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☆ Kazakh fintech Freedom Holding is being investigated by DOJ, SEC, documents show
▼ + stars: | 2023-10-06 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

The SEC's Boston regional office has been probing Freedom for months, according to documents seen by CNBC and people familiar with the matter. The U.S. Attorney's Office for Massachusetts is also making preliminary inquiries into Freedom, documents seen by CNBC show. Nearly 115,000 Freedom shares changed hands in the first half hour of trading, 1.25 times the stock's 10-day average. Turlov and Freedom are aware of the SEC probe, which has been going on for months, a person familiar with the matter told CNBC. An SEC spokesperson told CNBC that it doesn't comment on the existence or nonexistence of an investigation.

Persons: that's, Timur Turlov, Turlov, Hindenburg, Citron Organizations: Nasdaq, Securities, Exchange, CNBC, Boston, Attorney's, Massachusetts, SEC, DOJ, Justice, Hindenburg, Citron Research, Las, Trump, Financial, Financial Industry, Authority, Freedom Locations: Almaty, Kazakhstan, Russian, U.S, Kazakh, Central Asia, Eastern Europe, New York, Las Vegas, New

☆ Total’s green bet on Gautam Adani is a win-win
▼ + stars: | 2023-09-21 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

On Tuesday, the company said it would invest $300 million to form a joint venture with $19 billion Adani Green Energy (ADNA.NS) to build solar and wind farms in the country. The latest tie-up ought to help Total to hit its target of having 100 gigawatts of renewable energy capacity by 2030. Adani Green Energy and Adani Total Gas (ADAG.NS), in which Total owned stakes of about 20% and 37% at the end of June, have lost about 50% and 80% of their market value since January, and are among the worst performing of the group’s nine core listed entities. Total’s green capacity targets may be more pressing than the risk of further Adani problems. Adani Green will contribute assets to the joint venture, it said in a statement, adding that the deal will help it achieve its target of having 45 gigawatts of renewable energy capacity by 2030.

Persons: Gautam Adani, Carmichael, Hindenburg, Patrick Pouyanné, Adani, Una Galani, Katrina Hamlin Organizations: Reuters, Adani Enterprises, Adani, Green Energy, Australia, GQG, Barclays, Deutsche Bank, Energy, Thomson Locations: Indian, Ahmedabad, Queensland, BENGALURU, –, India

[1/3] Traffic moves past the 'Bharat Mandapam', the main venue of the G20 Summit in New Delhi, India, September 5, 2023. U.S. President Joe Biden, British Prime Minister Rishi Sunak, Saudi Crown Prince Mohammed Bin Salman, Canadian Prime Minister Justin Trudeau and Japanese Prime Minister Fumio Kishida are expected to be part of the gathering in New Delhi. For years, Ambani and Adani have competed across a wide range of industries from telecoms to media, and energy to finance. Adani Group has denied any wrongdoing. Reliance Industries, Adani Enterprises, Tata Sons, Bharati Airtel, Aditya Birla Group and the Indian government did not reply to emails seeking comment on the invitation.

Persons: Mandapam, Adnan Abidi, Mukesh Ambani, Gautam Adani, Narendra Modi, Joe Biden, Rishi Sunak, Prince Mohammed Bin Salman, Justin Trudeau, Fumio Kishida, N, Kumar Mangalam Birla, Sunil Mittal, Ambani, Xi Jinping, Vladimir Putin, Modi, Adani, Sarita Chaganti Singh, Shivangi, Clarence Fernandez Organizations: REUTERS, British, Canadian, Japanese, Tata, Bharti Airtel, Reliance Industries, Adani, Hindenburg Research, Adani Enterprises, Tata Sons, Bharati Airtel, Aditya Birla Group, Thomson Locations: New Delhi, India, DELHI, Saudi

☆ India's Adani Group rejects OCCRP report it used 'opaque' funds to invest
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +2 min

Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. Adani Group said the 'misleading reports' had no substantial impact on the group's business performance, and said the group remained in compliance with the law. Nonprofit media organisation OCCRP reported on Thursday that millions of dollars were invested in publicly traded Adani Group stocks through funds in Mauritius, obscuring the involvement of alleged business partners of India's Adani family. The Adani Group, which is controlled by billionaire Gautam Adani, said it categorically rejected what it called recycled allegations in the OCCRP report "in their entirety". Shares in Adani Group companies dipped on Thursday amid renewed corporate governance concerns.

