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GANDHINAGAR, India, July 16 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Sunday she was "eager" to work with China on areas of mutual interest, including debt restructurings for poorer countries, and that multilateral development banks needed reforms before capital increases could be considered. "I am eager to build on the groundwork that we laid in Beijing to mobilise further action." U.S. corporations want to see an environment where they could "invest and thrive in China", Yellen said. She said a debt restructuring "user guide" was needed for borrowing countries and other stakeholders to provide clarity about the process. "We should build better banks, not just bigger banks," Yellen said.

Persons: Janet Yellen, Yellen, David Lawder, Aftab, Sudipto Ganguly, William Mallard Organizations: . Treasury, U.S ., Sri, International Monetary Fund, U.S . Treasury, IMF, World Bank, Bank, U.S, Thomson Locations: GANDHINAGAR, India, China, Beijing, U.S, Washington, Moscow, Ukraine, Russia, Gandhinagar, Indian, Gujarat, Sri Lanka, Ghana, United States, Congress, Aftab Ahmed

☆ India's Vedanta to enter the chip market this year after Foxconn split
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, July 12 (Reuters) - India's Vedanta will enter the market for the manufacturing of chips and displays this year, group chairman Anil Agarwal said on Wednesday, days after its joint-venture partner Foxconn (2317.TW) pulled out of the $19.5 billion chipmaking project. Foxconn separately intends to apply for incentives under India's semiconductor production plan. In an address to the shareholders, Agarwal said Vedanta will "this year, subject to government approval" begin its foray to setup its semiconductor and display units. After Foxconn pulled out, Vedanta said it has lined up partners for the venture, without giving any further details. Volcan Investments, Vedanta's holding company and Foxconn had signed a pact last year to set up semiconductor and display production plants in Prime Minister Narendra Modi's home state Gujarat in western India.

Persons: Anil Agarwal, Foxconn, Agarwal, Vedanta, Narendra Modi's, Foxconn's pullout, Tanvi Mehta, Nivedita Bhattacharjee, Louise Heavens Organizations: Volcan Investments, Reuters, JV, Sethuraman NR, Thomson Locations: BENGALURU, Volcan, Gujarat, India, Bengaluru, New Delhi

☆ India's Adani mulls bidding for Anil Ambani's bankrupt coal plants, Bloomberg reports
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - Indian billionaire Gautam Adani is considering a bid for the bankrupt coal-fired power plants belonging to industrialist Anil Ambani, Bloomberg News reported on Tuesday, citing people familiar with the matter. Ambani's Reliance Power Ltd (RPOL.NS) will also likely make an offer to win back control of the firm, the report added. Last week, Adani Green Energy Ltd (ADNA.NS) approved raising 123 billion rupees ($1.49 billion), while two other Adani group companies - Adani Transmission (ADAI.NS) and Adani Enterprises (ADEL.NS) - had in May outlined plans to raise funds totalling $2.57 billion. Adani's bids are aimed at strengthening the company's growing portfolio of coal power projects, the report said. Adani Enterprises or Reliance Power did not immediately respond to a Reuters' request for comment.

Persons: Gautam Adani, Anil Ambani, Ambani, Adani, Jose Joseph, Kashish Tandon, Sohini Goswami Organizations: Bloomberg, Vidarbha Industries Power Ltd, Ambani's Reliance Power, Green Energy Ltd, Adani Enterprises, Hindenburg Research, Reliance, Thomson Locations: Vidarbha, Nagpur, Maharashtra, Bengaluru

☆ Indian court rejects Rahul Gandhi's plea to suspend defamation conviction
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

Gandhi can now take his appeal to a larger bench of the same high court and then to the Supreme Court, his last option. "How come all thieves have the name Modi?," Gandhi had asked in an election campaign speech, referring to two fugitive businessmen, both surnamed Modi. Gandhi has separately challenged the conviction in a district court, which is yet to hear the case. "The refusal of stay of conviction would not in any way result in injustice to the applicant," the judge said. "There is no reasonable ground to stay the conviction of the applicant in view of the facts and circumstances of the case."

