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☆ Sam Altman joins Microsoft as OpenAI taps Shear for interim CEO
▼ + stars: | 2023-11-20 | by ( Diksha Madhok | David Goldman | ) edition.cnn.com time to read: +5 min

New Delhi/New York CNN —Microsoft has hired Sam Altman to power up its artificial intelligence research efforts just days after the co-founder of OpenAI was ousted as CEO in a chaotic boardroom coup. Meanwhile, Emmett Shear, the former CEO of Amazon’s streaming service Twitch, will join OpenAI as interim CEO. “We look forward to getting to know Emmett Shear,” Microsoft CEO Satya Nadella said in a post on X, formerly known as Twitter. In a post on X early Monday, Shear described the chance to join OpenAI as “a once-in-a-lifetime” opportunity. More recently, Altman announced that OpenAI would make its tools widely available so anyone could create their own version of ChatGPT.

Persons: Sam Altman, OpenAI, Greg Brockman, Brockmann, Altman, Emmett Shear, Satya Nadella, ” Nadella, Shear, “, Brockman, Ilya Sutskever, Kara Swisher, Jony, Bing, Swisher, ’, OpenAI “, ”, “ I’m Organizations: New York CNN, Microsoft, OpenAI Locations: New Delhi, New York, Altman’s

☆ Hyundai plans to make 200,000 EVs a year at $1.5 billion plant in South Korea
▼ + stars: | 2023-11-13 | by ( Diksha Madhok | ) edition.cnn.com time to read: +1 min

New Delhi CNN —Hyundai Motor has kicked off construction on a 2 trillion won ($1.5 billion) facility in South Korea that will be dedicated to manufacturing electric vehicles. The group, which owns the Hyundai and Kia brands, held the groundbreaking ceremony on Sunday in Ulsan, where the carmaker built its first assembly plant in 1968. The new factory will be capable of producing 200,000 electric vehicles a year, the company said in a statement. The Korean carmaker’s investment in electric vehicles comes at a time when some of its rivals are taking the foot off the pedal. Meanwhile, Hyundai Motor Group, is also investing $5.5 billion in Georgia to build electric vehicles and battery facilities.

Persons: ”, Euisun Chung, General Motors Organizations: New, New Delhi CNN — Hyundai, Hyundai, Kia, Ulsan, Hyundai Motor Group, General, Ford Locations: New Delhi, South Korea, Ulsan, Korean, Georgia

☆ Huawei launches its rival to Tesla’s Model S
▼ + stars: | 2023-11-10 | by ( Diksha Madhok | Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong/Beijing CNN —Huawei has launched a new electric vehicle (EV) that is designed to take on Elon Musk’s Tesla. The Chinese tech giant began taking preorders of the Luxeed S7, its first sedan, on Thursday. The S7’s 800-volt battery pack, the thinnest in the industry according to Yu, is made by Chinese EV battery giant CATL. A 15-minute charge will yield a driving range of 400 kilometers (249 miles), according to Yu, which surpasses the 347-kilometer range (about 216 miles) for Tesla’s Model S after a similar charging period. However, at the equivalent of $35,400, the S7 is much cheaper than the most basic Model S, which costs 698,900 yuan or $95,800 in China.

Persons: Elon Musk’s Tesla, Richard Yu, Mark Rainford, ”, ” Rainford, Yu, Rainford, Tesla, they’re Organizations: Beijing CNN, Huawei, Elon, Chery, YouTube, China, CNN, EV, Automotive Locations: China, Hong Kong, Beijing, Shenzhen, Shanghai

☆ DouYu CEO Chen Shaojie: Yet another CEO is missing in China
▼ + stars: | 2023-11-07 | by ( Manav Tanneeru | Diksha Madhok | ) edition.cnn.com time to read: +3 min

New Delhi CNN —The CEO of a Chinese live-streaming service backed by Tencent has become the latest high-flying executive to fall mysteriously silent in the world’s second largest economy. According to a Monday report from the Cover News, a state-owned media outlet, DouYu (DOYU) CEO Chen Shaojie has been unreachable in recent days. It also cited unconfirmed reports that Chen was being investigated and had been missing for nearly three weeks. DouYu listed on the Nasdaq in 2019, where it raised about $775 million in one of the largest share offerings by a Chinese company on Wall Street that year. Chen’s unexplained absence comes as China continues an anti-corruption crackdown that has ensnared top executives, particularly in the finance and tech sectors.

