short seller, Hindenburg Research, accused the conglomerate of fraud and stock market manipulation. The Adani Group has denounced the report as “baseless” and “malicious,” but analysts say the group hasn’t convincingly answered the questions raised by Hindenburg’s report. Adani’s personal fortune has taken a massive hit because of the stock market turmoil.
☆ Total: Adani will ask Big 4 accounting firm for 'general audit'
  + stars: | 2023-02-03 | by ( Olesya Dmitracova | ) edition.cnn.com   time to read: +3 min
In total, Adani Group companies have lost $110 billion in market value. Adani Group declined to comment on whether it was planning to appoint one of the Big 4 accounting firms as auditor. A document on Adani Enterprises’ website dated January 13, 2023, also names Shah Dhandharia as “statutory auditors” and provides the firm’s website address. In its report, Hindenburg Research said historical archives of the firm’s website showed that it had only four partners and 11 employees. Trading in five listed Adani firms was halted Friday after they fell to daily limits set by the Indian stock exchange.
☆ Asia's richest no more? Gautam Adani's wealth crashes as $90 billion wiped off business
  + stars: | 2023-02-01 | by ( Diksha Madhok | ) edition.cnn.com   time to read: +2 min
The conglomerate, which has seven listed companies, has lost more than $90 billion in market value in the week since Hindenburg published its report. That stock market rout has wiped nearly $40 billion off Adani’s personal fortune. Ambani’s net worth stands at $83 billion, making him the world’s ninth-richest person, while Adani’s wealth is estimated at about $75 billion, according to Forbes. The turmoil comes despite a brief respite Tuesday for Adani when his flagship firm, Adani Enterprises, managed to issue new shares worth $2.5 billion. At the peak of his wealth last year, Adani was the world’s second-richest person, ahead of Jeff Bezos.
☆ Gautam Adani, Asia's richest man, slams short-seller Hindenburg's claims as 'baseless' and 'malicious'
  + stars: | 2023-01-25 | by ( Diksha Madhok | ) edition.cnn.com   time to read: +4 min
Shares of Adani’s companies have surged in the last few years, making him Asia’s richest man. In 2021, shares in Adani’s companies tumbled after The Economic Times newspaper said that foreign funds that hold stakes worth billions of dollars were frozen by the country’s National Securities Depository. Its report on the Adani Group comes at a sensitive time. Later this week, Adani Enterprises, the conglomerate’s flagship company, is aiming to raise 200 billion rupees ($2.5 billion) by issuing new shares. Last year, CreditSights, a research firm owned by Fitch Group, published a report about Adani Group titled “Deeply Overleveraged” in which it expressed strong concerns about its debt-funded growth plans.
☆ Why the George Santos fiasco points to Democrats’ political malpractice
  + stars: | 2022-12-20 | by ( Arick Wierson | Arick Wierson Is A Six-Time Emmy Award-Winning Television Producer | A Former Senior Aide To Former New York City Mayor Michael Bloomberg. He Advises Political | ) www.nbcnews.com   time to read: +7 min
And in the case of Santos, it appears that Democrats failed to look into not one but an entire range of allegedly dubious claims made by the congressman-elect. Even more astonishing — and indeed puzzling for Democrats — is the fact that this wasn’t Santos’ first rodeo. Moreover, what does all this say about Democrats’ overall political operation not only in New York state but nationwide? It appears that Democrats, at least in this case, have been asleep at the wheel for some time. This Santos case should force some real self-examination on the part of Democrat’s political operations.
☆ Fed's Mester sees rates rising more than most policy makers have forecast
  + stars: | 2022-12-16 | by ( Michael S. Derby | ) www.reuters.com   time to read: +1 min
Dec 16 (Reuters) - Cleveland Federal Reserve bank President Loretta Mester said on Friday that she believes the U.S. central bank will have to raise interest rates higher than the level most policy makers cited in their Fed forecasts this week. "We need to continue to bring up interest rates into a restrictive stance," Mester said. Mester has been a voting member of the rate setting Federal Open Market Committee this year but will not hold that role next year. Mester said recent inflation data pointing to moderating price increases is "good news." Reporting by Michael S. Derby; Editing by Leslie Adler and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.
☆ Bernard Arnault just became the world’s richest person. So who is he?
  + stars: | 2022-12-14 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +4 min
London CNN —Bernard Arnault, the chairman of French luxury goods giant LVMH (LVMHF), has just become the first European to top Bloomberg’s list of the world’s richest people, relegating Elon Musk to second place. Arnault had already ousted Musk from the top spot on Forbes’ list of “Real Time Billionaires” last week. Arnault bought control of the group, returning it to profitability and embarking on a strategy to develop the world’s leading luxury goods company. Arnault has long held the title of Europe’s richest person, but the 73-year old keeps a much lower profile than Musk and isn’t personally active on any major social media platforms. Arnault is married and has five children, all of whom currently work at LVMH or one of its brands, according to Bloomberg.
☆ Still not sure what crypto is? Join the club
  + stars: | 2022-11-15 | by ( Allison Morrow | ) edition.cnn.com   time to read: +10 min
The original crypto, bitcoin, emerged in 2009, out of the ashes of the worst financial crisis in modern history. The term “crypto” harkens to the way the networks are secured, using cryptographic systems (think: really, really elaborate encryptions) that make the tokens virtually impossible to counterfeit. Once the transaction is verified by the network it is stored — forever — in an immutable “block.”Bottom line: Blockchain is the underlying technology of the crypto world. And like, sure, people are starting to adopt blockchain systems outside the world of crypto, and they do seem to hold promise. The bitcoin network went public in 2009, created by an anonymous developer (or group of developers) using the name Satoshi Nakamoto.
☆ Sam Bankman-Fried's $16 billion fortune evaporated in less than a week
  + stars: | 2022-11-11 | by ( Allison Morrow | ) edition.cnn.com   time to read: +1 min
New York CNN Business —Sam Bankman-Fried woke up on Monday still a billionaire, even as his cryptocurrency empire was beginning to unravel. Based on net worth calculations by Bloomberg, Bankman-Fried was worth about $16 billion at the start of the week. The 30-year-old entrepreneur’s net worth, which was largely tied up in digital assets, peaked at around $26 billion this spring. He told Reuters in July that he and FTX still had a “few billion” on hand to shore up other firms and help stabilize the industry. Bankman-Fried owns about 70% of FTX’s US business, which the index now estimates to be essentially worthless.
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