Persons: Gautam Adani, Amir Cohen, India's, Jyoti Narayan, Louise Heavens Organizations: Adani Group, Haifa Port, REUTERS, Adani, Qatar Investment Authority, GQG Partners, Nonprofit, Hindenburg Research, Thomson Locations: Haifa, Israel, Mauritius, Bengaluru

☆ Adani blasts ‘Soros-funded interests’ after media raise new questions about business empire
▼ + stars: | 2023-09-01 | by ( Mark Thompson | ) edition.cnn.com time to read: +6 min

The documents were unearthed by the non-profit Organized Crime and Corruption Reporting Project (OCCRP), which counts billionaire George Soros’ Open Society Foundations among its financial backers, and its research was shared with media including The Guardian and the Financial Times. It is also backed by the US State Department, the UK Foreign Office and the Ford Foundation. The Financial Times said people familiar with the structures had claimed “parallel sets of books and a Russian doll of companies and funds” at the investment firm were used to mask the trades. When Hindenburg published its report in late January, it pitched 88 questions to Adani that cast doubt on his conglomerate’s financial health. Speaking to reporters in Mumbai on Thursday, Rahul Gandhi, a prominent lawmaker from India’s main opposition Congress party, urged Modi to investigate the allegations put forward by the Financial Times and The Guardian and criticized his silence on the matter.

Persons: Gautam, “ Soros, George Soros, OCCRP, Narendra Modi, Adani, “, OCCRP’s, Drew Sullivan, Hindenburg, —, ”, SEBI, ” Adani, Modi, Rahul Gandhi, ” Gandhi, Michelle Toh, Rhea Mogul Organizations: London CNN, Adani, Guardian, Financial Times, CNN, Soros, US State Department, Foreign Office, Ford Foundation, Indian, Adani Group, Hindenburg Research, Society Foundations, Securities and Exchange Board of India, ” Reuters, India’s Locations: Adani, Bermuda, Russian, Mauritius, India, Mumbai

☆ Adani fault lines raise bar for India’s regulator
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Indian billionaire Gautam Adani speaks during an inauguration ceremony after the Adani Group completed the purchase of Haifa Port earlier in January 2023, in Haifa port, Israel January 31, 2023. It was a hunt an Indian panel probing allegations of stock manipulation warned might be "a journey without a destination". Adani on Thursday rejected OCCRP’s claims, saying they are based on decade-old closed cases. Shares of Adani Total Gas (ADAG.NS), a joint venture with France’s Total, and Adani Power (ADAN.NS) and Adani Enterprises (ADEL.NS) fell 2.5%, 3.5% and 3% respectively. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Gautam Adani, Amir Cohen, Gautam, Hindenburg, Madhabi Puri, she’s, Nasser Ali Shaban Ahli, Taiwan’s Chang Chung, Ling, Vinod Adani, Gautam Adani’s, Adani, OCCRP’s, Mukesh Ambani’s, Didi, Antony Currie, Thomas Shum Organizations: Adani Group, Haifa Port, REUTERS, Rights, Reuters, India’s Securities, Exchange Board of India, United Arab Emirates, France’s, Adani Enterprises, X, Thomson Locations: Haifa, Israel, Madhabi Puri Buch, Una

The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. Citing review of files from multiple tax havens and internal Adani Group emails, nonprofit media organization OCCRP said its investigation found at least two cases where the investors bought and sold Adani stock through such offshore structures. Adani Group has called Hindenburg's claims misleading and without evidence and said it always complied with laws. The panel in May said the regulator had so far "drawn a blank" in investigations into suspected violations in overseas investments in the Adani group. In an interview with a reporter from the Guardian, OCCRP said Chang said he knew nothing about any secret purchases of Adani stock.