Persons: Rahul Gandhi, Gandhi, Purnesh Modi, Narendra Modi, Modi, Hemant Prachchhak, Jairam Ramesh, Ramesh, Abhishek Singhvi, India's, YP Rajesh, Raju Gopalakrishnan Organizations: Bharatiya Janata Party, BJP, YP, Thomson Locations: DELHI, India, Gujarat

☆ Half of Americans face stifling heat, poor air quality
▼ + stars: | 2023-06-30 | by ( Brendan O'Brien | ) www.reuters.com time to read: +2 min

REUTERS/Go NakamuraCHICAGO, June 30 (Reuters) - Half of the U.S. population was urged on Friday to take precautions when they are outdoors, either due to a relentless heat wave or poor air quality caused by Canadian wildfires ahead of the long Fourth of July weekend. To the north, across the Midwest and East, another 100 million Americans faced another day of smoky skies and poor air quality alerts due to raging wildfires in Canada. The weather service said individuals, especially those who are young, elderly and suffer from respiratory problems, should consider limiting strenuous outdoor activities in those areas. New York and Washington had the second and third worst air quality respectively of any major cities around the globe, according to IQAir.com, which tracks global air pollution. Some people in eastern Illinois and western Indiana faced a hot and humid day of compromised air quality on Friday without electricity after fierce storms on Thursday evening knocked down power lines and trees.

Persons: Marc Newman, Go Nakamura CHICAGO, Brendan O'Brien, Jonathan Oatis Organizations: REUTERS, National Weather Service, Midwest, Thomson Locations: Houston , Texas, U.S, California, Mississippi, East, Canada, New York, Washington, Illinois, Indiana, Chicago

☆ Humans pump so much groundwater that Earth’s axis has shifted, study finds
▼ + stars: | 2023-06-26 | by ( Mindy Weisberger | ) edition.cnn.com time to read: +5 min

CNN —Humans’ unquenchable thirst for groundwater has sucked so much liquid from subsurface reserves that it’s affecting Earth’s tilt, according to a new study. That shift is even observable on Earth’s surface, as it contributes to global sea level rise, researchers reported in the study published June 15 in the journal Geophysical Research Letters. Seo and his colleagues had questions about long-term changes to the axis — specifically, how groundwater contributed to that phenomenon. Revealing groundwater extraction’s impactShifts in Earth’s axis are measured indirectly through radio telescope observations of immobile objects in space — quasars — using them as fixed points of reference. The redistribution of groundwater tilted Earth’s rotational axis east by more than 31 inches (78.7 centimeters) in just under two decades, according to the models.

Persons: ”, Ki, Weon Seo, Surendra Adhikari, Adhikari, Seo, ” Adhikari, “, ” Seo Organizations: CNN, Research, Seoul National University, Jet Propulsion Laboratory, NASA Locations: South Korea, North America, India

How India Profits From Its Neutrality in the Ukraine War The Gulf of Kutch in India is home to the world’s largest oil refinery. After Russia invaded Ukraine, tankers laden with Russian oil are an increasingly common sight along this inlet of northwestern India. China and India are buying so much Russian oil now that Moscow is selling more crude than it was before it invaded Ukraine. Russian crude shipments in the Gulf of Kutch this year Total barrels shipped between through May 2023. In December, S. Jaishankar, India’s foreign minister, was asked in Parliament about India’s decision to buy Russian crude.

