DIRS.INFO The most relevant business & tech news

☆ Bitcoin could hit $150,000 by 2025, predicts Bernstein
▼ + stars: | 2023-10-31 | by ( Melina Khan | ) www.cnbc.com time to read: +2 min

The price of bitcoin could rise to $150,000 by 2025, Bernstein said Tuesday in a note citing optimism about a bitcoin exchange-traded fund. Bernstein analyst Gautam Chhugani said the firm expects the U.S. Securities and Exchange Commission to approve a bitcoin ETF by the first quarter of 2024. The only similar product is Grayscale's Bitcoin Trust , or GBTC, which presently holds around 3% of outstanding bitcoin, according to the note. Last week, the price of bitcoin reached $35,000, its highest level since May 2022. However, the court ruling does not guarantee the SEC will approve a bitcoin ETF.

Persons: Bernstein, Gautam Chhugani, Chhugani, Gary Gensler, FTX, Sam Bankman, Fried Organizations: U.S . Securities, Exchange Commission, SEC, BlackRock, Binance, CNBC

☆ Disney nears deal to sell $10-bln valued India business to Reliance -Bloomberg News
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

However, Disney may now sell a controlling stake in the business to Reliance, the Mukesh Ambani-controlled conglomerate whose streaming platform's success has weighed on the U.S. company's Indian business, Bloomberg reported. Reliance, whose broadcast venture Viacom18 runs JioCinema, values Disney's India assets, which comprises the Disney+ Hotstar streaming service and Star India, at between $7 billion and $8 billion, the report said. The enterprise value of the India business, Disney's biggest last year globally by users, was seen at around $15 billion to 16 billion when Disney took over Fox's business. The deal could be announced as early as next month, although no final decision has been made and Disney could still decide to hold onto the assets, Bloomberg reported. JioCinema has put increased pressure on Disney India and other streaming platforms, with Ambani marketing the platform by offering free access to the Indian Premier League cricket tournament, digital rights of which were earlier with Disney.

Persons: Dado Ruvic, Gautam Adani, Kalanithi Maran, Mukesh Ambani, JioCinema, Ambani, OTT, Karan Taurani, Taurani, Varun Vyas, Rama Venkat, Savio D'Souza Organizations: Disney, REUTERS, Rights, Reliance Industries, Bloomberg, Reuters, Sun TV Network, Blackstone, Reliance, Star India, Disney's, Disney India, Indian Premier League cricket, Elara Securities, Thomson Locations: India, Bengaluru

☆ The bitcoin safe haven trade is back on, says Bernstein
▼ + stars: | 2023-10-16 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

With recession fears swelling again, investors seeking a safe place to put their assets should be interested in bitcoin , says Bernstein. The cryptocurrency, which has grown in popularity among institutions for its "digital gold" qualities, has an "enviable return record" versus physical gold, Bernstein analyst Gautam Chhugani said in a note Monday. "Bitcoin's hard money properties makes it an attractive 'safe haven' asset. "The early stages of bitcoin adoption, naturally, makes it more attractive [than] gold, with bitcoin market cap at less than 5% of Gold's market value (of above ground reserves)." Jefferies also recently said bitcoin is a "critical hedge" against currency debasement and the return of inflation.

Persons: Bernstein, Gautam Chhugani, bitcoin, Bitcoin, Chhugani, Paul Tudor Jones, Jefferies, CNBC's Michael Bloom Organizations: CNBC Locations: U.S

Disney+ Hotstar logo is seen in this illustration taken August 22, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsMUMBAI, Oct 11 (Reuters) - Private equity firm Blackstone (BX.N) has held preliminary discussions with Walt Disney (DIS.N) to acquire a stake in the Indian arm of the entertainment firm, two sources familiar with the matter told Reuters on Wednesday. Blackstone-backed U.S. media firm Candle Media, founded by former Disney executives, led conversations between the two parties last week, one of the sources said. Indian newspaper The Economic Times first reported the talks earlier on Wednesday. Disney has also held talks with Indian billionaires Gautam Adani and Sun TV Network (SUTV.NS) owner Kalanithi Maran, Bloomberg News reported last week.