Persons: Amit Dave, OCCRP, Adani, Hindenburg, HINDENBURG, Gautam, India's, Nasser Ali Shaban Ahli, Chang Chung, Chang, Aditya Kalra, Krishn Kaushik, Lisa Shumaker Organizations: Adani, REUTERS, Adani Enterprises, NEW, Hindenburg Research, Reuters, Guardian, Thomson Locations: Ahmedabad, India, NEW DELHI, Mauritius, Ahli

The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. Citing review of files from multiple tax havens and internal Adani Group emails, nonprofit media organization OCCRP said its investigation found at least two cases where the investors bought and sold Adani stock through such offshore structures. Adani Group has called Hindenburg's claims misleading and without evidence and said it always complied with laws. Adani Group did not immediately respond to a Reuters request for comment on the OCCRP report. In an interview with a reporter from the Guardian, OCCRP said Chang said he knew nothing about any secret purchases of Adani stock.

Persons: Amit Dave, OCCRP, Adani, Hindenburg, Gautam, India's, Nasser Ali Shaban Ahli, Chang Chung, Ling, Chang, Aditya Kalra, Krishn Kaushik, Lisa Shumaker Organizations: Adani, REUTERS, DELHI, Hindenburg Research, Reuters, HINDENBURG, Securities, Exchange Board of India, Guardian, Thomson Locations: Ahmedabad, India, Mauritius, Ahli

☆ Indian regulator's probe faults Adani group on disclosure rules -sources
▼ + stars: | 2023-08-28 | by ( Jayshree P Upadhyay | ) www.reuters.com time to read: +3 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. India's Supreme Court, which is overseeing SEBI's investigation of the Adani group, is set to hear the matter on Tuesday. But SEBI has no plans to make the report public until the regulator has passed its orders on the Adani investigation, one of the sources said. In its January response to Hindenburg's accusations, the Adani group said all related party transactions had been fully identified and disclosed. But it was not immediately clear what penalties the regulator will eventually recommend in the Adani investigation.

Persons: Amit Dave, India's, Gautam, SEBI, Jayshree, Clarence Fernandez Organizations: Adani, REUTERS, The Securities, Exchange Board of India, Hindenburg Research, Thomson Locations: Ahmedabad, India, Indian

☆ Hidden investors took over Corizon Health, a leading prison healthcare company. Then they deployed the Texas Two-Step.
▼ + stars: | 2023-08-21 | by ( Nicole Einbinder | Dakin Campbell | ) www.businessinsider.com time to read: +63 min

The nurse practitioner on duty that day was employed by Corizon Health, Inc., one of the nation's largest private prison healthcare providers. Under federal law, a bankruptcy judge may respond to evidence of self-dealing or perjury by appointing a trustee to take control of the bankrupt company, bankruptcy experts told Insider. Just six months before the Garcia family was scheduled to have their day in court, Corizon filed for bankruptcy. "The Corizon bankruptcy is presently in a court ordered mediation, and we are seeking a global resolution for all the parties involved." Goldberger's attorney, Joseph Haspel, responded to queries with a statement saying that "Mr. Goldberger is a passive investor" in Corizon, Tehum, YesCare, Perigrove, and Perigrove 1018.