Persons: Narendra Modi, Modi, Biden, Ukraine Price, —, Mukesh Ambani, India’s, Copernicus, ” Organizations: New York Times, Western, Ukraine, International Energy Agency, European Union, Argus Media, Jamnagar, Reliance Industries, Nayara Energy, Rosneft, Port, Southeast, Center, Research, Energy, Clean, United Arab Emirates, Modi government’s Locations: India, Ukraine, Kutch, Russia, SynMax, United States, Europe, Moscow, West, India China, China, Kpler, East, Jamnagar, Gujarat State, Russian, Gulf, Pipeline, Panipat, Mundra, Vadinar, Jamnagar Port Vadinar Refinery Jamnagar, Port, Nayara, Southeast Asia, Africa, Finland, Turkey, Singapore, Sikka, Asia Europe

☆ Fact Check-CGI video of twister miscaptioned as Cyclone Biparjoy
▼ + stars: | 2023-06-21 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

An animated video of a twister hurtling over a seascape has been miscaptioned online as showing cyclone Biparjoy, a real storm that killed two people after hitting parts of western India and Pakistan in June 2023. Examples of users sharing the clip as if showing cyclone Biparjoy can be seen on Facebook (here) and Twitter (here). The video of the twister was first uploaded on August 9, 2022, with the caption: “Superior Tornado at the horizon” (here). The video shows an animated tornado, first published in 2022. It is unrelated to cyclone Biparjoy.

Persons: Rostyslav Tsarov, Read Organizations: Reuters, Facebook, Twitter Locations: India, Pakistan

☆ How Modi went from being banned to embraced by the United States
▼ + stars: | 2023-06-20 | by ( Rhea Mogul | ) edition.cnn.com time to read: +9 min

CNN —Indian Prime Minister Narendra Modi was once shunned by the United States. But in the nine years since that ban was lifted, Modi has been progressively embraced by the White House – now more than ever. Modi will also lead celebrations for the International Day of Yoga at the United Nations headquarters in New York on Wednesday, illustrating the influence of India’s soft power. US President Joe Biden meets with Modi during the Quad leaders summit at Kantei Palace in Tokyo, on May 24, 2022. Modi and Russian President Vladimir Putin pose for photographs at Hyderabad House in New Delhi, India, on December 6, 2021.

Persons: Narendra Modi, Modi, Joe Biden, Evan Vucci, Biden, Delhi’s, Modi’s, Daniel S, Markey, ” Markey, ”, “, Anthony Albanese, James Marape, Volodymyr Zelensky, aren’t, Saeed Khan, “ Modi, –, John Sifton, Sushant Singh, ’, Tanvi Madan, Vladimir Putin, Narayan, Madan, Vinay Kwatra, ” Madan Organizations: CNN, Indian, White, International, United Nations, Biden, Bharatiya Janata Party, BJP, United States Institute of Peace, Washington, Australian, Australia's, Admiralty House, Getty, Rights Watch, Amnesty International, BBC, Policy Research, Brookings Institution, Kremlin, Russia, Bloomberg, Indian Air Force, India’s Locations: United States, Washington, New York, Tokyo, India, South Asia, China, Sydney, Papua New Guinea, Japan, AFP, Asia, Gujarat, New Delhi, Delhi, Russia, Ukraine, Moscow, Russian, Hyderabad

[1/2] Customers look at a Hero MotoCorp Karizma motorbike at a Hero MotoCorp showroom in the western Indian city of Ahmedabad April 26, 2013. REUTERS/Amit Dave/File PhotoCompanies Hero MotoCorp Ltd FollowNEW DELHI, June 15 (Reuters) - India's Ministry of Corporate Affairs has ordered an investigation to assess Hero MotoCorp's (HROM.NS) relationship with a third-party vendor in a case related to alleged diversion of funds, two government sources told Reuters on Thursday. The investigation has been ordered in the "public interest" to probe the ownership structure of Hero MotoCorp and whether it controlled the third-party vendor, said the two sources, who are privy to the internal government directive. Hero MotoCorp, India's largest manufacturer of motorcycles, said in a statement to Reuters that it had not received any communication from the government and could not comment. Separately, Hero MotoCorp was under the scrutiny of India's income tax authorities last year.

