DIRS.INFO The most relevant business & tech news

[1/2] An Air India Airbus A320neo passenger plane moves on the runway after landing at Sardar Vallabhbhai Patel International Airport, in Ahmedabad, India, October 22, 2021. In another sign of the formerly government-owned carrier's whirlwind transformation under its new owner Tata Group, Air India is testing ChatGPT, OpenAI's popular chatbot, to replace paper-based practices. Air India is not only reworking every aspect of operations - from systems to supply chains - but integrating four Tata-related airlines, with Air India due to merge with Vistara while low-cost Air India Express and AirAsia India also converge. Airline mergers in India have had little success with Air India still hobbled by the botched integration of Indian Airlines in 2007. Air India's planes are already a mix of Airbus (AIR.PA) and Boeing (BA.N) jets with multiple cabin configurations.

☆ 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.

☆ Australia's nuclear submarine capability to ensure peace, stability -defence minister
▼ + stars: | 2023-03-09 | by ( Renju Jose | ) www.reuters.com time to read: +2 min

SYDNEY, March 9 (Reuters) - Australia's nuclear submarines will ensure peace and stability across the Indo-Pacific, southeast Asia and Indian Ocean, Defence Minister Richard Marles said on Thursday ahead of a landmark agreement between Washington, Canberra and London. "Clearly, these submarines will have the capability to operate at war, but the true intent of this capability is to provide for the stability and for the peace of our region," Marles told parliament. AUKUS is expected to be Australia's biggest-ever defence project but it has not been announced whether it will involve a U.S. or a British-designed submarine, or a combination of both. Reuters, citing four U.S. officials, reported on Wednesday Australia was expected to buy up to five U.S. Virginia-class nuclear submarines in the 2030's as part of AUKUS. Reporting by Renju Jose in Sydney; Editing by Gerry DoyleOur Standards: The Thomson Reuters Trust Principles.

NEW DELHI/SYDNEY, March 8 (Reuters) - Australia’s Prime Minister Anthony Albanese arrives in India on Wednesday seeking to strengthen the new momentum in ties between the two countries through deeper trade, investment and defence relations. Quad includes the United States and India besides Australia and Japan. Australia is due to host a Quad leaders summit in Sydney later this year. “India and Australia share warm and friendly relations based on common values and democratic principles. Australian Minister for Trade and Tourism Don Farrell is a part of Albanese’s delegation and the visit is expected to provide an opportunity to hasten the ambitious deal.

☆ Forget ChatGPT, the AI Revolution Is Coming to Fix Your Email Inbox
▼ + stars: | 2023-03-06 | by ( Shubham Agarwal | ) www.businessinsider.com time to read: +11 min

Like any tech, AI tools can run into bugs. On many occasions, Shortwave's summary tool refused to produce more than a sentence or two, leaving it no more useful than the subject line. A more-pressing concern for me, however, is what the presence of AI in email would mean for privacy. Because tech like ChatGPT collects and processes far more data than previous AI tools, Conitzer expects it to be regulated for not only privacy but also systemic biases. And if Shortwave's AI tool is any indication, I'm convinced it's our future.

☆ A Simple Trick Helped Me Cut Back on Screen Time, Break My Phone Addiction
▼ + stars: | 2023-03-05 | by ( Shubham Agarwal | ) www.businessinsider.com time to read: +13 min

To try and break my habit, I decided to slow down my phone experience with a new app called One Sec. Plus, studies have shown that things like app limits that merely measure your screen time won't break compulsive habits. Sandy Gould, a senior computer-science lecturer at Cardiff University, has researched ways to curb our compulsive phone tendencies. Frederik Riedel, the German-based developer of the app, told me that creating better boundaries was the motivation behind the development of the app. I can attest to that figure: One Sec has nearly halved my compulsive Twitter use.

☆ India's Adani to repay up to $790 million share-backed loans by March, sources say
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: +1 min

Signage atop the Adani Group headquarters in Ahmedabad, India, on Wednesday, Feb. 1, 2023. India's Adani Group plans to prepay or repay share-backed loans worth $690 million to $790 million by March-end, two people with knowledge of the matter told Reuters, as the conglomerate seeks to burnish its credit profile after a short-seller attack. The group presented both plans to bondholders in Hong Kong on Tuesday, the people said. An Adani group spokesperson did not immediately respond to a request for comment. Chief Financial Officer Jugeshinder Singh told Bloomberg News the group is not looking to refinance debt or raise capital.

☆ Broken wires, faulty renovation caused deadly India bridge collapse, probe finds
▼ + stars: | 2023-02-20 | by ( Sumit Khanna | ) www.reuters.com time to read: +3 min

AHMEDABAD, India, Feb 20 (Reuters) - Broken corroded wires, improper welding and changes to the walking surface of a 145-year-old hanging bridge in India contributed to its collapse last year that killed 135 people, an investigation has found. "Main cable of the upstream side was found broken on one side," according to a preliminary investigation report seen by Reuters. "Out of the 49 wires of the main cable, 22 were corroded which indicates that those wires may be already broken before the incident. The Oreva Group did not immediately respond to an emailed request for comment. The report blamed Oreva for unrestricted access to the bridge for people and insufficient security arrangements.

