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The Deloitte company logo is seen at their office in Gurugram, India, June 13, 2023. The auditor's resignation has brought fresh scrutiny of the financial management at Adani Group, led by Indian billionaire Gautam Adani. "The Audit Committee (of Adani Ports) was of the view that the grounds advanced by Deloitte for resignation as Statutory Auditor were not convincing or sufficient to warrant such a move," it said. Adani Ports has named MSKA & Associates, an independent member firm of BDO International, as its new auditor, it said in the statement. Deloitte in May first pointed to certain transactions flagged by Hindenburg in its report and gave only a qualified opinion related to Adani Ports, indicating concerns by a company's auditor.
Persons: Anushree, Gautam Adani, Hindenburg, Aditya Kalra, Ros Russell Organizations: Deloitte, REUTERS, U.S, Adani Group, GQG Partners, Sanghi Industries, Associates, BDO International, Thomson Locations: Gurugram, India, Adani Ports, Australia, New Delhi
REUTERS/Anushree Fadnavis/File PhotoNEW DELHI, Aug 11 (Reuters) - Deloitte has decided to resign as auditor of India's Adani Ports (APSE.NS) amid concerns over certain transactions flagged in a report by Hindenburg, which the company did not wish to independently look into, a source with direct knowledge said. Deloitte in May had pointed to certain transactions flagged by the U.S. short-seller in its report and gave only a qualified opinion, which indicates concerns by a company's auditor. Deloitte's resignation comes after it asked Adani Ports to conduct an independent inquiry on related party transactions flagged by Hindenburg, to which the company did not agree, the source said. Deloitte and Adani Ports did not immediately respond to Reuters' requests for comments. Deloitte's decision to quit as Adani Ports' auditor might come as soon as Monday, the source added.
Persons: Anushree, Hindenburg, Adani, Gautam Adani, Aditya Kalra, Sethuraman, Varun Organizations: Deloitte, REUTERS, May, U.S, Adani, Bloomberg News, Sethuraman NR, Thomson Locations: Gurugram, India, India's Adani, New Delhi, Bengaluru
US stocks closed lower on Thursday as investors awaited for Apple and Amazon earnings to roll out. The 10-year Treasury surged 11 basis points, continuing its rise following Fitch's US credit downgrade. Commentators say that US dollar and Treasury assets are still a safe haven for investors. Apple and Amazon stock traded mostly flat as investors waited for the mega-cap firms to release their financials. Both are due to report quarterly earnings after the closing bell.
Persons: . Fitch, Fitch, Goldman Sachs, Jamie Dimon, Warren Buffett Organizations: Apple, Treasury, Service, ., AAA, US, JPMorgan Locations: Wall, Silicon
The downgrade comes two months after Joe Biden and House Republicans reached an 11th-hour deal to stop a catastrophic default. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Here's everything you need to know about the ratings agency's shock move. Fitch said the last-minute debt-ceiling deal after months of shutdown had failed to convince it that Congress will be able to avert future calamities. As debt-ceiling negotiations dragged on earlier this year, the White House warned stocks could crash 45% if the government ever failed to repay its debts – so even a downgrade is bad news for the market.
Persons: Fitch, Joe Biden, Stocks, Joe Biden's, Biden, it's, AJ Bell's, Laith Khalaf, Fitch's, Janet Yellen, Larry Summers Organizations: House Republicans, Service, AAA, Social Security, House, Nasdaq, CME Group, Dow Jones, P Global, Biden Locations: Wall, Silicon, Europe, Asia
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 20, 2023. Chart shows that the U.S.'s long-term foreign currency rating was downgraded by Fitch to AA+ in 2023, following a similar move from S&P in 2011. ET, Dow e-minis were down 104 points, or 0.29%, S&P 500 e-minis were down 24 points, or 0.52%, and Nasdaq 100 e-minis were down 132.25 points, or 0.84%. Among other early movers, Starbucks (SBUX.O) eased 1.9% after the world's largest coffeehouse chain missed market expectations for quarterly comparable sales. Reporting by Johann M Cherian and Bansari Mayur Kamdar in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.