Persons: Dado Ruvic, Walt Disney, Blackstone, Gautam Adani, Kalanithi Maran, Mukesh Ambani's, M Sriram, Aditya Kalra, Christian Schmollinger, Stephen Coates Organizations: Disney, REUTERS, Rights, Blackstone, Reuters, Candle Media, Economic Times, Sun TV Network, Bloomberg News, Indian Premier League, Thomson Locations: Rights MUMBAI, India, Mumbai, New Delhi

The fund is called Gulf Asia Trade & Investment, the sources said. The Adani Group did not comment on the SEBI probe and its possible ties with the fund when contacted by Reuters. EZY had been incorporated in the British territory in 2006, while Gulf Asia was incorporated there in May 2011. In April 2014, Gulf Asia held $51.4 million worth of shares in Adani Enterprises and Adani Power (ADAN.NS). In March 2017, that had increased to $202 million in four group companies - Adani Enterprises, Adani Power, Adani Transmission and Adani Ports (APSE.NS), according to the OCCRP data.

Persons: Francis Mascarenhas, Nasser Ali Shaban, OCCRP, Hindenburg, Ahli, Gautam Adani, EZY, SEBI, Jayshree, Krishn Kaushik, Sumeet Chatterjee, Edwina Gibbs, Louise Heavens Organizations: Securities and Exchange Board of India, REUTERS, Adani, Gulf Asia Trade & Investment, Dubai, Reuters, Securities and Exchange, India's, Hindenburg, Adani Enterprises, Al, Trade, United Arab, British Virgin Islands, Gulf, EZY Global, EZY, Thomson Locations: Mumbai, India, British Virgin, Nasser Ali Shaban Ahli, Gulf, Gulf Asia, United Arab Emirates, British, Asia

☆ What are global firms with presence in Israel doing after Hamas attack
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +4 min

Following are the steps taken by the companies ranging from airlines to banks:TRAVELSeveral Asian, European and U.S. airlines have suspended direct flights to Tel Aviv. Delta Air Lines (DAL.N):The airline said it continues to monitor events in the region and has made the decision to cancel Delta-operated Tel Aviv flights through Oct. 31. Goldman Sachs (GS.N):The bank's employees at its office in Tel Aviv have been asked to work from home, a spokesperson said. TECHNvidia (NVDA.O):The world's largest maker of chips used for artificial intelligence and computer graphics said it had canceled an AI summit scheduled for Tel Aviv next week. CONSUMER AND RETAILH&M (HMb.ST):The clothing company said its local franchise partner has temporarily closed all stores in Israel.

Persons: Amir Cohen, El, Goldman Sachs, Morgan Stanley, Gautam Adani's, Jensen Huang, PHARMA Eli Lilly, Lilly, Priyamvada C, Mehr Bedi, Ananya Mariam Rajesh, Khushi, Jaiveer Singh, Samrhitha, Helen Reid, Sriraj Kalluvila, Shounak Dasgupta, Shinjini Organizations: Gaza, REUTERS, Palestinian, Hamas, Tel Aviv . Delta Air Lines, Royal, Chevron, JPMorgan Chase, Reuters, Bank of America, Bloomberg News, FedEx, TECH Nvidia, Tel, Inditex SA, PHARMA, Thomson Locations: Sderot, Israel, U.S, Tel Aviv, Royal Caribbean, Haifa Port, Zara, Bengaluru, London

☆ What are global firms with presence in Israel doing after Hamas attacks
▼ + stars: | 2023-10-09 | by ( ) www.reuters.com time to read: +2 min

A rocket launched from the Gaza Strip strikes an area near Sderot, southern Israel October 9, 2023. REUTERS/Amir Cohen Acquire Licensing RightsOct 9 (Reuters) - Global companies with a presence in Israel have temporarily shut some operations and asked employees to work from home following attacks by the Palestinian Islamist group Hamas over the weekend. BANKSJPMorgan Chase (JPM.N):The Wall Street bank has asked more than 200 employees in Israel to work from home, a source familiar with the matter told Reuters. Goldman Sachs (GS.N):The bank's employees at its office in Tel Aviv have been asked to work from home, a spokesperson said. CONSUMER AND RETAILH&M:The clothing company said its local franchise partner has temporarily closed all stores in Israel.