Persons: Tencent, Chen Shaojie, Chen, DouYu, Zhang Hongli, Zhang, Bao Fan, Bao, haven’t, Xu Jiayin Organizations: New Delhi CNN, CNN, Nasdaq, Wall, Industrial, Commercial Bank of China, Central Commission, Inspection, Evergrande Locations: China, New Delhi, Hong Kong

☆ 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

☆ Infosys’ billionaire founder says Indians need to work 70 hours a week to succeed
▼ + stars: | 2023-10-27 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

New Delhi CNN —One of India’s most revered entrepreneurs believes that young people need to put in exceptionally long hours at work if they want to see the country become a global economic powerhouse. Narayana Murthy, co-founder of the software behemoth Infosys, said India needs “highly determined, extremely disciplined and extremely hardworking” youngsters, who should put in 70 hours a week at work. Murthy, whose wealth is estimated at over $4 billion by Forbes, co-founded Infosys in 1981. “India’s work productivity is one of the lowest in the world.”He added that Indians should learn from policies that helped other emerging markets, particularly China. Over the past few years, several surveys have shown that Indians feel they are among the most overworked and underpaid people in the world.

Persons: Narayana Murthy, “, ” Murthy, Mohandas Pai, Murthy, Rishi Sunak, they’ve Organizations: New, New Delhi CNN, Infosys, YouTube, Forbes, British, International Monetary Fund, CNN Locations: New Delhi, India, China, United States

There is a new poster child of China’s protracted real estate crisis — Country Garden. Country Garden has not responded to requests for comment by phone or email. Here’s what to know about the rise and fall of Country Garden, and the future of China’s once red-hot property sector. Until last year, Country Garden was China’s biggest real estate developer, specializing in residential property. While confidence in China’s real estate sector has been shaky since the collapse of Evergrande, Country Garden reignited fears in August when its liquidity crisis burst into public view.

Persons: Evergrande, Yang Huiyan, Krishna Srinivasan, ” Organizations: Hong Kong CNN, Bloomberg News, Financial Times, Citigroup, Hong Kong, Country Garden, Seng, International Monetary Fund, National Bureau of Statistics, Pacific Department Locations: Hong Kong, Foshan, Guangdong province, China, United States, Evergrande, Beijing, Asia

☆ Australia issues $386,000 fine against X over failure to cooperate with child sex abuse probe
▼ + stars: | 2023-10-16 | by ( Diksha Madhok | ) edition.cnn.com time to read: +3 min

CNN —Australia issued a fine of $610,500 Australian dollars ($386,000) on Monday against the company formerly known as Twitter for “falling short” in disclosing information on how it tackles child sex abuse content, in yet another setback for the Elon Musk-owned social media platform. Just days earlier, the European Commission formally opened an investigation into X after issuing a previous warning about disinformation and illegal content on its platform linked to the Israel-Hamas war. Australia’s e-Safety Commission, the online safety regulator, said in a statement Monday that X had failed to adequately respond to a number of questions about the way it was dealing with the problem of child abuse materials. X did not immediately respond to a request for comment by CNN. The American tech giant has been given a formal warning to deter it from future non-compliance, it added.

Persons: X, ”, Julie Inman Grant, Inman Grant, —, “, ” Inman Grant, Lucinda Longcroft, … Organizations: CNN, Twitter, Elon Musk, European Commission, Safety Commission, Google, YouTube, Apple, Meta, Microsoft, Skype Locations: Australia, Israel, New Zealand

☆ Apple supplier Foxconn is on the hunt for semiconductor and EV deals in India
▼ + stars: | 2023-03-04 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Taiwan’s Foxconn has been looking to expand its operations in the South Asian giant after suffering severe supply disruptions in China last year. “India is a country with a large population,” Young Liu, the company’s chairman and CEO, said in a Saturday statement. The company, best known for making Apple (AAPL)’s iPhones, is one of the world’s biggest contract makers of electronics. India has emerged as an attractive potential alternative to China for the likes of Apple. Apple devices are currently manufactured in India by Foxconn, Wistron and Pegatron, which are all Taiwanese companies.

