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☆ Adani Group slams US short seller Hindenburg over fraud allegations
▼ + stars: | 2023-01-30 | by ( Diksha Madhok | ) edition.cnn.com time to read: +4 min

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.

☆ Why a tiny American firm is taking aim at an Indian conglomerate
▼ + stars: | 2023-01-30 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

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.

☆ Gautam Adani’s business loses $50 billion in market value after short seller report
▼ + stars: | 2023-01-27 | by ( Diksha Madhok | ) edition.cnn.com time to read: +3 min

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.

☆ Gautam Adani, Asia's richest man, slams short-seller Hindenburg's claims as 'baseless' and 'malicious'
▼ + stars: | 2023-01-25 | by ( Diksha Madhok | ) edition.cnn.com time to read: +4 min

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.

☆ Gautam Adani, Asia's richest man, is addicted to ChatGPT
▼ + stars: | 2023-01-23 | by ( Diksha Madhok | ) edition.cnn.com time to read: +4 min

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.

☆ India is set to become the world’s most populous country. Can it create enough jobs?
▼ + stars: | 2023-01-17 | by ( Diksha Madhok | ) edition.cnn.com time to read: +5 min

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.

☆ Bosch to invest a billion dollars on EV parts centre in Suzhou, China
▼ + stars: | 2023-01-13 | by ( Diksha Madhok | ) edition.cnn.com time to read: +1 min

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.

☆ TSMC: World's top chip maker mulls global expansion with plants in Europe, Japan
▼ + stars: | 2023-01-13 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

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.

☆ Dream11: This Indian company will make employees pay a hefty fine if they bother colleagues on vacation
▼ + stars: | 2023-01-12 | by ( Diksha Madhok | ) edition.cnn.com time to read: +1 min

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.

☆ Yes, there are some products you really should skip at TJ Maxx - but here's a few more you should definitely buy
▼ + stars: | 2023-01-07 | by ( Bethany Biron | ) www.businessinsider.com time to read: +2 min

We consulted a shopping expert and several blogs and online reviews to find the best and worst products at TJ Maxx. Here are 23 products to buy at TJ Maxx and eight to consider skipping. According to the shopping expert Michelle Madhok, TJ Maxx's primary appeal is the opportunity for discovery. Another expert tip is to hit TJ Maxx on Wednesdays, which is when most of the stores restock with new products, Madhok said. With that in mind, here are 23 products to buy at TJ Maxx and eight you should skip.

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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☆ One third of world economy expected to be in recession in 2023, says IMF chief
▼ + stars: | 2023-01-02 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

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.

☆ 17 products that are worth buying at Dollar Tree — and 15 more you should skip
▼ + stars: | 2022-12-28 | by ( Bethany Biron | ) www.businessinsider.com time to read: +2 min

We consulted a shopping expert and several blogs and online reviews to find the best and worst products at Dollar Tree. Here are 15 products to buy at Dollar Tree and 15 to consider skipping. Today, Dollar Tree — which includes its namesake brand as well as Family Dollar and Dollar Tree Canada — has more than 16,000 stores in North America and consistently posts increasing sales. Plus, in addition to using Dollar Tree coupons, you can also use manufacturer coupons to maximize discounts, she added. With that in mind, here are 17 items to buy at Dollar Tree and 15 items to skip.

☆ Twitter down: Thousands of global users struggle to login but Elon Musk says it ‘works for me’
▼ + stars: | 2022-12-28 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

“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.

☆ Lionel Messi’s World Cup photos are most-liked Instagram post ever
▼ + stars: | 2022-12-21 | by ( Diksha Madhok | ) edition.cnn.com time to read: 1 min

☆ TSMC ups its Arizona chipmaking investment to $40 billion ahead of Biden’s visit
▼ + stars: | 2022-12-06 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

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.

☆ Binance pauses withdrawals after warning two crypto tokens may have been hacked
▼ + stars: | 2022-12-02 | by ( Diksha Madhok | ) edition.cnn.com time to read: 1 min

☆ Binance still has big growth plans despite crypto market meltdown
▼ + stars: | 2022-12-01 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

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.

☆ India's 2022 remittances on track for record $100 billion, says World Bank
▼ + stars: | 2022-12-01 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

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.

☆ Premarket stocks: Consumers are keeping the economy afloat... for now
▼ + stars: | 2022-11-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

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.

☆ Bitfront: The crypto winter claims another casualty after FTX's collapse
▼ + stars: | 2022-11-29 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

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.

☆ Singapore's monetary authority defends its treatment of Binance after FTX 'debacle'
▼ + stars: | 2022-11-22 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

“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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