Persons: Amir Cohen, El, Goldman Sachs, Morgan Stanley, Gautam Adani's, Jensen Huang, Priyamvada C, Mehr Bedi, Ananya Mariam Rajesh, Helen Reid, Sriraj Kalluvila, Shounak Organizations: Gaza, REUTERS, Hamas, Royal, Chevron, JPMorgan Chase, Reuters, Bloomberg News, TECH Nvidia, Tel, Thomson Locations: Sderot, Israel, Palestinian, Tel Aviv, Royal Caribbean, U.S, Haifa Port, Bengaluru, London

☆ India's Adani Ports stock drops on Haifa port worries over Israel conflict
▼ + stars: | 2023-10-09 | by ( Sethuraman N R | ) www.reuters.com time to read: +2 min

Adani Ports is closely monitoring the conflict in Israel and is prepared with a business continuity plan, the company said in a statement. Haifa's contribution to Adani Ports' numbers is "relatively small" at 3% of the total cargo volume, the statement added. Shares of Adani Ports are down 2.1% this year, compared with nearly 8% gains in the broader Nifty 50 index (.NSEI). "The next couple of months are going to be volatile for Adani Ports as the war has just started and will trade with a negative bias ... Earlier in the year, Adani Ports completed the sale of its port in sanction-hit Myanmar for $30 million, significantly lower than its investment in the project.

Persons: Gautam Adani's, Adani, Avinash Gorakshakar, Indranil Sarkar, Dhanya Ann Thoppil Organizations: Hamas, Saturday, Ports, Profitmart Securities, Adani Ports, Adani Group, Sethuraman, Thomson Locations: BENGALURU, Israel, South Israel, Haifa, Haifa Port, Iran, Myanmar, Bengaluru

☆ Disney in talks with Adani, Sun TV to sell India assets -Bloomberg News
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

Disney is exploring various possibilities, including selling some of its Indian operations or a mix of assets from the unit, the report said, citing people familiar with the matter. Disney, Sun TV and the Gautam Adani-controlled Adani group did not immediately respond to Reuters' request for comment. Disney was exploring options to sell or find a joint venture partner for its India digital and TV business, Reuters reported in July. Disney has faced increasing pressure due to the emergence of Reliance Industries' (RELI.NS) streaming platform JioCinema, run by Asia's richest man, Mukesh Ambani. Ambani has been marketing his streaming platform by offering free access to the Indian Premier League cricket tournament, digital rights of which were earlier with Disney.

Persons: Dado Ruvic, Gautam Adani, Kalanithi Maran, Gautam, Disney, Mukesh Ambani, Ambani, Navamya Ganesh, Savio D'Souza Organizations: Disney, REUTERS, Rights, Sun TV Network, Bloomberg, Sun TV, Reuters, Reliance Industries, Indian Premier League cricket, Thomson Locations: India, Bengaluru

☆ India's Adani Group to build 10 GW solar manufacturing capacity by 2027 - ET
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. REUTERS/Amit Dave/File Photo/File Photo Acquire Licensing RightsBENGALURU, Oct 2 (Reuters) - India's Adani Group plans to build 10 gigawatts (GW) of integrated solar manufacturing by 2027, more than double its current capacity, the Economic Times reported, citing news agency PTI. The conglomerate owned by Indian billionaire Gautam Adani produces solar photovoltaic cells or solar PVs through Adani Solar, with a manufacturing capacity of 4 GW. Adani Solar has confirmed orders worth over 3,000 megawatts (MW), the report said, citing sources. India's current annual solar panel manufacturing capacity of 32 GW per annum falls short of the required 52 GW.

Persons: Amit Dave, Gautam Adani, Nandan Mandayam, Shailesh Organizations: Adani, REUTERS, Rights, Economic Times, PTI, Barclays, Deutsche Bank AG, Thomson Locations: Ahmedabad, India, Bengaluru

☆ India to set emission reduction mandates for 4 sectors, to start carbon trading from 2025 -sources
▼ + stars: | 2023-09-26 | by ( Sarita Chaganti Singh | ) www.reuters.com time to read: +3 min

REUTERS/Mukesh Gupta/File Photo Acquire Licensing RightsNEW DELHI, Sept 26 (Reuters) - India will set carbon emission reduction targets for four fossil fuel dependent sectors, as the Asian country looks to align its industry with the country's greenhouse emissions reduction target, two government officials said. The market trading cycle will be annual, they said. Companies which exceed their targets earn carbon credits that can be sold to firms which fall short of their goals. The carbon credits will be traded on the proposed carbon market provided under a legislation cleared by the Indian Parliament in December last year. The targets for reducing each sector's emissions are being set by a committee comprising of key ministries such as environment, power and renewable energy.