☆ Adani shares soar as US investor steps in
▼ + stars: | 2023-03-03 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Shares in some of Indian billionaire Gautam Adani’s companies soared Friday after a US private equity firm agreed to invest nearly $1.9 billion in his embattled conglomerate. The Adani Group said Thursday that GQG Partners had bought $1.87 billion of stock in secondary market trades across four of its companies. Shares of the group’s flagship company, Adani Enterprises, soared nearly 17% following the announcement. Shares of Adani Ports rose almost 10%, while Adani Green Energy and Adani Transmission both gained 5%. And Australia-listed GQG Partners, which manages more than $92 billion in assets, doesn’t appear to share the concerns of other investors.

☆ Is the iPhone's 'Made in India' era beginning as Apple breaks with China?
▼ + stars: | 2023-02-10 | by ( Diksha Madhok | ) edition.cnn.com time to read: +9 min

Minister of Commerce and Industry Piyush Goyal said Apple was already making between 5% and 7% of its products in India. His comments come at a time when Foxconn (HNHPF), a top Apple supplier, is looking to expand its operations in India after suffering severe supply disruptions in China. For years, Apple had relied on a vast manufacturing network in China to mass produce iPhones, iPads and other popular products. China headaches mountBut the world’s most valuable company posted shockingly weak earnings this month, partly because of its recent problems in China. According to Counterpoint’s Pathak, India accounts for 16% of the global smartphone production, while China constitutes 70%.

☆ 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 crisis: Billionaire scrambles to reassure creditors as market rout enters third week
▼ + stars: | 2023-02-06 | by ( Diksha Madhok | ) edition.cnn.com time to read: +6 min

The loans were backed by shares in Adani Ports, Adani Green Energy and Adani Transmission, which have collapsed in value. While the Adani Group has vehemently denied the allegation made by Hindenburg Resarch as “baseless” and “malicious,” investors remain unconvinced. Adani companies will be reporting quarterly results this week. Moody’s said Friday that the plunge in the shares of Adani companies was likely to reduce the group’s ability to raise capital. Another agency, S&P, cut the outlook for its ratings on two companies, Adani Ports and Adani Electricity, to negative from stable, citing the risk of higher funding costs or reduced access to capital.

☆ Gautam Adani lost half his wealth in a flash. Here’s what happened
▼ + stars: | 2023-02-04 | by ( Julia Horowitz | ) edition.cnn.com time to read: +6 min

While the Adani Group has condemned the report as “baseless” and “malicious,” investor questions about its claims linger, and the fallout is growing. Gautam Adani is a 60-year-old tycoon who founded the Adani Group more than 30 years ago. The firm said it had taken a short position in Adani Group companies, meaning it would benefit from a drop in their value. Stocks of most Adani Group companies slumped again on Friday. Indian banks that hold Adani Group assets could also be affected if the value of those holdings continues to drop.

☆ 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.

☆ 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.

☆ Gautam Adani fails to calm investors over market mayhem that wiped out billions
▼ + stars: | 2023-02-02 | by ( Diksha Madhok | ) edition.cnn.com time to read: +4 min

New Delhi CNN —Indian billionaire Gautam Adani tried to reassure investors on Thursday after he abruptly abandoned his flagship firm’s $2.5 billion share sale. “Once the market stabilizes, we will review our capital market strategy.”This was the first time the tycoon has spoken about the stock market mayhem that has wiped billions off his logistics and energy business empire. A week-long meltdown in the value of Adani Group shares started when an American short seller accused the conglomerate of fraud. Despite the turmoil, the group’s flagship company, Adani Enterprises, managed to issue new shares worth $2.5 billion on Tuesday. Shares in Adani Enterprises were down almost 9% in Mumbai, while shares in his other companies plunged 5% to 10%.

☆ 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.

