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☆ 3 big questions about the state of Goldman Sachs heading into its second-ever investor day
▼ + stars: | 2023-02-28 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

All eyes are on 200 West Street in lower Manhattan today, the global headquarters of Goldman Sachs and site of the bank's second-ever investor day. Goldman's first investor day, in 2020, included plenty of discussion about the importance of building out its consumer bank. Will new details emerge regarding the asset and wealth management division that show the business is heading in the right direction? Goldman's asset and wealth management division will likely get plenty of attention today. Speaking of David Solomon... Goldman's CEO appeared on a recent episode of the bank's podcast, "Exchanges at Goldman Sachs."

☆ Billionaire Gautam Adani, one of the world's richest people, has seen his net worth fall over $80 billion this year alone
▼ + stars: | 2023-02-27 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +3 min

Gautam Adani's net worth tumbled over $80 billion since the start of 2023, according to Bloomberg. Adani's net worth is now just shy of $40 billion, according to the latest tally on Monday on the Bloomberg Billionaires Index, and is down more than $80 billion this year. He started the year with a net worth of $121 billion, according to the Bloomberg index, marking this a nearly 67% loss in net worth. In the course of about a week of trading after that, his worth declined $52 billion, according to the Bloomberg Billionaires Index. Musk is still ranked in second place among the world's richest people, with a net worth of $180 billion, according to the Bloomberg Billionaires Index.

☆ Indian truckers say Hindenburg report was a godsend in Adani dispute
▼ + stars: | 2023-02-23 | by ( ) www.cnbc.com time to read: +1 min

Signage for the Adani Group in Mumbai, India on Feb. 9, 2023. Adani stocks fell, ending a two-day rally, after MSCI said it was reviewing the amount of shares linked to the group that were freely tradable in public markets. For truckers transporting cement from Adani's factories in a hilly north Indian state, a U.S. short-seller's critical research report on the giant conglomerate was a godsend they say helped them save their livelihoods. Truckers rejoiced, with a union leader in a street address labelling it as a victory after late-night talks with Adani. The settlement comes four weeks after U.S.-based Hindenburg Research accused Adani of stock manipulation and improper use of tax havens, allegations the group called baseless.

Adani argued the plants were "unviable" at the trucking rates it wanted to slash by around half. Truckers rejoiced, with a union leader in a street address labelling it as a victory after late-night talks with Adani. After the Hindenburg report, Congress has renewed its claims that Modi for years has unduly favoured Adani. The Adani group wanted freight rates to be lowered to around 6 rupees ($0.0725) per tonne per km, from around 11 rupees. "The Hindenburg report was a gift that saved our businesses."

☆ Adani's fall reignites scrutiny of billionaire's close ties with Modi
▼ + stars: | 2023-02-16 | by ( Sumathi Bala | ) www.cnbc.com time to read: +7 min

Ashok Swain Uppsala UniversityHindenburg's report has further sharpened the focus on the billionaire mogul's close ties with Modi. After Modi became prime minister, Adani continued to benefit from the relationship but on a much larger scale, said Swain. In his address to parliament last week, the prime minister seemed unfazed by the opposition's criticism and made no mention of Adani. "And you can never breach this safety shield with the weapons of abuse and lies," he said, as opposition lawmakers chanted "Adani, Adani." "Prime Minister Modi and I are from the same state.

☆ Adani Group hires banks to hold bond investor calls after market rout
▼ + stars: | 2023-02-15 | by ( Davide Barbuscia | ) www.reuters.com time to read: +3 min

NEW YORK, Feb 15 (Reuters) - India's Adani Group and two of its main subsidiaries caught up in a short-selling storm in recent weeks are to hold calls with bond investors on Feb. 16 and Feb. 21, according to a document seen by Reuters. The planned calls follow a long-awaited credit report issued by the Indian conglomerate earlier this week that said its companies faced no material refinancing risk, or near-term liquidity issues. According to the document sent to investors the call on Thursday for Adani Group will be attended by its Chief Financial Officer (CFO) Jugeshinder Singh and head of Group Corporate Finance Anupam Misra. An Adani Green Energy call also on Thursday will involve its CFO Phuntsok Wangyal, and an Adani Transmission call next week will be attended by its CFO Rohit Soni and CFO of Adani Electricity Kunjal Mehta. Rating agencies S&P Global and Moody's this month revised their outlooks to negative from stable for some of the group's companies, while index provider MSCI said it would cut the weightings of some Adani companies in its stock indexes.