Persons: Hector Garcia, Garcia, wriggling, Adria Malcom, Corizon, Bryan Baker, —, Doña Ana, Corizon ., Garcia's, Daniel Jimenez, Gina Macias, Belen Lowery, Hector Garcia , Jr, it's, Johnson, Tehum, Sen, Elizabeth Warren, I've, Isaac Lefkowitz, James Hyman, YesCare, Lefkowitz, Ian Cross, Lynn LoPucki, Tracey Grissom, William Kelly, Kelly, Hector Garcia Jr, Hector Jr, Ricky, he'd, Hector Garcia's, Ana County , New Mexico Hector Jr, Matt Coyte, Coyte, Hyman, didn't, Sara Tirschwell, Kholood, Tirschwell, Jason S, Ana County, Nick Tomecek, Christopher Atkinson, Wendy McGee, McGee, Stephanie Kiger, Anita Skipper, Atkinson, He's, Simche Steinberger, England, Steinberger's, Steinberger, Michael Flacks, Sylvia Jarrus, Cross, he's, David Gefner, Abraham Goldberger, Gefner, Perigrove, Terrence A, they'd, Oved, Goldberger, CHS Dana Anna, Flacks, Moneyman, Joel Landau, Joseph Haspel, Haspel, Andrew Levander, Landau, James Hyman's, It's, Genesis, David Harrington, Bill de Blasio, there'd, Hindenburg, David Paterson, Mark Roe, availing, Dick Durbin, Gefner . Lefkowitz, Tirschwell —, Davidson Kempner, Tim Hunter, Tirschwell's, catastrophically, Tirschwell's playbook, Jeff Sholey, Sholey, Steven Storch, Daniel's Organizations: Detention, Insider, Corizon Health, Inc, Housing, University of Missouri Health Care, Arizona Department of Corrections, Rehabilitation, Senate Banking Committee, Court, Middle, University of Florida, Alabama, futon, Health Services, New, Arizona, BlueMountain Capital Management, Flacks, Revenue, Corizon, New York Times, Tehum Care Services, CHS, YesCare Holdings, Okaloosa, Wyoming Department of Corrections, University of West, YesCare, Public, Alabama Department of Corrections, . Alabama Department of Corrections, Tehum, US, University of Missouri, LinkedIn, Flacks Group, Consulate Health Care, Justice Department, YesCare Corp, United Staffing Solutions, Charlotte, CHS Okaloosa, United, Solutions, Pharmacorr, Trade Center, Securities and Exchange Commission, Hindenburg Research, Alabama Department, Corrections, Geneva Consulting, Genesis Healthcare, Trade, Geneva, New York Stock Exchange, Pinta Capital Partners, The, Pinta Capital, New York Gov, Staffing Solutions, DG Realty, Harvard Law School, ACLU, Public Justice, Lawyers, Seven Trade, World Trade, Gefner, Southern, Southern District of Texas, The Alabama Department of Corrections, Southern Poverty Law Center, Medicare, Services, Quest Turnaround Advisors, New York City, Republican, city's Campaign Finance, CFB, Campaign Finance, Finance Locations: Ana, Las Cruces , New Mexico, facility's, Doña, Jimenez's, Las Cruces, Houston, New, Rockland County, Texas, Middle District, Tennessee, Michigan, Virginia, New York, Oregon, Idaho, New Mexico, Ana County , New Mexico, Corizon, Florida, New York City, A, York, Nashville, Missouri, Brentwood , Tennessee, Delaware, Okaloosa, Florida's panhandle, Okaloosa County, Okaloosa County , Florida, University of West Florida, YesCare, Wyoming, Shawnee County , Kansas, Bernalillo County , New Mexico, Tehum, Perigrove, Suffern, Brooklyn, America, Manhattan, Suffern , New York, Geneva, nonpayment, United States, Rivington, Alabama, Southern District, Wexford, Maine, Corizon's Texas, Mexico, Tirschwell's, YesCare Corp

☆ Corporate America’s Chief Critic, Carl Icahn, Gets His Comeuppance
▼ + stars: | 2023-08-21 | by ( Maureen Farrell | More About Maureen Farrell | ) www.nytimes.com time to read: +1 min

He said Mr. Anderson did not call him before publishing the report, denying him the opportunity to present his side of things. Short sellers borrow stock held by big investors and sell it in the open market, betting that its price will fall. If they bet right, they can buy the borrowed shares back at the lower price, return them and pocket the difference. Mr. Icahn said he buys and holds stocks for years and makes changes from the inside. (As of July 31, he said, his investors would have an annualized return of 12.8 percent compared to 6.9 percent for the S&P 500).

Persons: Carl, ”, Mark Stevens, Icahn, Mr, Anderson, Nikola, ” Mr, “ I’m Organizations: Hindenburg Research, Adani

☆ GQG Partners buys additional stake in Adani Ports
▼ + stars: | 2023-08-19 | by ( ) www.reuters.com time to read: +1 min

Traffic moves past the logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad, India, February 2, 2023. REUTERS/Amit Dave/File Photo Acquire Licensing RightsAug 19 (Reuters) - Investment firm GQG Partners raised its stake in Adani Ports And Special Economic Zone Ltd (APSE.NS) on Aug. 17 to 5.03% after buying more shares, GQG said in a disclosure on Saturday. GQG Partners, which held a 4.93% stake in Adani Ports, acquired another 0.10% or 2.2 million shares of the company through a bulk deal, the disclosure made late on Saturday said. The investment comes after Deloitte quit as auditor for Adani Ports, in the first such move after U.S. short-seller Hindenburg Research's critical report on the Adani group that was published in January. Reuters reported last Wednesday that GQG partners bought an 8.1% stake in Adani Power for $1.1 billion via block deal.