[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.

☆ Australia drop Head, Murphy debuts against India in Nagpur
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

NAGPUR, India, Feb 9 (Reuters) - Australia dropped middle-order batter Travis Head and handed uncapped off-spinner Todd Murphy his debut for the opening test against India in Nagpur on Thursday. Touring captain Pat Cummins won an important toss and elected to bat in spin-friendly conditions at the Vidarbha Cricket Association Stadium. "We know we're going to have to tweak a few things to how we play in Australia, can't wait." For India, Suryakumar Yadav, the top-ranked Twenty20 batter, will make his test debut alongside wicketkeeper KS Bharat. India captain Rohit Sharma said they too would have preferred to bat first.

☆ Some Adani shares climb, after group's market losses top $110 bln
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India, April 13, 2021. REUTERS/Amit DaveBENGALURU, Feb 7 (Reuters) - Shares of some listed Adani group companies, including its flagship, rose in early trade on Tuesday while others fell further as the reverberations from a U.S. short-seller's critical report on the Indian conglomerate continued to be felt. Adani group's seven listed companies have lost $110 billion in cumulative stock market value since Hindenburg Research's report was released on Jan. 24. Shares of Adani Green Energy, Adani Total Gas Ltd (ADAG.NS), Adani Power (ADAN.NS) were down 5%, while Adani Transmission rose 3.5%. The group's flagship company, Adani Enterprises Ltd (ADEL.NS), was up 9.5% and Adani Wilmar (ADAW.NS) gained 5%.

☆ Adani Group plans to trim its capital spending plans, Mint reports
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of the Adani Group is seen on the wall of its realty office building on the outskirts of Ahmedabad, India, January 27, 2023. REUTERS/Amit DaveFeb 6 (Reuters) - India's Adani Group plans to trim its capital spending plans, newspaper Mint reported on Monday citing people close to the development, days after the conglomerate's flagship firm called off a $2.5 billion share sale. While providing more collateral in the form of stock pledges to lenders, the group may moderate its capex plans in some of its businesses, the newspaper reported. Adani Group did not immediately respond to a Reuters request for comment outside of business hours. The group will use alternative funding channels from internal accruals, promoter equity funding and private placements to fund projects, Mint said.

☆ S&P Dow Jones is knocking Adani Enterprises off its sustainability index
▼ + stars: | 2023-02-03 | by ( Jihye Lee | ) www.cnbc.com time to read: 1 min

Signage atop the Adani Group headquarters in Ahmedabad, India, on Wednesday, Feb. 1, 2023. Bonds of the Indian billionaires flagship firm plunged to distressed levels in US trading, and the company abruptly pulled a record domestic stock offering. Adani Enterprises is coming off the Dow Jones Sustainability Indices, effective Feb. 7, S&P said in an announcement. "Adani Enterprises will be removed from the Dow Jones Sustainability Indices following a Media & Stakeholder Analysis triggered by allegations of stock manipulation and accounting fraud," it said in a one-line notice. Adani Enterprises was added to the Dow Jones Sustainability Emerging Markets Index as of Dec. 19, 2022, according to a list of components on S&P Global's website.

☆ Adani losses top $100 billion in wake of Hindenburg Research report
▼ + stars: | 2023-02-02 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

Signage of Adani Group at company's gas station in Ahmedabad, India, on Wednesday, Feb. 1, 2023. The Adani firmly denied the accusations as "nothing but a lie" from the "Madoffs of Manhattan" in a 413-page riposte that failed to soothe skittish investor sentiment and rein in a rapid sell-off. "It is tremendously concerning that the statements of an entity sitting thousands of miles away, with no credibility or ethics has caused serious and unprecedented adverse impact on our investors," the Adani response said, describing Hindenburg as an "unethical short seller." "Hindenburg has not published this report for any altruistic reasons but purely out of selfish motives and in flagrant breach of applicable securities and foreign exchange laws," it said. Hindenburg on Jan. 29 retorted that the Adani commentary "predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative, claiming our report amounted to a 'calculated attack on India'."

☆ India's NSE puts trades in some Adani firms under additional watch
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +2 min

The NSE also placed Monarch Networth Capital (MONR.NS), one of the 10 underwriters of Adani Enterprises' (ADEL.NS) botched share sale, under additional surveillance. The Ahmedabad-based brokerage was responsible for "non institutional marketing", according to the Adani share sale document. Last year, Adani Group acquired Ambuja Cements Ltd (ABUJ.NS) and ACC (ACC.NS) from Holcim AG (HOLN.S) to enter the business. Adani Enterprises tumbled 27%, closing at their lowest level since March 2022. Adani Group did not immediately respond to a request for comment on the exchange's latest decision.

AHMEDABAD, India— Gautam Adani is ubiquitous in this country. His name is plastered on roadside billboards and on the airports and shipping docks he operates. His power plants light Mumbai office towers and irrigate rural fields, fueled by coal he imports from mines as far away as Australia. He recently expanded into defense and media.

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.