SINGAPORE, Feb 13 (Reuters) - DBS Group (DBSM.SI) has a tightly managed exposure to India's Adani group of companies, the chief executive of Southeast Asia's largest bank said on Monday. DBS was among a group of banks which provided finance to Adani's $10.5 billion acquisition of Holcim's (HOLN.S) cement business in India last year. "They're solid, cash-generating companies, so we're not concerned about the exposure," Chief Executive Piyush Gupta told reporters after DBS reported quarterly results. The cement industry has huge potential, given the growth in the market, Gupta said, "and so that exposure is quite tightly managed." New York-based short-seller Hindenburg Research accused the Adani Group in a Jan. 24 report of stock manipulation and improper use of offshore tax havens that it said obscured the extent of Adani family stock ownership in group firms.

☆ India's largest insurer LIC says it may review stake in Adani after management meeting
▼ + stars: | 2023-02-13 | by ( Sumathi Bala | ) www.cnbc.com time to read: +4 min

watch nowIndia's largest insurer says it "might" review its stake in the embattled Adani Group after meeting with the management. "We propose to speak to them about this ... just to try and understand what's really happening within the organization, within the Adani group." In a further blow, global index provider MSCI last week said it will cut the weightings of some Adani Group businesses, including flagship firm Adani Enterprises. Still, the LIC chairman said the national insurer isn't too concerned about the conglomerate's high debt levels or the recent volatility in Adani's share price. Adani falloutThe Adani fallout has raised concerns about the group's exposure to India's leading banks and insurers.

[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.

☆ Indian regulator probes Adani's links to investors as Modi's office is briefed
▼ + stars: | 2023-02-10 | by ( ) www.cnbc.com time to read: +4 min

One of the sources said the focus of the probe would be whether any of the anchor investors are "connected" to the founder group. Last week, the group's flagship entity Adani Enterprises pulled its secondary share offering, India's largest ever, because of the sharp selloff. SEBI and the Adani Group did not respond to requests for comment about the investigation. 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. Modi's office and India's Ministry of Corporate Affairs did not respond to requests for comment about the regulatory probe into Adani after publication of the Hindenburg report.

One U.S. holder of Adani bonds looked to buy more this week but said his trade orders were not being executed because of lack of available paper. Another U.S. based emerging markets focused money manager who held Adani bonds said he was sitting tight on his position. Indian companies have not been prolific issuers of U.S. dollar bonds and Adani's bonds with secured assets were seen as providing direct, quality exposure to the fast-growing economy. Another source, a U.S. based hedge fund manager, said he was looking to short Adani's dollar bonds after the Hindenburg report but was finding it difficult to borrow bonds to sell. Bid-offer spreads, a measure of liquidity, widened significantly after the Hindenburg report, Tradeweb data showed.

☆ Adani Group reels after report from U.S. short-seller Hindenburg
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +4 min

It says it holds short positions in Adani Group companies through U.S.-traded bonds and non-Indian-traded derivative instruments. JAN. 26* Adani Group says it is evaluating "remedial and punitive action" against Hindenburg under U.S. and Indian laws. JAN 28* Index provider MSCI says it is seeking feedback on Adani Group and associated securities and is aware of the Hindenburg report. JAN 30* Adani Group issues a detailed riposte to the Hindenburg report, saying it complies with all local laws and had made the necessary regulatory disclosures. * Index provider MSCI says it will cut weightings of four Adani Group companies, including Adani Enterprises, in its indexes after reassessing the number of freely traded shares.

"Depending on the outcome of the MSCI review, we could see more pressure on select Adani group stocks." "MSCI has determined that the characteristics of certain investors have sufficient uncertainty that they should no longer be designated as free float ... This determination has triggered a free float review of the Adani Group securities," it added. Adani group did not respond to a Reuters request for comment. Adani Transmission (ADAI.NS), Adani Total Gas (ADAG.NS) and Adani Power (ADAN.NS) were each down 5%, while Adani Ports and Special Economic Zone (APSE.NS) were down nearly 2.9%.