Persons: Brendan McDermid, Fitch, Mark Haefele, Wells Fargo, Johann M Cherian, Saumyadeb Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Wall, AAA, Standard, UBS Global Wealth Management, Fitch, AA, Dow e, Nvidia, Microsoft, Devices, U.S, Caterpillar, CVS Health Corp, DuPont de Nemours, Investors, Thomson Locations: New York City, U.S, States, Wells, Bengaluru
“I strongly disagree with Fitch Ratings’ decision,” said Treasury Secretary Janet Yellen in a statement on Tuesday. The last time the US debt was downgraded by another major credit rating agency, S&P, came in 2011. Until 2011, US debt had carried a perfect credit rating since Moody’s Investors Service first assigned the United States a AAA rating in 1917. The country’s new Fitch rating puts it on par with Austria and Finland but below Switzerland and Germany. S&P has maintained its AA+ rating on the US after the 2011 downgrade while Moody’s has kept its AAA rating.
Persons: CNN — Fitch, , Fitch, ” Fitch, Biden, , Janet Yellen, Karine Jean, Pierre, , Chuck Schumer, Spokespeople, Kevin McCarthy, Moody’s, Larry Summers Organizations: CNN, AAA, Biden, Fitch, AA, Republican, Republicans, Moody’s Investors Service, Dow Jones, Nasdaq, Twitter Locations: United States, Austria, Finland, Switzerland, Germany
For Call to Earth Day 2023, we will focus on the vital link between urban areas and wilderness, and shed light on the impact cities have on distant natural spaces. Here, we explore how our cities can be part of the great tapestry of habitats on Earth. The feral flock is thought to represent around 10% of the remaining population, showing how cities can be safe spaces for wildlife. Letting animals moveThrough the sprawl of cities, animals increasingly encounter challenges in navigating their once-open territories. By blending the urban and natural worlds, these buildings can become a crucial part of the solution to create greener cities for future generations.
Persons: Noemi Cassanelli, Organizations: CNN, Park, Getty, International Locations: Varanasi, Hong Kong, Banff, Fukuoka, Japan
Opinion | Our Immigration System: ‘A Waste of Talent’
  + stars: | 2023-07-31 | by ( ) www.nytimes.com   time to read: +1 min
To the Editor:“As Politicians Cry Crisis, Migrants Get a Toehold” (news article, July 15) points up the irrationality of the U.S. immigration system. As this article shows, migrants are eager to work, and they are filling significant gaps in fields such as construction and food delivery, but there are still great unmet needs for home health aides and nursing assistants. The main reason for this disjunction lies in federal immigration law, which offers no dedicated visa slots for these occupations (as it does for professionals and even for seasonal agricultural and resort workers) because they are considered “unskilled.”Instead, the law stipulates, applicants must demonstrate that they are “performing work for which qualified workers are not available in the United States” — clearly a daunting task for individual migrants. As a result, many do end up working in fields like home health care but without documentation and are thus vulnerable to exploitation if not deportation. With appropriate reforms, our system would be capable of meeting both the country’s needs for essential workers and migrants’ needs for safe havens.
Persons: United States ” Locations: United States
The estimated $4.7 trillion shortfall is based on an analysis of aggregated data for 47 countries from the Organization for Economic Cooperation and Development. All in, the report’s authors estimate that $4.7 trillion is roughly equivalent to a year’s worth of public health spending worldwide. The outlook for systemic global tax reformWhile the Tax Justice Network was initially hopeful that OECD tax reform efforts that started a decade ago might reduce global tax abuse, those efforts have hit multiple roadblocks and implementation delays. Now, TJN backs proposals to move authority for global tax rulemaking from the OECD to the United Nations. “The key to ending cross-border tax abuse is to deliver on a UN tax convention and to create a global tax body under UN auspices,” the report’s authors contend.
Persons: TJN, , Alex Cobham, Cobham, Organizations: New, New York CNN, Tax Justice Network, of Tax, Organization for Economic Cooperation, Development, OECD, Apple, Senate Finance, Democratic, Tax, Network, United Nations, UN Locations: New York, United Kingdom, Singapore, Netherlands, Hong Kong, Luxembourg, Ireland, United States
Editor’s note: A version of this story appeared in CNN’s Wonder Theory science newsletter. But a key question is whether such animals could survive if they roamed the Arctic tundra as their ancestors did thousands of years ago. Eventually, the bonded herd will make its way into the wild, where its progress can be monitored for the next decade. Sign up here to receive in your inbox the next edition of Wonder Theory, brought to you by CNN Space and Science writers Ashley Strickland and Katie Hunt. They find wonder in planets beyond our solar system and discoveries from the ancient world.
