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☆ The top 500 richest people in the world made an average of $14 million each day in the first half of 2023 as markets rallied
▼ + stars: | 2023-07-04 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The 500 richest people added $852 billion to their collective fortunes in the first half of this year, per Bloomberg. The billionaires' wealth was boosted on the back of a broad market rally. Now worth $237 billion, Musk is the world's richest person — ahead of Frenchman Bernard Arnault, the CEO, and co-founder of LVMH Moët Hennessy Louis Vuitton. Musk and Arnault have been swapping positions as the world's richest person since late 2022. Indian tycoon Gautam Adani's fortune tanked by $60.2 billion this year, making him the biggest loser in the Bloomberg Billionaires Index.

Persons: Tesla, Elon Musk, —, Mark Zuckerberg, Musk, Twitter —, Frenchman Bernard Arnault, LVMH Moët Hennessy Louis Vuitton, Zuckerberg, Gautam Adani's, Adani Organizations: Bloomberg, SpaceX, Service, Tech, Twitter, Hindenburg Research, Nasdaq

☆ Fintech Tingo's shares slump as short-seller Hindenburg takes aim
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +1 min

June 6 (Reuters) - Tingo Group (TIO.O) shares halved in value on Tuesday after short-seller Hindenburg Research criticized its founder and alleged that the fintech firm had "fabricated" its financials. Hindenburg also said Tingo was an "exceptionally obvious scam" and called out founder Dozy Mmobuosi's claims of having developed "the first mobile payment app in Nigeria". The New Jersey-based holding company, whose shares shed more than 59% to $1.04, operates in Africa, Southeast Asia and the Middle East. Shares of IEP have erased a fifth of their value after Hindenburg accused the company of overvaluing its holdings and relying on a "Ponzi-like" structure to pay dividends. Conglomerate Adani's market value took a $100 billion hit after the short-seller accused it of improper use of offshore tax havens.

Persons: Hindenburg, Tingo, Dozy Mmobuosi's, Dozy Mmobuosi, Jack Dorsey, Carl Icahn's, Mehnaz Yasmin, Anil D'Silva Organizations: Tingo, Hindenburg Research, Reuters, Adani Group, Inc, Icahn Enterprises, Thomson Locations: Nigeria, New Jersey, Africa, Southeast Asia, Bengaluru

☆ India regulator proposes curbs on derivative-linked share moves
▼ + stars: | 2023-05-21 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, May 21 (Reuters) - India’s market regulator proposed measures to contain extreme price movements in shares on which futures and options trade, including longer trading suspensions and restricting price movements. The group collectively lost more than $100 billion in market value soon after the Hindenburg report was published. If shares are flagged for additional surveillance and monitoring should there be a daily limit for price moves, the regulator said. "From the perspective of market stability, risk management and protecting the interest of investors, it is desirable to have safeguards against such extreme price movements, SEBI said. Reporting by Jayshree P Upadhyay and M. Sriram; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ India market regulator probe into Adani violations drew a blank - panel report
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

MUMBAI, May 19 (Reuters) - An committee constituted by India's Supreme Court to oversee investigations into the Adani group said India's markets regulator had “drawn a blank” on alleged violations by the group’s overseas entities, according to a report seen by Reuters on Friday. But the expert committee said that there was evidence of a build-up in short positions on Adani group stocks ahead of a report by the U.S based short seller Hindenburg Group, according to the report, which has not been made public. It was not possible to conclude whether there has been regulatory failure regarding price manipulations, the committee said in the report. The court formed the panel to examine the regulatory framework and allegations levelled against billionaire Gautam Adani's conglomerate. In January, U.S.-based short-seller Hindenburg Research raised several governance concerns around the Adani group, alleging improper use of tax havens and stock manipulation by the ports-to-energy conglomerate.

The Securities and Exchange Board of India (SEBI), in a filing, said it has approached 11 overseas regulators for information relating to whether the Adani group has violated any norms regarding its publicly available shares. India's Supreme Court is hearing an appeal from SEBI to give it an additional six months to complete its probe into the Adani group. However, the Supreme Court, in oral arguments, said that it was inclined to give a three-month extension. Oral arguments do not necessarily match the final court order, which will likely be given on Monday. Ahead of that order, SEBI, in its filing, reiterated that the Adani group's transactions highlighted by Hindenburg for violating Indian laws are highly complex and included many sub-transactions across numerous jurisdictions.