Persons: Amit Dave, MotoCorp, Hero MotoCorp, Pawan Munjal, Nikunj Ohri, Aditya Kalra, Aditi Shah, Jason Neely Organizations: REUTERS, NEW, India's Ministry, Corporate Affairs, Reuters, India's, Companies, Thomson Locations: Indian, Ahmedabad, NEW DELHI, New Delhi

Islamabad and New Delhi CNN —Tropical Cyclone Biparjoy has made landfall in India’s western Gujarat state, close to the Pakistan border, unleashing powerful gusts of wind that ripped up trees and toppled electricity poles. At landfall, Biparjoy was equivalent to a strong tropical storm with winds of 65 mph (100 kph), according to the Joint Typhoon Warning Center. Heavy rainfall warnings are expected to remain in place for northwest India through Saturday. Akhtar Soomro/ReutersBefore the storm, both India and Pakistan implemented mass safety measures to ensure minimal damage and loss of life. A man rides a motorcycle through a waterlogged street in Mandvi before the arrival of cyclone Biparjoy in the western state of Gujarat, India, June 15, 2023.

Persons: Biparjoy, Akhtar Soomro, Francis Mascarenhas Organizations: New Delhi CNN —, Typhoon Warning, Reuters, Livestock, PIA, National Disaster Management Authority, Residents, Getty, Shenzhen Institute of Meteorological, Chinese University of Hong Locations: Islamabad, New Delhi, India’s, Gujarat, Pakistan, India, Sindh, floodwater, Mumbai, Karachi, Mandvi, Pakistan's Sindh, AFP, Chinese University of Hong Kong, Asia

☆ How India’s deadly train accident affected poorest passengers the most
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +6 min

On the Howrah they were the farthest from the engine, and were hit by the derailed Coromandel Express carriages. Graphic shows the sequence of coaches behind the engine on the Coromandel Express and Howrah Superfast Express. On the Coromandel Express, the engine is closely followed by non-air conditioned coaches, including three unreserved coaches. Deaths and injuries in Indian railway accidents Graphic shows the number of deaths and injuries in Indian railway accidents annually since 2001. Drone footage shows aftermath of train crash in the Indian state of Odisha Drone footage shows aftermath of train crash in the Indian state of Odisha | ReutersThe site of the accident is rural.

Persons: Bahanaga, Sandeep Mathur, Long, Narendra Modi Organizations: Coromandel, Reuters, Indian Railways, Commission of Railway Safety, Railways, CRS, Superfast Express, Express, Railway Ministry Locations: Chennai, Odisha, Balasore, Indian, Kolkata, Bengaluru, India, Coromandel, Howrah, Bihar, Odisha’s Balasore

Islamabad and New Delhi CNN —Tens of thousands of people are being evacuated as India and Pakistan brace for the impact of Cyclone Biparjoy, which is expected to make landfall in densely populated areas across the subcontinent Thursday, putting millions of lives at risk. Mass evacuations have started in Pakistan’s Sindh province, with about 60,000 people sent to temporary shelters, according to local authorities. Residents evacuate from a coastal area of Keti Bandar before the expected arrival of Cyclone Biparjoy in Pakistan's Sindh province on June 13. In India’s Gujarat state, about 21,000 people have been evacuated from coastal areas, according to the state’s relief commissioner, Alok Kumar Pandey. People gather near the shore before the arrival of Cyclone Biparjoy at Clifton Beach in Karachi, Pakistan, on June 13.