Persons: paleobiologist Jordan Mallon, It’s, Esme Ashe, Jepson, Katie Jones, J, Robert Oppenheimer, Christopher Nolan’s, “ Oppenheimer, , Ashley Strickland, Katie Hunt Organizations: CNN, Canadian Museum of Nature, University of Cambridge, Southern Resident, for Whale Research, Virgin Galactic’s, CNN Space, Science Locations: Botswana, China, Ottawa, Chile, Chicago . Wild, Pacific Northwest, North America
CNN —A judge in Barcelona has opened a second investigation into alleged tax fraud by Grammy-winning singer Shakira, a Spanish court said Thursday. Shakira is already awaiting trial for alleged tax evasion of $16.2 million for the years of 2012, 2013 and 2014. The Colombian-born singer, who now lives in Miami, earlier denied the charges of tax fraud relating to the period 2012-2014 through her public relations firmShakira reiterated her innocence on Thursday. In July 2021, a judge at a court near Barcelona ruled that the singer could stand trial for alleged tax evasion. In a ruling obtained by CNN, the investigating magistrate said there was “sufficient evidence” to hold a trial for Shakira’s alleged tax evasion for the years of 2012, 2013 and 2014.
Persons: CNN —, Shakira, , Judge Marco Jesús Juberías, Shakira’s, Gerard Piqué, Piqué Organizations: CNN, Higher, Justice, Miami, FC Barcelona football Locations: Barcelona, Esplugues, Llobregat, Catalonia, Colombian, Miami, Spain, Bahamas
The startup has entered a collaboration with Elephant Havens, a wildlife foundation based in the Okavango Delta that cares for orphaned elephants. The findings, the organizations hope, could provide a blueprint for releasing the elephants into the wild and mammoth hybrids to the tundra. A new system for elephant monitoringHuman-wildlife conflict is the leading cause of elephant orphans in Botswana, says Elephant Havens founder Debra Stevens. After five years in the enclosure, Elephant Havens will reintroduce these bonded herds into the wild, and monitor their progress for a decade. Biotech company Colossal wants to create a hybrid combining mammoth DNA with that of Asian elephants.
Persons: , , Elephant, We’ll, , Matt James, Debra Stevens, “ That’s, Stevens, revel, Havens, Steve Metzler, Dr, Wendy Kiso, James, Debra, ” James, Ben Lamm, ” Lamm, Lamm Organizations: CNN, Colossal Biosciences, Biotech company Colossal, Colossal Locations: Botswana, Africa, rewilding, America
(A stage musical, “Tammy Faye,” which opened last year in London, also incorporated the 1985 interview.) “That interview was why I needed to make the movie,” Ms. Chastain told Variety at the movie’s New York premiere in 2021. I’m 100 percent convinced that there were people — conservative Christians watching at home — who realized that they had judged their family members unlovingly. I’m convinced that that interview saved families and saved lives.”If Ms. Bakker defied expectations with that interview, Mr. Pieters long defied AIDS, surviving for decades despite repeated health struggles. What a privilege to have reached the age of 70, still dancing with joy.”
Persons: Jessica Chastain, Bakker, Tammy Faye, , Pieters, Randy Havens, “ Tammy Faye, Ms, Chastain, Variety, , unlovingly, I’m, Harlan Boll, Locations: London, York, Glendale , Calif, Los Angeles, Hope
Speaking at the Adani Enterprises' annual general meeting, Adani said the Hindenburg short-seller report was a "deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices." "While the Securities and Exchange Board of India is still to submit its report, we remain confident of our governance and disclosure standards," billionaire Adani said. The short-seller report had also forced Adani Enterprises to shelve its key $2.5 billion share sale in February. Adani Enterprises shares climbed over 4% on Tuesday, while Adani Transmission (ADAI.NS) and Adani Green Energy (ADNA.NS) rose 4.7% and 5.7%, respectively. He also added that Adani Ports (APSE.NS), in the next 12-24 months, will commission India's largest transshipment hub.
Persons: Gautam Adani, Adani, Chris Thomas, Nallur, Savio D'Souza, Nivedita Organizations: U.S, Adani Enterprises, Securities and Exchange Board, Green Energy, Thomson Locations: BENGALURU, India, Bengaluru
Signage of Adani Group at Adani Defence and Aerospace booth during the Aero India 2023 at Air Force Station Yelahanka in Bengaluru, India, on Monday, Feb. 13, 2023. India's Adani Group is confident of its governance and disclosure standards after a top court panel found no lapses at the conglomerate, its chairman said on Tuesday, while detailing the fallout of a U.S. short-seller's scathing report that jolted its stocks. The panel report "confirmed the quality of our group's disclosures and found no instance of any breach," Adani Chairman Gautam Adani said in his first comments on the findings, in a shareholder address at Adani Enterprises' annual general meeting. "While SEBI is still to submit its report, we remain confident of our governance and disclosure standards, Adani said, referring to the Securities and Exchange Board of India. Adani Enterprises shares climbed over 4% on Tuesday.