Persons: Amit Dave, GQG, Hindenburg, Jose Joseph, Tomasz Janowski, Toby Chopra, Jane Merriman Organizations: Adani, REUTERS, GQG Partners, Deloitte, Adani Ports, Reuters, Thomson Locations: Ahmedabad, India, Adani Ports, Power, Bengaluru

☆ Hindenburg Research targets $4.6 billion Kazakh brokerage for allegedly helping Russian oligarchs evade sanctions
▼ + stars: | 2023-08-15 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Timur Turlov, CEO of Freedom Finance brokerage speaks to Reuters during the interview in the office in Moscow, Russia October 10, 2019. Freedom Holding Corp. was founded in Moscow in 2008, before later moving to Kazakhstan, and listed on the Nasdaq in 2019. After Russia invaded Ukraine early last year, U.S. sanctions essentially severed ties between American and Russian banks and companies. But according to a report from Hindenburg on Tuesday, those ties remain tight. One former senior executive alleged to Hindenburg that Russian money laundering was rampant.

Persons: Timur Turlov, Jack Dorsey's Block, Carl Icahn, Freedom, Hindenburg's, Hindenburg, OFAC, I've Organizations: Freedom Finance, Reuters, Hindenburg Research, Freedom Holding, Nasdaq, Freedom, noncompliance, U.S . Treasury Department's, Foreign Assets, SEC, European Union, Freedom's, Ukraine Locations: Moscow, Russia, Kazakhstan, Ukraine, Hindenburg, Russian, United Kingdom, Belizean

[1/2] A bird flies past the new logo of the Securities and Exchange Board of India (SEBI) at its headquarters in Mumbai, India, April 19, 2023. REUTERS/Francis Mascarenhas/File PhotoAug 14 (Reuters) - India's market regulator has sought 15 more days to complete its probe into the Adani group's dealings, it said in a filing before the country's Supreme Court. SEBI has sought more information from other regulators and foreign jurisdictions to plan a further course of action. The group's listed companies lost more than $100 billion in market value earlier this year after U.S.-based Hindenburg Research raised several governance concerns. Reporting by Jayshree P Upadhyay in Mumbai; Editing by Savio D'Souza and Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Francis Mascarenhas, SEBI, Jayshree, Savio D'Souza, Jacqueline Wong Organizations: Securities and Exchange Board of India, REUTERS, The Securities, Exchange Board of India, Hindenburg Research, Thomson Locations: Mumbai, India

☆ Adani Enterprises weighs exiting $6 bln Wilmar venture - Bloomberg News
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +1 min

Workers transport tins of edible oil inside a storeroom of Adani Wilmar Ltd at Mundra, 375 km (233 miles) from the western Indian city of Ahmedabad, June 10, 2009. REUTERS/Amit Dave/File PhotoAug 8 (Reuters) - India's Adani Enterprises (ADEL.NS) is exploring selling its stake in its consumer-staple joint venture with Wilmar International (WLIL.SI), Bloomberg News reported on Tuesday, citing people familiar with the matter. Deliberations are at an early stage and Adani Enterprises may decide to keep its stake, the report said. Adani Enterprises and Wilmar did not respond to Reuters requests for comment, while Adani Wilmar said it would not like to comment on the report. Last week, Adani Wilmar reported loss in the first quarter, hurt by a steep decline in edible oil prices.

Persons: Wilmar, Amit Dave, Adani, Gautam Adani, Adani Wilmar, Shubhendu Deshmukh, Shounak Dasgupta, Shilpi Majumdar Organizations: REUTERS, Adani Enterprises, Wilmar, Bloomberg, Adani, Hindenburg, Thomson Locations: Mundra, Indian, Ahmedabad, India, Bengaluru

A partial counterweight to Apple for the S&P 500 and Nasdaq was Amazon.com. Amazon's rise were an 11-point positive for the S&P 500. Reuters GraphicsAverage hourly earnings rose 0.4% in July, unchanged from the previous month, exceeding expectations, taking the year-on-year increase in wages to 4.4%. DraftKings' (DKNG.O) shares rose 5.8% after the sports-betting firm raised its fiscal year 2023 revenue outlook. The S&P 500 posted 19 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 54 new highs and 91 new lows.