☆ Adani scraps $2.5 billion share sale as value of his empire collapses
▼ + stars: | 2023-02-01 | by ( Mark Thompson | ) edition.cnn.com time to read: +3 min

The share sale — the largest offering by a company already listed on India’s stock market — had closed successfully just 24 hours earlier. But a brutal day of trading Wednesday wiped billions more off the value of his companies, including Adani Enterprises. The conglomerate has seen its value plunge by about $90 billion since the Hindenburg report was published. “Today the market has been unprecedented, and our stock price has fluctuated over the course of the day,” Adani said in a statement. Then the Hindenburg report landed.

☆ Adani vs Hindenburg: India’s top businessman faces biggest test
▼ + stars: | 2023-01-31 | by ( Diksha Madhok | ) edition.cnn.com time to read: +9 min

So, how did a relatively young and small New York financial research firm manage to bring the Adani juggernaut to a juddering halt? Much of his fortune is tied up in the sprawling Adani Group, which he founded over 30 years ago. This is not the first time analysts have expressed fear that the rapid expansion of Adani businesses comes with huge risk. In its response, Adani Group said that the “leverage ratios” of its companies “continue to be healthy and are in line with the industry benchmarks in the respective sectors. Adani Group “is not going anywhere,” said Rajat Sharma, founder of financial advisory firm Sana Securities.

☆ Adani Group slams US short seller Hindenburg over fraud allegations
▼ + stars: | 2023-01-30 | by ( Diksha Madhok | ) edition.cnn.com time to read: +4 min

Since the release of Hindenburg’s report, Adani’s business empire has lost more than $70 billion of its stock market value. Fast expansionThe 60-year-old tycoon founded the Adani Group over 30 years ago, and is seen as a close ally of India’s current prime minister, Narendra Modi. In its response, the Adani Group portrayed the US short seller’s report as an “attack” on India and its investors. Hidenburg had concluded its report last week with 88 questions for the Adani Group. Adani Enterprises is aiming to raise 200 billion rupees ($2.5 billion) by issuing new shares this month.

☆ Why a tiny American firm is taking aim at an Indian conglomerate
▼ + stars: | 2023-01-30 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —Asia’s richest man is in the crosshairs of a research firm whose very name evokes panic. Gautam Adani is a 60-year-old tycoon who founded the Adani Group over 30 years ago, building it into India’s largest port operator, with businesses spanning infrastructure and energy production. Hindenburg said Adani Group shares are massively overvalued, and it has taken a short position (more on that in a minute) on them, meaning Hindenburg wins when Adani shares fall. What is Hindenburg Research? Hindenburg is a short-seller that specializes in forensic financial research, founded in 2017 by Nathan Anderson.

☆ Gautam Adani’s business loses $50 billion in market value after short seller report
▼ + stars: | 2023-01-27 | by ( Diksha Madhok | ) edition.cnn.com time to read: +3 min

New Delhi CNN —The value of Gautam Adani’s business empire has crashed by more than $50 billion this week since Hindenburg Research, a US firm that makes money from short selling, published a blistering report accusing it of fraud. India’s Adani Group has denounced Hindenburg’s allegations as “baseless” and “malicious,” and it is considering legal action. But the sharp sell-off in shares, which began Wednesday, accelerated Friday after US hedge fund billionaire Bill Ackman said he found the short seller’s report credible. Adani Enterprises is aiming to raise 200 billion rupees ($2.5 billion) by issuing new shares this month. The 60-year old tycoon founded the Adani group over 30 years ago.

☆ 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.

☆ Gautam Adani, Asia's richest man, is addicted to ChatGPT
▼ + stars: | 2023-01-23 | by ( Diksha Madhok | ) edition.cnn.com time to read: +4 min

New Delhi CNN —Asia’s richest man Gautam Adani says he is addicted to ChatGPT, the powerful new AI tool that interacts with users in an eerily convincing and conversational way. “But there can be no doubt that generative AI will have massive ramifications,” Adani wrote in his post, adding that generative AI holds the “same potential and danger” as silicon chips. Chipmaking has emerged recently as a new flashpoint in US-China tensions, with Washington blocking sales of advanced computer chips and chip-making equipment to Chinese companies. Many of Adani companies have become leading players in their respective sectors. A college dropout and a self-made industrialist, Adani is worth over $120 billion, making him the world’s third richest man, ahead of Jeff Bezos and Bill Gates.

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