☆ Two Adani Group firms to raise up to $2.57 billion from the market
▼ + stars: | 2023-05-13 | by ( ) 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. Two Adani group companies including the Indian conglomerate's flagship firm announced plans on Saturday to raise up to $2.57 billion from the market, months after a short-seller report battered investor confidence and drove share prices down. India's Adani Transmission said its board approved a plan to raise up to 85 billion rupees ($1.0 billion) from the stock market. Adani Enterprise said in a filing to exchanges that its board had approved plans to raise up to 125 billion Indian rupees ($1.53 billion) through similar modes. A planned $2.5 billion share sale by Adani Enterprise fell through in the wake of the scathing short-seller report.

☆ Short sellers haven't profited a lot from Hindenburg Research's salvo against Carl Icahn's investment firm
▼ + stars: | 2023-05-04 | by ( Zinya Salfiti | ) www.businessinsider.com time to read: +2 min

Short sellers haven't profited significantly from Hindenburg Research's recent report against Icahn Enterprises. That's because Wall Street investors remain hesitant to place bets against the billionaire owner Carl Icahn, Bloomberg reported. Short sellers have made just $9 million in mark-to-market profit, per S3 Partners data. Hindenburg also alleged that the company is "using money taken in from new investors to pay out dividends to old investors." The short seller's report on Gautam Adani's company shaved tens of billions off of its market cap and dealt a huge blow to the billionaire's net worth.

☆ Activist investor Carl Icahn's wealth plunged by $10 billion after a short-seller accused his company of running a 'Ponzi-like' structure
▼ + stars: | 2023-05-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Hindenburg Research released a report alleging "Ponzi-like" economic structures at Icahn Enterprises. Shares of Icahn Enterprises closed 20% lower at $40.36 on Tuesday. Activist investor Carl Icahn's wealth plunged by $10 billion on Tuesday after Hindenburg Research — a short-seller that took on one of Asia's richest men earlier this year — targeted Icahn Enterprises with a scathing report. As Icahn derives his wealth from an 89% stake in Icahn Enterprises, his fortune was hit by the rout. Insider was unable to reach Icahn Enterprises via phone outside regular business hours.

☆ The short seller that took on Asia's richest man has a new target: Wall Street legend Carl Icahn
▼ + stars: | 2023-05-02 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Hindenburg Research unveiled its short position against Carl Icahn's holding company on Tuesday. The short seller has also targeted Adani Group and payments company Block this year. Hindenburg Research, which earlier this year released a scathing report on Indian conglomerate Adani Group, unveiled its short position against Icahn Enterprises on Tuesday. Shares of Icahn Enterprises plunged nearly 20% shortly after the opening bell, trading at $41.49 at 10:05 a.m. Icahn Enterprises did not immediately respond to Insider's request for comment.

MUMBAI, NEW DELHI, April 29 (Reuters) - India’s market regulator has asked for a six-month extension to complete its probe into possible lapses in securities market laws and regulatory disclosures by billionaire Gautam Adani's Adani group, according to a court document seen by Reuters. SEBI and the Adani group did not immediately respond to a Reuters request for comment. The Supreme Court asked the regulator to conduct an inquiry into Adani after U.S.-based short-seller Hindenburg Research raised concerns around its governance practices in a January report. In its application, the regulator said it needed more time "to conduct a proper investigation and arrive at verified findings". The regulator said that it had received information from several Adani group entities.

☆ Norway’s giant sovereign wealth fund says there’s money to be saved by identifying ‘rotten apples’
▼ + stars: | 2023-04-18 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Norges Bank Investment Management CEO Nicolai Tangen says it is becoming increasingly important to identify as many "rotten apples" as it can. Norway's gigantic sovereign wealth fund believes it is becoming increasingly important to identify as many "rotten apples" as possible, saying there is money to be saved by reducing risks to companies whose state of health is not all as it seems. "We think it's becoming more and more important to put resources into finding what I call the 'rotten apples.' The Jan. 24 report accused Adani Group companies of "brazen stock manipulation and accounting fraud" — allegations that the conglomerate has denied. We'll never be able to spot all of the 'rotten apples', but we can try to find as many as we can."

☆ Adani trumpets stable ties to global banks in bid to ease investor worries, document shows
▼ + stars: | 2023-04-05 | by ( Aditya Kalra | ) www.reuters.com time to read: +3 min

The document, which was reviewed by Reuters, did not elaborate on how the lenders reaffirmed their commitment to the Adani group. Adani group did not respond to a request for comment. Mitsubishi UFJ Financial Group Inc (MUFG) (8306.T), Sumitomo Mitsui Financial Group Inc's (8316.T) SMBC unit, Mizuho Financial Group (8411.T), Standard Chartered (STAN.L) and Deutsche Bank (DBKGn.DE) did not immediately respond. CONCERNS ABOUT DEBTThe Hindenburg report had sparked concern among investors about banks' exposures to the Adani group. Now, 39% of Adani's debt is currently in the form of bonds, 29% is from global banks and 32% comes from public or private banks in India, the Adani document added.