Persons: dents, jitters, Said Greg Bassuk, Brendan McDermid, Carl Icahn, DraftKings, Echo Wang, Shubham Batra, Bansari, Savio D'Souza, Shounak Dasgupta, Shinjini Ganguli, Louise Heavens, David Gregorio Our Organizations: Companies, Apple, Dow, Nasdaq, AXS Investments, Treasury, Labor Department, Reuters, New York Stock Exchange, REUTERS, Microsoft, Dow Jones, Icahn Enterprises, Hindenburg, NYSE, Thomson Locations: New York, Ukraine, China, New York City, U.S, Bengaluru

The yield on the 10-year benchmark note dipped on Friday after the jobs data, but still remained above 4%, partly boosting some megacap stocks. "At this point in some ways the jobs data doesn't do much to the Fed. Giving solid boost to the S&P 500 index, Amazon.com shares (AMZN.O) surged 10.9% after the company issued an upbeat third-quarter outlook. Of the 422 companies in the S&P 500 that have reported quarterly earnings as of Friday, 79.1% have beat analysts' estimates, according to Refinitiv data. Amgen (AMGN.O) gained 6.2% after it reported a higher quarterly profit on strong sales of its cholesterol, osteoporosis and other drugs.

Persons: Brendan McDermid, David Russell, Stocks, Carl Icahn, DraftKings, Shubham Batra, Bansari, Savio D'Souza, Shounak Dasgupta, Shinjini Organizations: New York Stock Exchange, REUTERS, Apple, Dow, Nasdaq, Labor Department, Data, Reuters, Fed, Treasury, Microsoft, Dow Jones, Icahn Enterprises, Hindenburg, NYSE, Thomson Locations: New York City, U.S, Bengaluru

Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network's Neil Cavuto show in New York February 11, 2014. REUTERS/Brendan McDermid/File PhotoAug 4 (Reuters) - Carl Icahn-owned investment firm Icahn Enterprises (IEP.O) on Friday halved its quarterly payout, months after short-seller Hindenburg Research accused it of operating a "Ponzi-like" structure to pay dividends. Hindenburg said on Friday it remained short on the company, in a post on messaging platform X, formerly known as Twitter. "Icahn Enterprises will eventually cut or eliminate its dividend entirely, barring a miracle turnaround in investment performance," Hindenburg said when it had announced its short position. "We do not intend to let a misleading Hindenburg report interfere with this practice (of distributing dividends)," Icahn Enterprises said in a statement.

Persons: Carl Icahn, Neil Cavuto, Brendan McDermid, Hindenburg, Icahn, Niket, Milla Nissi Organizations: FOX Business, REUTERS, Icahn Enterprises, Hindenburg, Enterprises, Thomson Locations: New York, Bengaluru

☆ Carl Icahn's investment firm cuts dividend months after Hindenburg report
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: 1 min

Billionaire activist-investor Carl Icahn gives an interview on FOX Business Network's Neil Cavuto show in New York February 11, 2014. REUTERS/Brendan McDermid/File PhotoAug 4 (Reuters) - Icahn Enterprises (IEP.O) on Friday said it would cut its dividend payout months after short seller Hindenburg Research accused the investment firm of operating a "Ponzi-like" structure to pay dividends. The investment firm, owned by Carl Icahn, said it would distribute $1 per depositary unit to its investors, lower than its usual quarterly dividend of $2 per unit. Shares of Icahn Enterprises fell 24% in premarket trading. Reporting by Niket Nishant in Bengaluru; Editing by Milla NissiOur Standards: The Thomson Reuters Trust Principles.

Persons: Carl Icahn, Neil Cavuto, Brendan McDermid, Niket, Milla Nissi Organizations: FOX Business, REUTERS, Icahn Enterprises, Hindenburg, Thomson Locations: New York, Bengaluru

☆ Shares of Carl Icahn’s Firm Tank After Dividend Is Cut
▼ + stars: | 2023-08-04 | by ( Maureen Farrell | More About Maureen Farrell | ) www.nytimes.com time to read: +1 min

Shares of Icahn Enterprises, the firm led by the billionaire financier Carl C. Icahn, fell as much as 30 percent on Friday after the saber-rattling investor, under pressure from a short seller, said his firm would halve its quarterly dividend and refocus on the style of activist investing that brought him his fame and fortune. The announcement comes three months after Hindenburg Research, the short seller, released a report questioning the financials of Icahn Enterprises, and whether it had the wherewithal to continue paying a dividend to shareholders. Hindenburg, led by Nathan Anderson, accused Mr. Icahn’s firm of running “Ponzi-like economic structures.” Short sellers profit when stock prices fall. The plunging stock price of Icahn Enterprises is the latest setback for the 87-year-old investor who, for more than four decades, has taken on publicly traded companies and pressured their chief executives to make changes. Including the drop on Friday, shares of Mr. Icahn’s firm are down roughly 50 percent since Hindenburg released its report on May 2.