Persons: Biparjoy, ”, Leela Ram Kohli, Alok Kumar Pandey, Rashmi, Sherry Rehman, Cyclone, Akhtar Soomro, Tauktae Organizations: New Delhi CNN, India Meteorological Department, Cyclone, AFP, Getty, PIA, Livestock, CNN, Authorities, Twitter, Shenzhen Institute of Meteorological, Chinese University of Hong, World Meteorological Organization Locations: Islamabad, New Delhi, India, Pakistan, Pakistan’s Sindh, Karachi – Pakistan’s, Keti Bandar, Pakistan's Sindh, Sindh, Badin, India’s Gujarat, Gujarat, Maharashtra, Mumbai, Balochistan, People, Clifton Beach, Karachi, Chinese University of Hong Kong, Asia, India’s

☆ Natural evolution: Record Galapagos deal sparks clamour for eco-friendly debt swaps
▼ + stars: | 2023-06-09 | by ( Marc Jones | ) www.reuters.com time to read: +5 min

The growing appetite comes as record numbers of developing world governments face debt pressures due to higher global interest rates. There have been around 140 over the past 35 years, but even including last month's super-sized Galapagos deal they have only involved around $5 billion of debt altogether. The top-level attendees will be urged to do more, not only debt swaps, but also by providing foreign exchange guarantees and automatic debt-payment breaks for countries hit by climate-related disasters. "Seeing something that has a group of countries involved would be amazing," Issa said. Ecuador says it is eyeing another transaction to capitalise on the halo effect from the Galapagos deal.

Persons: Ramzi Issa, Charles Darwin's, Issa, Ilan Goldfajn, Scott Nathan, Nathan, Emmanuel Macron, Mia Mottley, Suisse's Issa, Simon Jessop, Sharon Singleton Organizations: Ecuador, Credit Suisse, Inter, American Development Bank, U.S . International Development Finance Corporation, Reuters Graphics, Thomson Locations: Ecuador, Belize, Barbados, Gabon, Paris, Sri Lanka, Indian, Colombia, Costa Rica, Panama, Kenya, Mozambique, Tanzania, Seychelles

CNN —One of the worst train accidents in India’s history is raising questions over the safety of the country’s massive and outdated rail network, as the government invests in its modernization. India’s extensive rail network, one of the largest in the world, was built more than 160 years ago under British colonial rule. Decaying infrastructure is often cited as a cause for traffic delays and numerous train accidents in India. India has seen several similar deadly incidents involving train accidents in recent decades. The same year, Modi announced huge investments in India’s railway system aimed at improving safety and connectivity.

Persons: Rafiq Maqbool, Odisha, Narendra Modi, Modi’s, Albright, Modi, ” Mamata Banerjee Organizations: CNN, AP Authorities, Howrah, National Crime Records, Group, Indian, Rail Plan, India, Bharat Locations: Odisha, Shalimar, Chennai, Yesvantpur, India, Mumbai, Ahmedabad, Jammu, Kashmir, Andhra Pradesh, Uttar Pradesh

New Delhi CNN —India’s defense minister told his Chinese counterpart on Thursday that violations of their shared border erode the “entire basis” of relations between the two Asian neighbors. Indian Defense Minister Rajnath Singh made the comments during a meeting with newly appointed Chinese Defense Minister Li Shangfu in New Delhi ahead of a regional security summit on Friday. “He reiterated that violation of existing agreements has eroded the entire basis of bilateral relations and disengagement at the border will logically be followed with de-escalation,” the statement added. His visit comes four days after India and China concluded the 18th round of talks to attempt to resolve the border issue. Pakistan’s Foreign Minister Bilawal Bhutto Zardari’s visit to the country will be the most senior-level one in seven years.

Islamabad, Pakistan CNN —Pakistan’s Foreign Minister will travel to India next month, the most senior-level visit in seven years in what is a major diplomatic breakthrough between two nuclear-armed neighbors with a long history of fractious relations. Bilawal Bhutto Zardari will attend the Shanghai Cooperation Organization’s (SCO) foreign ministers meeting on May 4-5 in the western Indian coastal state of Goa, Pakistan’s foreign ministry confirmed Thursday. This is the first time that the most senior Pakistani foreign office representative has visited India since 2016. Diplomatic relations between India and Pakistan have been beset by decades of distrust and occasional bouts of open conflict. The SCO and China’s growing hand in diplomacyThe SCO is an eight-member regional security and economic grouping led by China, and its members include India, Pakistan and Russia.