☆ Exclusive: India regulator probing some Adani offshore deals for possible rule violations-sources
▼ + stars: | 2023-04-01 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +4 min

An Adani Group spokesperson said Vinod Adani is a member of the Adani family and is part of the promoter group, but he does not hold any managerial position in any of the listed Adani entities or their subsidiaries. Vinod Adani could not be reached for comment. Hindenburg's report eroded more than $100 billion in the value of shares in Adani group of companies. India's Supreme Court asked SEBI in March to investigate the Adani Group for any lapses related to public shareholding, related party rules or regulatory disclosures. SEBI's investigation into Adani's possible 'related party' transactions with offshore entities with links to Vinod Adani has not been reported before.

☆ India's disqualified Gandhi says he will not stop asking Modi questions
▼ + stars: | 2023-03-25 | by ( ) www.reuters.com time to read: +3 min

NEW DELHI, March 25 (Reuters) - Indian opposition leader Rahul Gandhi said on Saturday he had been disqualified from parliament because he has been asking the prime minister tough questions about his relationship with Gautam Adani, founder of the embattled Adani conglomerate. Gandhi, who represented India’s main opposition Congress party in parliament, lost his seat on Friday, a day after a court in the western state of Gujarat convicted him in a defamation case and sentenced him to two years in jail. The defamation case was filed in connection with comments Gandhi made in a speech that many deemed insulting to Prime Minister Narendra Modi. India's next general election is due by mid-2024 and Gandhi has recently been trying to revive the fortunes of his party. Modi’s enormous popularity remains intact despite the accusations of undue favours to the Adani group, approval ratings have shown.

☆ Twitter founder Jack Dorsey's net worth dropped by more than $500 million after US short seller Hindenburg targeted his payments company Block
▼ + stars: | 2023-03-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Jack Dorsey's wealth tumbled after Hindenburg Research targeted his payments company Block, per Bloomberg. The short seller alleged Block misled investors "with inflated metrics"Block's share price tumbled as much as 22% on Thursday on Hindenburg's report. Block's share price tumbled as much as 22% on Hindenburg's report before closing 15% lower at $61.88 apiece on Thursday. It said Hindenburg's attacks are designed "solely to allow short sellers to profit from a declined stock price." In 2020, Hindenberg accused electric truck maker Nikola of fraud, which also sent its share price slumping.

☆ The short seller who took on Adani and caused a $150 billion rout in the conglomerate's stock is releasing a new report — but it's not saying who's the next target yet
▼ + stars: | 2023-03-23 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Short seller Hindenburg Research teased it's releasing a new report. The research firm targeted the Adani Group in a January 24 report alleging manipulation and fraud. The research firm teased the upcoming report in a tweet on Wednesday, saying "New report soon — another big one." The report hit investor sentiment and sent Adani-related stocks into a tailspin, losing over $150 billion in about five weeks, according to Bloomberg. The Adani Group defended itself vigorously against Hindenburg's accusations, but the research firm also doubled down on its initial report.

☆ Billionaire Charles Schwab's wealth plunged nearly $3 billion after his brokerage's shares were hammered amid the banking crisis
▼ + stars: | 2023-03-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Shares of Charles Schwab Corp fell sharply amid the collapse of Silicon Valley Bank. Investors are worried as Charles Schwab Corp is sitting on a significant amount of unrealized losses on its bond assets. Charles Schwab Corp — while best known for its discount brokerage business — also provides banking and loan services. Charles Schwab Corp even sought to soothe investor jitters in a statement on Monday, saying it has enough liquidity to weather any volatility. Charles Schwab Corp did not immediately respond to Insider's request for comment sent outside regular business hours.

☆ India's Adani prepays $2.15 billion share-backed loans
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +1 min