☆ Norway wealth fund has sold its stakes in Adani companies
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

OSLO, Feb 9 (Reuters) - Norway's sovereign wealth fund has sold its stakes in three Adani Group companies worth just over $200 million since the start of the year, the world's largest stock investor said on Thursday. The $1.35 trillion fund at the end of 2022 held stakes in Adani Total Gas (ADAG.NS), Adani Ports & Special Economic Zone (APSE.NS) and Adani Green Energy (ADNA.NS). "We have monitored Adani for many years (on ESG) issues, many on their handling of environmental risks," he said. Norway's sovereign wealth fund at the end of 2022 held a stake in Adani Total worth $83.6 million, a stake in Adani Ports worth $63.4 million and a stake in Adani Green Energy of $52.7 million. The fund, managed by a unit of the central bank, owns 1.3% of all globally listed shares with stakes in some 9,200 companies.

☆ India's Adani still eligible to be part of influential JPMorgan bond indexes
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Feb 7 (Reuters) - India's Adani group of companies, which in recent weeks has seen a brutal selloff in its bonds and shares after being targetted by a U.S. short-seller, is still eligible for inclusion in JPMorgan's influential bond indexes, the bank said in a note. Adani, whose business interest includes ports, power generation and transmission, and renewable energy, has a total notional value of $7.7 billion in the JPMorgan's CEMBI and JACI indexes, the bank said on Monday. JPMorgan Corporate Emerging Market Bond Index series (CEMBI) tracks dollar debt issued by emerging market corporations, while its Asia Credit Index (JACI) tracks the total return performance of the Asia fixed-rate dollar bond market. After the release of Hindenburg's report, Adani's weight has decreased by 10 basis points to 36 basis points in the CEMBI Broad Div index and by 15 basis points to 48 basis points in the CEMBI Broad Div IG index, the JPMorgan note said. The Indian conglomerate's weight decreased by 16 basis points to 52 basis points in the JACI index, it added.

☆ Mark Mobius: Adani had 'big problems' that put me off, but India still looks appealing
▼ + stars: | 2023-02-07 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Investor Mark Mobius was put off Adani's massive planned share sale because of concerns about the group's debt pile and exposure to political risk, he told CNBC Tuesday. So that's one of the big problems that I had," Mobius said. His firm, Mobius Capital Partners, focuses on emerging markets and India is one of its top allocations. Companies including Adani Enterprises, Adani Transmission, Adani Green Energy, Adani Power and Adani Total Gas have plummeted in value since then, with the group shedding more than $113 billion from its market value. On Feb. 1, Adani called off a fully subscribed $2.5 billion sale of Adani Enterprises shares, citing the stock price movements.

☆ 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 says it will repay over $1 billion in debt ahead of schedule in a bid to halt stock-market rout
▼ + stars: | 2023-02-07 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Embattled Indian conglomerate Adani Group is paying back $1.1 billion in debt ahead of schedule. It's scrambling to halt a stocks rout that's wiped out over $110 billion in market value over the past fortnight. The selloff came after US short-seller Hindenburg Research accused the group of market manipulation and fraud. The borrowings were backed by Adani Ports, Adani Green Energy, and Adani Transmission – three of the group's companies that have seen their share prices plummet over the past fortnight. Adani said it had paid off its debt ahead of schedule "in light of recent market volatility and in continuation of the promoters' commitment to reduce the overall promoter leverage backed by Adani Listed Company shares."

☆ Adani rout deepens despite soothing words from India's government and billionaires
▼ + stars: | 2023-02-06 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

Indranil Mukherjee | Afp | Getty ImagesShares of most Adani Group companies fell further on Monday, continuing to drop as a feud between the conglomerate and short-seller firm Hindenburg deepened. Adani Green Energy , Adani Power and Adani Total Gas fell 5% each. The Sensex is the benchmark index of the BSE — formerly the Bombay Stock Exchange — and the Nifty 50 is the flagship index of the National Stock Exchange of India. Gautam Adani, chairman of Adani Group, speaks during the Forbes CEO Summit in Singapore, on Tuesday, Sept. 27, 2022. Adani Power is included on the long-term list, while Adani Enterprises, Adani Green Energy, Adani Ports and Special Economic Zone, Adani Transmission and Adani Total Gas are on the short-term list.

