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The share sale — the largest offering by a company already listed on India’s stock market — had closed successfully just 24 hours earlier. But a brutal day of trading Wednesday wiped billions more off the value of his companies, including Adani Enterprises. The conglomerate has seen its value plunge by about $90 billion since the Hindenburg report was published. “Today the market has been unprecedented, and our stock price has fluctuated over the course of the day,” Adani said in a statement. Then the Hindenburg report landed.
So, how did a relatively young and small New York financial research firm manage to bring the Adani juggernaut to a juddering halt? Much of his fortune is tied up in the sprawling Adani Group, which he founded over 30 years ago. This is not the first time analysts have expressed fear that the rapid expansion of Adani businesses comes with huge risk. In its response, Adani Group said that the “leverage ratios” of its companies “continue to be healthy and are in line with the industry benchmarks in the respective sectors. Adani Group “is not going anywhere,” said Rajat Sharma, founder of financial advisory firm Sana Securities.
Since the release of Hindenburg’s report, Adani’s business empire has lost more than $70 billion of its stock market value. Fast expansionThe 60-year-old tycoon founded the Adani Group over 30 years ago, and is seen as a close ally of India’s current prime minister, Narendra Modi. In its response, the Adani Group portrayed the US short seller’s report as an “attack” on India and its investors. Hidenburg had concluded its report last week with 88 questions for the Adani Group. Adani Enterprises is aiming to raise 200 billion rupees ($2.5 billion) by issuing new shares this month.
New York CNN —Asia’s richest man is in the crosshairs of a research firm whose very name evokes panic. Gautam Adani is a 60-year-old tycoon who founded the Adani Group over 30 years ago, building it into India’s largest port operator, with businesses spanning infrastructure and energy production. Hindenburg said Adani Group shares are massively overvalued, and it has taken a short position (more on that in a minute) on them, meaning Hindenburg wins when Adani shares fall. What is Hindenburg Research? Hindenburg is a short-seller that specializes in forensic financial research, founded in 2017 by Nathan Anderson.
New Delhi CNN —The value of Gautam Adani’s business empire has crashed by more than $50 billion this week since Hindenburg Research, a US firm that makes money from short selling, published a blistering report accusing it of fraud. India’s Adani Group has denounced Hindenburg’s allegations as “baseless” and “malicious,” and it is considering legal action. But the sharp sell-off in shares, which began Wednesday, accelerated Friday after US hedge fund billionaire Bill Ackman said he found the short seller’s report credible. Adani Enterprises is aiming to raise 200 billion rupees ($2.5 billion) by issuing new shares this month. The 60-year old tycoon founded the Adani group over 30 years ago.
Shares of Adani’s companies have surged in the last few years, making him Asia’s richest man. In 2021, shares in Adani’s companies tumbled after The Economic Times newspaper said that foreign funds that hold stakes worth billions of dollars were frozen by the country’s National Securities Depository. Its report on the Adani Group comes at a sensitive time. Later this week, Adani Enterprises, the conglomerate’s flagship company, is aiming to raise 200 billion rupees ($2.5 billion) by issuing new shares. Last year, CreditSights, a research firm owned by Fitch Group, published a report about Adani Group titled “Deeply Overleveraged” in which it expressed strong concerns about its debt-funded growth plans.
New Delhi CNN —Asia’s richest man Gautam Adani says he is addicted to ChatGPT, the powerful new AI tool that interacts with users in an eerily convincing and conversational way. “But there can be no doubt that generative AI will have massive ramifications,” Adani wrote in his post, adding that generative AI holds the “same potential and danger” as silicon chips. Chipmaking has emerged recently as a new flashpoint in US-China tensions, with Washington blocking sales of advanced computer chips and chip-making equipment to Chinese companies. Many of Adani companies have become leading players in their respective sectors. A college dropout and a self-made industrialist, Adani is worth over $120 billion, making him the world’s third richest man, ahead of Jeff Bezos and Bill Gates.