[1/2] The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. REUTERS/Amit DaveMUMBAI, Jan 31 (Reuters) - Indian conglomerate Adani Group's locally listed bonds have resisted the panic selling in the groups' dollar-denominated debt and domestically listed stocks since last Wednesday following short-seller Hindenburg Research's scathing report on the group. The top five Adani Group companies – Adani Power (ADAN.NS), Adani Green Energy (ADNA.NS), Adani Ports and Special Economic Zone (APSE.NS), Adani Enterprises (ADEL.NS) and Adani Transmission (ADAI.NS) – have outstanding rupee bonds worth around 170 billion rupees, according to brokerage CLSA. However, Srinivasan said the Adani Group firms could find it difficult to raise fresh funds from the local bond markets until the concerns raised by Hindenburg were addressed. Moreover, Adani Group companies have not been rolling over many of their short-term commercial papers and instead allowed them to mature.

☆ Australian regulator to review short-seller report on India's Adani
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. REUTERS/Amit DaveSYDNEY, Feb 1 (Reuters) - Australia's corporate regulator said on Wednesday it will review a short-seller report that has flagged a wide range of concerns about India's Adani Group. Bravus, an Australian Adani Group company, said in a statement that the group "refutes all allegations" made in the Hindenburg report about its Australian operations and that it has publicly provided evidence to back up its stance. Adani Group's Australian businesses all comply with the law, a spokesperson said, adding that none had been contacted by ASIC or the Australian Tax Office about Hindenburg Research's allegations. The Hindenburg report "presents transactions related to Adani's Australian businesses in a misleading way to purposefully undermine the reputation of the Adani Group, in order to pursue their own profit by short-selling shares in Adani Group companies," the statement said.

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.

☆ Meet Gautam Adani, the Indian industrialist who started 2023 worth almost as much as Elon Musk, but whose wealth has plummeted rapidly
▼ + stars: | 2023-01-31 | by ( Grace Dean | ) www.businessinsider.com time to read: +6 min

Gautam Adani's wealth has fallen by more than a quarter over the first month of 2023. Adani founded the Adani Group, which was the target of a bombshell report by a short seller. Adani is founder and chairman of the Adani Group, a multinational conglomerate with businesses spanning energy, mining, ports, and airports. A report by Hindenburg Research, an investment-research firm and short seller, was the catalyst for the downwards spiral of Adani's wealth. According to Bloomberg, he holds close to 75% stakes in Adani Enterprises, Adani Power, and Adani Transmissions.

[1/2] The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. Adani Group in a statement said: "There is no change in either the schedule or the issue price." The Adani Group has called the report baseless and said it was considering taking action against Hindenburg. Friday's 20% fall in shares of group flagship Adani Enterprises dragged it 11% below the minimum offer price of the secondary sale. The Hindenburg report questioned how the Adani Group used entities in offshore tax havens such as Mauritius and the Caribbean islands.

The stunning market selloff has cast a shadow over Adani Enterprises' secondary share sale that started on Friday. The share sale is being managed by Jefferies, India's SBI Capital Markets, Axis Capital, and ICICI Securities among others. Shares of other listed Adani firms also plummeted, with Adani Transmission Ltd (ADAI.NS), Adani Total Gas (ADAG.NS), Adani Green Energy (ADNA.NS) and Adani Ports (APSE.NS) sinking 20% each. Adani Ports, Adani Green Energy and Adani Transmission marked their worst intraday drop ever, with heavy volumes. Billionaire U.S. investor Bill Ackman said on Thursday that he found the Hindenburg report "highly credible and extremely well researched."

☆ Bill Ackman says Hindenburg's report on Adani Group 'highly credible'
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India, April 13, 2021. REUTERS/Amit Dave/File PhotoJan 26 (Reuters) - Billionaire investor William Ackman in a tweet on Thursday said that he found short-seller Hindenburg Research's report on Adani Group "highly credible and extremely well researched." Shares in seven listed group companies of Adani lost $10.73 billion in market capitalisation in India on Wednesday after Hindenburg released the report, which accused the conglomerate of improper use of offshore tax havens and also said it held short positions in the company through its U.S.-traded bonds and non-Indian-traded derivative instruments. "We are not invested long or short in any of the Adani companies... nor have we done our own independent research," Ackman said in a tweet. loadingReporting by Akriti Sharma in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Bill Ackman says Hindenburg's Adani report 'highly credible'
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Amit Dave/File PhotoJan 27 (Reuters) - Billionaire U.S. investor Bill Ackman said on Thursday that he found short-seller Hindenburg Research's report on India's Adani Group "highly credible and extremely well researched." Hindenburg's report also said it held short positions in Adani Group through its U.S.-traded bonds and non-Indian-traded derivative instruments. Adani Group has said that it is evaluating "remedial and punitive action" against Hindenburg, calling the report "maliciously mischievous, (and) unresearched." I found the Hindenburg report highly credible and extremely well researched," Pershing Square boss Ackman said in a tweet on Thursday. Adani Group did not immediately respond to Reuters request for comment.

Search resuls for: "AHMEDABAD"

25 mentions found