Persons: India's, Gautam Adani, Adani, SEBI, Hindenburg Organizations: Adani Defence, Aerospace, Aero, Air Force, Adani Enterprises, Securities and Exchange Board of India, Adani Group Locations: Bengaluru, India
He now has a net worth of $1.2 billion, which comes from owning nearly a third of Yanolja with his wife and two daughters, according to Forbes . Yanolja founder and chairman Lee Su-jin started his lucrative career in the travel industry as a motel janitor. He saved his money, invested in stocks and even started a salad business, according to Bloomberg. So he decided to rebrand love hotels. "If all the motels relied on love, they'd starve to death," Lee told Bloomberg.
Persons: Lee, Lee Su, Yanolja, Kim Jong, yoon, Kim, SoftBank Organizations: Forbes, Bloomberg, CNBC, SoftBank Vision, Reuters Locations: Korea, Yanolja
As the water recedes, officials said the storm shows an ongoing need to adapt to the climate crisis. It was the highest level in nearly a century, when the river reached 27 feet during the Great Vermont Flood of 1927, according to local officials . Vermont Agency of Agriculture, Food and Markets via APEven as water levels recede, more rain is expected on Thursday and Friday. Some residents said the flooding was worse than Tropical Storm Irene in 2011, which at the time seemed like an anomaly in the state. About 18% of properties in Vermont are at significant risk of flooding over the next 30 years, predicts First Street Foundation .
Persons: Justin Michaels, Phil Scott, Irene Organizations: Service, Vermont Agency of Agriculture, Food, AP, Federal Emergency Management Agency, Foundation, FEMA Locations: Vermont, Wall, Silicon, Montpelier, Waterbury, Ludlow, Montpelier , Vermont
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
While the natural inclination is to cheer a strong jobs market, investors are responding with a boo and bailing out of risk assets. The thinking goes like this: If people are at work and the labor market is stronger than expected, the ability of the consumer to absorb higher prices is also greater than previously thought. If the ability to absorb higher prices is greater than expected, above target (2%) inflation can last longer than estimated, regardless of the current fed funds rate. If the current fed funds rate isn't stopping hiring and consumers' ability to absorb higher prices, the rate simply isn't high enough. Energy is tough: We really need China's reopening to pick up as demand will be the key to higher energy prices.
Persons: , — it's, it's, Staples, Eli Lilly, we've, Friday's nonfarm, We're, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Federal Reserve, Apple, Nvidia, American Electric Power, Treasury, Silicon Valley Bank, Constellation Brands, Management, GE Healthcare, Technology, Linde, LIN, Energy, buybacks, Microsoft, Verizon, Disney, Procter & Gamble, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, Getty Locations: Silicon, U.S, Friday's, New York City
India's Adani Green to raise $1.5 bln in green energy push
  + stars: | 2023-07-06 | by ( ) www.reuters.com   time to read: +1 min
July 6 (Reuters) - India's Adani Green Energy (ADNA.NS), controlled by billionaire Gautam Adani,said on Thursday it approved raising 123 billion rupees ($1.49 billion) through qualified institutional placement. The renewables company will use the funds to diversify its green energy supply in the country, Bloomberg had reported earlier in the day, citing sources familiar with the matter. The company plans to expand its green energy capacity by about 3 gigawatts this fiscal year, spending around 140 billion rupees ($1.70 billion), its finance chief Phuntsok Wangyal had said in May. In May, two other Adani group companies - Adani Transmission (ADAI.NS) and Adani Enterprise (ADEL.NS) - outlined plans to raise up to $2.57 billion after a U.S. short-seller's critical report in January battered investor confidence. Adani Energy's shares alone have halved in value so far this year.