The net worth of Hui Ka Yan, chairman of real estate developer China Evergrande, has plunged nearly 93%, according to the Bloomberg Billionaires Index. Once the second-richest person in Asia, Hui’s wealth has fallen from $42 billion at its peak in 2017 to about $3 billion, Bloomberg said. Evergrande is China’s most indebted developer with $300 billion in liabilities, and has been at the heart of the country’s real estate troubles since 2021. Real estate and related industries account for as much as 30% of GDP. The bulk of Musk’s wealth is tied up in Tesla, which saw its stock plunge 65% in 2022.
New Delhi CNN —India will overtake China this year to become the world’s most populous country. That’s because India is simply not creating employment opportunities for the millions of young job seekers already entering the workforce every year. A huge crowd thronged India Gate on New Year's Eve on December 31, 2022 in New Delhi, India. The country needs to create at least 90 million new non-farm jobs by 2030 to absorb new workers, according to a 2020 report by McKinsey Global Institute. But, according to a former central banker, even this growth is “insufficient.”“A lot of this growth is jobless growth.
New Delhi CNN —Bosch, the German engineering and technology company, is planning to invest $1 billion to make components for new energy vehicles in China, the world’s largest car market. The company plans to build a research, development and manufacturing facility for parts for new energy vehicles and automated-driving technology in Suzhou, a city in the country’s east, Bosch said in a statement on Thursday. It plans to invest around $1 billion in the project over the next years, the statement added. “China is the world’s largest auto market, full of promise and vitality. Bosch has had a presence in China since 1909 and employs around 55,000 people in the country.
New Delhi CNN —Semiconductor giant Taiwan Semiconductor Manufacturing Company (TSMC) may expand its global manufacturing footprint even further. The company is considering opening its first plant in Europe and a second one in Japan, its CEO CC Wei said in an earnings call on Thursday. TSMC, which produces an estimated 90% of the world’s super-advanced chips, has already upped its investment in the United States. The company announced last year that it’s building a second semiconductor factory in Arizona and raising its investment there from $12 billion to $40 billion. The company is also considering building a second fab in Japan, “as long as the demand from customers and the level of government support makes sense,” he said.
New Delhi CNN —Getting urgent work emails from colleagues even during vacation? This is a common occurrence for many white-collar workers, especially in India where employees feel overworked and underpaid compared to their global peers, according to several studies over the years. Dream11, a fantasy gaming platform, will fine its employees 100,000 rupees ($1,200) if they contact colleagues with “work-related calls or messages” during their time off. Under the policy, called Unplug, employees log off from all office work for seven days in a year. According to the World Health Organization (WHO), working long hours is killing hundreds of thousands of people a year through stroke and heart disease.
CNN —The ruling Taliban has signed a deal with a Chinese company to extract oil from northern Afghanistan’s Amu Darya basin as the radical Islamist group attempts to bolster the South Asian nation’s increasingly impoverished and isolated economy. The agreement with China’s Xinjiang Central Asia Petroleum and Gas Co is the first major international energy extraction deal the Taliban has signed since taking control of Afghanistan in 2021. Baradar referred to the deal as being in Afghanistan’s best interests, adding that it would strengthen the country’s economy, the statement said. In December, the UN suspended some of its “time-critical” programs in Afghanistan in the wake of the Taliban’s ban on female NGO workers. The Taliban last month also suspended university education for all female students in Afghanistan, drawing condemnation from around the world.
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New Delhi CNN —This year is going to be tougher on the global economy than the one we have left behind, the International Monetary Fund’s (IMF) chief Kristalina Georgieva has warned. “Half of the European Union will be in recession,” Georgieva added. The IMF currently projects global growth to be at 2.7% this year, slowing from 3.2% in 2022. “For the first time in 40 years China’s growth in 2022 is likely to be at or below global growth,” Georgieva said. “Before Covid, China would deliver 34, 35, 40% of global growth.
“User reports indicate Twitter is having problems since 7:13 pm EST,” according to outage detection site Downdetector, where many of the issues were reported. Over 10,000 users had reported trouble with accessing the platform on Wednesday evening, according to Downdetector data. Twitter did not immediately respond to a request for comment, but its new owner Elon Musk tweeted on the platform that it “works for me,” in response to a user query. Meanwhile, some users, including CNN journalists, were met with an error message that read “Something went wrong, but don’t fret – it’s not your fault. Let’s try again.”According to Downdetector, it was desktop users of the platform, rather than those accessing it on mobile, who were most likely to be affected.