☆ Indian court convicts Rahul Gandhi of defamation, gives two-year sentence
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

Gandhi was present at the court in Surat, a city in Gujarat, which is Prime Minister Narendra Modi's home state. Gandhi would appeal against the verdict in a higher court, the president of his Congress party said on Twitter, calling Modi's government "cowardly and dictatorial". "The court has found Rahul Gandhi’s comment to be defamatory. Gandhi said in court that he had made the comment to highlight corruption and not against any community. Reporting by Sumit Khanna in Ahmedabad, writing by Shilpa Jamkhandikar; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

[1/3] Indian billionaire Gautam Adani speaks during an interview with Reuters at his office in the western Indian city of Ahmedabad April 2, 2014. Last week, the group's flagship entity Adani Enterprises (ADEL.NS) pulled its secondary share offering, India's largest ever, because of the sharp selloff. Adani has said Monarch was selected for previous share sales "for their credentials and ability to tap into the retail market". On Elara, Adani has said "innuendoes" that the firm was in any manner related to the conglomerate founders were incorrect. The federal corporate affairs ministry, responsible for regulating Indian businesses, has briefed officials in Modi's office and been in touch with SEBI, the market regulator, one of the officials said.

☆ 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.

☆ India's stock market crisis isn't just the Adani Group's problem — it's a political issue for Prime Minister Modi too
▼ + stars: | 2023-02-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Indian tycoon Gautam Adani's companies have lost over $110 billion in market value since a US short seller attack in January. Even Modi has been dragged into the kerfuffle — since both he and Adani are from the western Indian state of Gujarat. The prime minister's political opponents say that the leader favors Adani — a claim the Modi government has rejected, per Reuters. "The Hindenburg scandal is the perfect weapon for the Indian political opposition against PM Modi. On its part, the Adani Group has been troubleshooting hard.

☆ 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.

The Jan. 24 report has triggered an $86 billion erosion in market capitalisation of seven listed Adani Group companies. "To go through this exercise of a share sale and to call it off raises more questions." After the share sale was pulled, yields of dollar-denominated bonds issued by Adani companies rose on Wednesday. Adani Group was working with its bankers to refund the proceeds received by in the secondary share sale of Adani Enterprises. The share sale had succeeded on Tuesday even when the Adani Enterprises stock price in Mumbai markets traded below the offer price of the share sale.

On Tuesday, the Adani group appeared to have fought back the attack by the New York-based short-seller Hindenburg and rallied investors behind the $2.5 billion share issue of flagship firm Adani Enterprises (ADEL.NS). It was a rare defeat for a man who has seemed unstoppable in recent years. In recent years, the $220 billion Adani Group empire has attracted foreign investment - France's TotalEnergies (TTEF.PA), for example, partnered with Adani last year to develop the world's biggest green hydrogen ecosystem. On Wednesday, Adani said his company felt it wasn't "morally correct" to proceed with the share sale following the volatility in the market. But he said in a statement to the exchange the company was financial stable and that the withdrawal of the share issue will not impact its future plans.

India's largest ever secondary share sale attracted participation from anchor investors including Maybank Securities and Abu Dhabi Investment Authority, as well as India's HDFC Life Insurance and state-backed Life Insurance Corporation (LIFI.NS). By Tuesday the overall share sale was fully subscribed as foreign institutional investors and corporate funds flooded in, although participation by retail investors and Adani Enterprises (ADEL.NS) employees remained low. Support for Adani's share sale came even as the flagship's shares closed at 2,973.9 rupees, up nearly 3% but below the lower end of the sale price band of 3,112 rupees. So, what happens to one particular corporate group, is a matter between the market and the corporate group." Reuters GraphicsHindenburg said in its report it had shorted U.S.-bonds and non-India traded derivatives of the Adani Group.

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