March 12 (Reuters) - Adani Group said it had completed full prepayment of margin-linked share-backed financing worth $2.15 billion as part of its debt prepayment plan, before its deadline of March 31. Adani Group last year acquired Holcim AG's (HOLN.S) cement businesses in India – Ambuja Cements and ACC Ltd – for $10.5 billion, its largest-ever acquisition. Hindenburg's report alleged stock manipulation and improper use of tax havens, and flagged "substantial" debt levels, which the group has denied. Gautam Adani and his family have prepaid all borrowings backed by his conglomerate Adani Group's shares, senior executives told investors at a meeting in London, Bloomberg News reported last week. Reporting by Baranjot Kaur and Jahnavi Nidumolu in Bengaluru; Editing by David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Adani seeks to sell stake in Ambuja Cement for $450 mln to reduce debt - FT
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - Gautam Adani is seeking to sell a stake in Ambuja Cement (ABUJ.NS) for about $450 million, the Financial Times reported on Friday, citing people familiar with the matter. Adani on Thursday made a formal request to international lenders to sell 4% to 5% in Ambuja, his cement business, the report said. The Adani Group did not immediately respond to a Reuters request for comment. The embattled Adani Group last year acquired Holcim AG's (HOLN.S) cement businesses in India – Ambuja Cements and ACC Ltd (ACC.NS) – for $10.5 billion, its largest-ever acquisition. Ambuja Cements closed down 1.7%, while ACC ended down 0.7% on Friday.

☆ Adani fallout could have political implications for India in the longer term, economist says
▼ + stars: | 2023-03-08 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

The fallout from the Adani Group turmoil could have political implications for India, said a chief Asia Pacific economist at Natixis. While corporate governance issues affect countries globally, what is different about the Adani case for India is that its "highly political," Alicia Garcia Herrero told CNBC's "Squawk Box Asia" on Tuesday. Indian billionaire founder Gautam Adani has been under scrutiny after allegations in January from U.S. short-seller firm Hindenburg Research that accused the Adani Group of companies of fraud. Adani, India's top industrialist, has since lost his crown as Asia's wealthiest man. However, the long-term political fallout for India remains to be seen, the economist said.

☆ Embattled Adani Group receives a vote of confidence from U.S. asset manager
▼ + stars: | 2023-03-06 | by ( Seema Mody | ) www.cnbc.com time to read: +3 min

Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaks at the World Congress of Accountants in Mumbai on November 19, 2022. Indranil Mukherjee | AFP | Getty ImagesIndia's embattled industrialist Gautam Adani received a much-needed vote of confidence from a well-respected U.S. asset manager ahead of a crucial bond roadshow that's underway. "Controversy is part of how you get better returns," Jain told CNBC in an exclusive interview. Jain's investment follows a massive decline in Adani's stock price amid criticism of the Indian firm's practices. Shares of Adani Enterprises and Adani Ports are up 66% and 23% over the past seven days, respectively.

SYDNEY/BENGALURU, March 3 (Reuters) - Adani shares surged on Friday after a $1.87 billion investment in the group by GQG Partners Inc eased concerns about the group's ability to attract funding, while the conglomerate lined up more road shows to shore up investor confidence. Adani Group will hold road shows this month in London, Dubai and several cities in the United States, according to a document seen by Reuters. Overall, Adani group firms' net debt totalled $24.1 billion as of September 2022. Adani Green Energy and Adani Transmission jumped 5% each. Dollar bonds issued by Adani entities also rallied, with Adani Green Energy's 2024 bond adding 2.3 cents on the dollar to trade at 85.5 cents, while most bonds issued by Adani Ports and Special Economic Zone, Adani Transmission and Adani Electricity Mumbai rose by more than 1 cent.

☆ India court asks regulator to check on Adani's related party transactions
▼ + stars: | 2023-03-02 | by ( Arpan Chaturvedi | ) www.reuters.com time to read: +3 min

The Supreme Court of India also ordered the formation of an investor-protection panel amid sharp falls in the Adani group's shares. The Supreme Court asked SEBI to check "whether there has been a failure to disclose transactions with related parties" and "whether there was any manipulation of stock prices in contravention of existing laws". Seven listed companies of the Adani group have lost about $135 billion in value since the report was published. In its rebuttal, Adani said "all related party transactions are at arm's length, properly disclosed and reviewed/audited by statutory independent auditors". The court also formed a panel to be headed by a retired Supreme Court judge to examine how investor protection mechanisms can be strengthened.

The credit line from the sovereign wealth fund could be increased to $5 billion, the sources said, citing a memo that was circulated to participants as highlights of a three-day investor roadshow that ended on Wednesday. The identity of the sovereign wealth fund was not disclosed in the memo. A third person familiar with the matter said Adani's management told investors it was from the Middle East. The news comes a day after Adani management told bondholders that it expected to prepay or repay share-backed loans worth $690 million to $790 million by the end of March. Reporting by Xie Yu in Hong Kong and Scott Murdoch in Sydney; Editing by Sumeet Chatterjee, Jason Neely and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ Adani Group's problems are 'largely a liquidity-driven issue,' analyst says
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAdani Group's problems are 'largely a liquidity-driven issue,' analyst saysAbhishek Jain of Arihant Capital says Adani's "fundamentals won't run" in the short term.

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