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New York CNN Business —Taiwan Semiconductor Manufacturing Company is upping its investment in the United States, announcing Tuesday that it’s building a second semiconductor factory in Arizona and raising its investment there from $12 billion to $40 billion. On Tuesday afternoon, Biden plans to visit the manufacturer’s site in Phoenix and speak about bringing jobs and investment to the state. TSMC previously announced that it was building a $12 billion facility in Arizona that will eventually manufacture 3-nanometer chips, TSMC’s most advanced technology. The White House is touting the new investments as a direct result of Biden’s economic plan, including the $200 billion CHIPS and Science Act. The facility Biden will visit Tuesday in Phoenix is slated to begin producing chips in 2024.
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New Delhi CNN Business —Binance is expanding into new markets even as the crypto industry grapples with turmoil unleashed by the spectacular collapse of crypto exchange FTX. The world’s biggest cryptocurrency exchange has acquired Sakura Exchange BitCoin (SEBC), a crypto exchange registered in Japan, Binance said on its website Wednesday. The deal would allow Binance to enter the world’s third biggest economy as a regulated entity. The purchase of SEBC marks Binance’s first license in East Asia, the company said. “We will actively work with regulators to develop our combined exchange in a compliant way for local users,” said Takeshi Chino, general manager of Binance Japan.
Asia’s third largest economy is on track to receive more than $100 billion in yearly remittances in 2022, according to a World Bank report published Wednesday. India had received $89.4 billion in remittances in 2021, according to the World Bank, making it the top recipient globally last year. “Remittance flows to India were enhanced by the wage hikes and a strong labor market in the United States,” and other rich countries, the bank said. Apart from India, the other top recipient countries for remittances in 2022 are expected to be Mexico, China, and the Philippines. Globally, remittances to low and middle income nations are expected to grow an estimated 5% to $626 billion this year, it added.
What’s happening: Americans appear to be indulging in a healthy dose of retail therapy despite stubbornly high inflation and the possibility of a recession ahead. Consumer spending is a major driver of the economy, and the last two months of the year can account for about 20% of total retail sales — even more for some retailers, according to NRF. But when the Federal Reserve is actively trying to squash high inflation rates, they risk becoming a fly in the ointment. “Consumers’ spending is more or less unfazed not only by high inflation, but also the rate hikes intended to get prices under control,” economists at Wells Fargo wrote. The high rate of spending could agitate investors in this good-news-is-bad-news economy because it adds to inflationary pressures.
New Delhi CNN Business —Bitfront, a crypto exchange backed by Japanese social media app Line, is shutting down after failing to overcome turmoil in the industry. The announcement by the US-based exchange comes at a time when the market for digital assets is grappling with financial contagion unleashed by the spectacular collapse of another crypto exchange, FTX. Its decision to shut down the exchange came on the same day crypto lender BlockFi filed for bankruptcy. BlockFi, founded in 2017 by Zac Prince and Flori Marquez, made loans to customers using crypto assets as collateral. Shortly after filing for Chapter 11, BlockFi filed a lawsuit against FTX founder Sam Bankman-Fried’s Emergent Fidelity Technologies, demanding he turn over collateral that BlockFi claims it is owed.
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“While both Binance and FTX are not licensed here, there is a clear difference between the two: Binance was actively soliciting users in Singapore while FTX was not,” the MAS said. “With regard to FTX, there was no evidence that it was soliciting Singapore users specifically.”Regulators are expected to step up their oversight of the industry as a result of its worst-ever turmoil. Unlike other industry players, Binance has emerged relatively unscathed during what some are calling a “crypto winter,” which refers to the sector’s ongoing global liquidity crisis. FTX, by comparison, recently filed for bankruptcy after failing to secure a lifeline from Binance over its own money troubles. In recent weeks, investor Sequoia Capital and Singapore’s state-owned investment firm, Temasek, have each written down the value of their respective FTX stakes down to $0.
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