Persons: Gautam Adani, Phuntsok Wangyal, Hindenburg, Adani, Adani Energy's, Indranil Sarkar, Urvi, Nivedita Bhattacharjee, Eileen Soreng, Savio D'Souza Organizations: Energy, Bloomberg, Adani, Thomson Locations: Bengaluru
Wall Street's glide toward higher stocks and falling bond yields was jolted into reverse Thursday, as surprisingly strong economic data sent bond yields soaring and stocks tumbling . For example, the iPath Series B S & P 500 VIX Short-Term Futures ETN (VXX) and the ProShares VIX Short-Term Futures ETF (VIXY) serve as bets that investor expectations of volatility will go up from here. The UVXY is designed to provide 1.5-times returns of the VIX short-term futures and was up about 8% in midday trading. Rising yields Profiting from rate spikes through bond funds can be a bit tricky. The biggest fund in that space is the iShares Floating Rate Bond ETF (FLOT) , which was little changed on Thursday.
Persons: PFIX, FLOT Organizations: Treasury, Dow Jones, US Treasury
Tiny home villages are popping up across the country — including for homeless veterans. A bill introduced in Congress would fund up to $100 million to build five more around the country. For Ida, it was a "dream come true," according to Operation Tiny Home, on its website. Tiny home villages are popping up across the country, with many developers gearing their projects to help veterans and their families. "It's hard to overstate the significance of this bill, " Zack Giffin, spokesperson for Operation Tiny Home and the host of the Tiny House Nation television series, told Insider.
Persons: Tiny, , Ida, who've, Republicans —, Zack Giffin, Giffin Organizations: Service, Navy, Congress, Republicans, Tiny, Tiny House Nation, Building
Mark Zuckerberg's Threads is probably the app best poised to take down Elon Musk's Twitter. The door's now open for two billion people to start threading their thoughts in a place that's not Twitter. Meta's slated to debut its new rival to Twitter — an app called Threads — on July 6. Threads' main advantage is probably the number of people already using Instagram, or a reported two billion monthly active users in 2021. Meta's chief product officer, Chris Cox, has called Threads a response to creators and public figures who wanted a platform that's "sanely run."
Persons: Donald Trump's, Elon, Mark Zuckerberg, Meta, it's, Morgan Stanley, it's gunning, Chris Cox, Musk, Zuckerberg Organizations: Elon, Twitter, Meta, Facebook
LONDON/HONG KONG, July 4 (Reuters) - Global stocks held steady on Tuesday, as investors balanced the inflationary force of rising oil prices with hopes that central banks would not over-tighten monetary policy into a potential recession. Earlier in the session, Australia's central bank held interest rates steady at 4.1%, saying it needed time to assess the economic impact of its rate hikes so far. Complicating the outlook for inflation, oil prices rose on Tuesday as markets weighed supply cuts for August by top producers Saudi Arabia and Russia. Brent crude futures climbed 0.6% to $75.09 a barrel, with West Texas Intermediate crude adding the same amount to $70.23. "At least the improved supply-demand imbalance seems to be having an effect on price pressures," Capital Economics global economist Ariane Curtis said.
Persons: Europe's, Brent, Ariane Curtis, Curtis, Manishi Raychaudhuri, Raychaudhuri, Schatz, Paul Volcker, Ankur Banerjee, Sam Holmes, Himani Sarkar, Alex Richardson Organizations: U.S . Federal Reserve, Wall, West Texas, Institute of Supply Management, Economics, Asia, BNP Paribas, Treasury, Independence, U.S, Fed, Thomson Locations: HONG KONG, Saudi Arabia, Russia, U.S, Singapore
Israeli forces launched a major "counterterrorism" operation in the occupied West Bank on Monday. Israeli military armoured vehicles advance on a road during an operation in Jenin city in the occupied West Bank, on July 3, 2023. Palestinian armed militants take up position during a confrontation with Israeli army in the occupied West Bank city of Jenin on July 3, 2023. Palestinians react back to Israeli forces who killed at least 9 and injured 50 Palestinians in Jenin, West Bank. "The operation comes after months of growing tension that once again reminds us of the extremely volatile & unpredictable situation across the occupied West Bank.
Persons: , RONALDO SCHEMIDT, Richard Hecht, JAAFAR ASHTIYEH, Michael Herzog, Yair Lapid, Issam Rimawi, Wennesland Organizations: West Bank, UN, Service, West, Israel Defense Forces, Jenin Brigade, IDF, Getty Images, Islamic, Getty, United Nations, Palestinian Authority, Anadolu Agency, Twitter Locations: Israel, West Bank, Jenin, AFP, Israel's, Iran, Palestinian, Jordan, Egypt, West
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