It is rare for investors to take short positions in securities of Indian companies. Securities rules in India also make it hard to quietly build short positions. Institutional investors are obliged to disclose their short positions upfront and there are other restrictions and registration requirements on foreign investors. In Adani, for example, Hindenburg held the short positions through U.S.-traded bonds and non-Indian-traded derivatives. China's strict investment rules make it all but impossible to take short positions in domestic-listed Chinese stocks from overseas.

☆ A top oil analyst explains Europe’s new fuel sanctions on Russia and how that impacts global energy markets
▼ + stars: | 2023-02-04 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

The flow of crude oil is seen in a container while an oilfield worker works on a drilling rig at an oil well operated by Venezuela's state oil company PDVSA Carlos Garcia Rawlins/ReutersMatt Smith is the lead oil analyst at Kpler. Phil Rosen: This week the EU has new sanctions and a price cap kicking in on Russian oil products, such as diesel. MS: They're one of the leading producers and leading exporters in the world, so we shouldn't expect that to change. What will influence this is how long this war goes on, and how detrimental that is to its energy industry. Demand for cardboard boxes has dropped to levels not seen since the 2008 financial crisis.

☆ India Vs China: Adani Selloff Clouds India Just As China Reopens
▼ + stars: | 2023-02-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

A crisis at the Adani Group is clouding over India just as China reopens. A US short seller report alleging market manipulation and fraud at the Adani Group has caused a market rout. The Adani Group has been defending itself vigorously, but Hindenburg has also doubled down on its initial report. Still, the development has rattled investor confidence, causing a market rout with listed companies under the Adani Group losing over $100 billion in market value so far this year. But, the Hang Seng and Shanghai Composite have recovered somewhat this year after China emerged from on-off pandemic lockdowns.

But the market turmoil led its flagship Adani Enterprises (ADEL.NS) to abandon a $2.5 billion secondary share offering on Wednesday, prompting concerns at lenders. 1 lender, SBI says the bank has about 270 billion rupees ($3.3 billion) in loans to Adani Group. Bank debt forms 38% of the total debt of 2.1 trillion rupees at the top five Adani companies, according to a Jefferies report. Senior executives at six other Indian lenders, with exposure to Adani companies, told Reuters they had also decided to tighten the credit approval process for Adani. India's central bank has asked local banks for details of their exposure to Adani companies, Reuters reported on Thursday, citing government and banking sources.

☆ Gautam Adani lost $52 billion in 6 days. That's over 3 times what Sam Bankman-Fried lost in a similar timeframe.
▼ + stars: | 2023-02-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Indian billionaire Gautam Adani lost $52 billion in net worth over six trading days. Shares in Adani Group companies have lost over $100 billion in market cap since a US short seller's fraud allegations. Adani — whose empire is under pressure from a US short seller — has already lost $52 billion in just six trading days, according to the Bloomberg Billionaires Index. Adani is now worth $61.3 billion and on the 21st spot on the Bloomberg Billionaires Index. The dramatic decline in Adani's net worth is because much of his wealth is derived from his stakes in his businesses.

☆ Fitch says no immediate impact on Adani ratings after Hindenburg report
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

Feb 3 (Reuters) - Ratings agency Fitch said on Friday it saw no immediate impact on its ratings of Adani Group entities and their securities, following U.S. short-seller Hindenburg Research's report last week. Hindenburg's scathing attack on the conglomerate questioned the firm's debt levels and use of tax havens, but the Group has called the report baseless and affirmed its financials are strong. Fitch has ratings on eight entities within the Adani group, including Adani Transmission Ltd (ADAI.NS), Adani Electricity Mumbai Ltd, and Adani International Container Terminal. The ratings agency added that it expected no material changes to Adani Group's cash flow forecast. The agency added there were no significant offshore bonds maturing in the near term, reducing refinancing risks and near-term liquidity risks.

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