Persons: Carl C, Nathan Anderson, Mr, Icahn’s, Hindenburg Organizations: Icahn Enterprises, Hindenburg Research, Mr

☆ Stocks making the biggest moves midday: Amazon, Apple, Block, Tupperware and more
▼ + stars: | 2023-08-04 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Apple reported earnings per share for the fiscal third quarter of $1.26, 7 cents more than expected by analysts polled by Refinitiv. The company posted adjusted earnings of $37.62 per share on revenue of $5.46 billion in the second quarter. Fortinet posted 38 cents in adjusted earnings per share, while analysts polled by Refinitiv expected 34 cents per share. Dropbox posted 51 cents in adjusted earnings per share, while analysts surveyed by Refinitiv anticipated 46 cents. The company reported adjusted earnings per share of 18 cents Thursday, topping the 10 cents expected from analysts polled by StreetAccount.

Persons: Tupperware, Carl Icahn's, Hindenburg, Jack Dorsey, Nikola —, Nikola, Fortinet, Refinitiv, Opendoor, DraftKings, Dropbox, Sprout, Raymond James, —, Samantha Subin, Hakyung Kim, Pia Singh, Michelle Fox, Yun Li Organizations: Apple, Refinitiv, Revenue, Holdings, Icahn, Fortinet, Technologies, Refinitiv . Revenue, Tagger Media, Exchange, Citi, StreetAccount, Petrobras —, JPMorgan Locations: U.S, Canada

☆ Carl Icahn’s company stock drops 23% after IEP slashes quarterly dividend in half
▼ + stars: | 2023-08-04 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Icahn's company has been on a roller-coaster ride since the Nathan Anderson-led short seller took a public short position in May, alleging "inflated" asset valuations, among other reasons. Shares of IEP, a holding company that is involved in myriad businesses including energy, automotive and real estate, tumbled nearly 44% in the second quarter. Shares of Carl Icahn's conglomerate Icahn Enterprises experienced a sharp sell-off Friday after the firm slashed its quarterly dividend in half amid notable short seller Hindenburg Research's campaign. Hindenburg took issue with IEP's high dividend yield, saying it's "unsupported" by the company's cash flow and investment performance. Icahn Enterprises on Friday reported a net loss of $269 million for the second quarter, more than doubling the loss of $128 million from the same quarter a year ago.

Persons: Nathan Anderson, Carl Icahn's, Hindenburg, Icahn Organizations: Icahn Enterprises, Enterprises, Trans, Airlines

☆ Bain to buy 90% stake in Adani Capital and Adani Housing
▼ + stars: | 2023-07-23 | by ( Akanksha Khushi | ) www.reuters.com time to read: +2 min

July 23 (Reuters) - U.S.-based investment firm Bain Capital said on Sunday that it has entered into an agreement to acquire 90% of Adani Capital and Adani Housing, buying out all of the Adani family's private investments in the company. Gaurav Gupta will retain the remaining 10% stake in Adani Capital and will continue to serve as its Managing Director and CEO, Bain said. Adani Capital is the non-banking financial arm of the Adani group which started its lending operations in 2017. The transaction, which is expected to close in the fourth quarter of this year, aims to position Adani Capital as a standalone company to expand lending, Bain said. Adani group stocks have recovered by around $50 billion since the Hindenburg-triggered stock rout early this year after Gautam Adani assured investors and repaid debt.

Persons: Gaurav Gupta, Bain, Gautam Adani, Gupta, Akanksha, Hugh Lawson, Andrea Ricci Organizations: Bain Capital, Adani, Hindenburg, Bain, Thomson Locations: Gautam, Bengaluru

☆ India's Adani confident of governance and disclosure standards, chairman says
▼ + stars: | 2023-07-18 | by ( ) www.cnbc.com time to read: +1 min

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

☆ 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

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