Persons: Mukesh Gupta, Adani, Gautam Adani, Sarita Chaganti Singh, Michael Perry Organizations: REUTERS, Reuters, United Nations, Renewable, Thomson Locations: Jammu, DELHI, India

☆ The crypto industry is not dead yet. BlackRock is about to revive it, says Bernstein
▼ + stars: | 2023-09-26 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

If you think crypto is dead, think again, says Bernstein's digital assets analyst. However, Bernstein says the crypto industry is alive and well — even if the price isn't reflecting that. Circuit sided with crypto investment giant Grayscale against the SEC, which had denied the company's application to convert its Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund. BlackRock , Fidelity , Franklin Templeton and Invesco are among the largest names attempting to launch bitcoin ETFs. There are applications for eight bitcoin ETFs, three ether ETFs and 15 ether futures ETFs.

Persons: Bernstein, Crypto, Gautam Chhugani, Joe, Franklin Templeton, Chhugani, — CNBC's Michael Bloom Organizations: Blackrock, U.S . Securities, Exchange, U.S, Appeals, SEC, Fidelity, Visa, PayPal Locations: BlackRock

☆ 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

☆ France's Total in talks to invest in Adani Green's projects - Bloomberg News
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsSept 14 (Reuters) - French oil major TotalEnergies (TTEF.PA) is in talks to invest in renewable energy projects developed by India's Adani Green Energy (ADNA.NS) as part of its clean energy push, Bloomberg News reported on Friday, citing unnamed sources. Total could invest about $700 million in the projects, the report said, citing one source. The Adani Group has denied wrongdoing. Adani Green shares were up 0.5% on Friday. Adani Green had in July said it approved raising 123 billion rupees through a qualified institutional placement.

Persons: Gonzalo Fuentes, India's, Adani, Gautam Adani's, Hindenburg, Adani Green, Evelyn Nikhila S, Ganesh, Mrigank Organizations: La Defense, REUTERS, Energy, Bloomberg, Adani, Thomson Locations: La, Paris, France, Bengaluru

☆ Britain's $4.5 billion digital bank Monzo debuts investments feature
▼ + stars: | 2023-09-12 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

MonzoMonzo, the $4.5 billion digital challenger bank, launched a feature that lets users make investments —marking its first foray into the massive financial investment market. Monzo Investments will allow users to start investing with as little as £1. With Monzo Investments, you can start from £1." MonzoThe investments pots feature will appear in a new part of the home screen on Monzo called Savings & Investments. Gautam Pillai, head of fintech research at the investment bank Peel Hunt, said Monzo's new investments feature could increase customer "stickiness."

Persons: Anil, Monzo Monzo, It's, Monzo, who've, they'll, Monzo's, they've, Zopa, Wise, we've, Gautam Pillai, Peel Hunt, Pillai Organizations: Investments, BlackRock, CNBC, Monzo, Monzo Investments, Savings, Starling Locations: Britain

[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

☆ Opna helps corporates invest in carbon removal. It just raised $6.5 million with this 11-slide pitch deck.
▼ + stars: | 2023-09-05 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

Opna, a startup that helps carbon removal projects get funded, just raised $6.5 million. Opna, which helps corporations invest in carbon removal or reduction projects, has just secured $6.5 million from European venture capital firm Atomico. The London-based startup, founded in 2022 as Salt, helps corporations find, fund, and monitor carbon removal projects. Carbon removal projects generate carbon credits, one of which represents one ton of Co2 removed from or prevented from entering the atmosphere. This led to market hesitation and a subsequent move to fund carbon removal projects directly via forward-purchasing and long-term off-take agreements.

Persons: Shilpika Gautam, Gautam, Opna, Tiny Organizations: Stripe's Frontier Fund Locations: London, India, Gaumukh, Atomico

☆ Bitcoin and crypto are about to embark on a 'much stronger fundamental' rally, Bernstein predicts
▼ + stars: | 2023-09-05 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

"The existing crypto market remains a low liquidity market, with limited new capital entering the space. Investors remain optimistic about the recent developments and what they could mean for the crypto market over the long term, however. The agency for years has maintained that various attempts at a bitcoin ETF didn't satisfy concerns about fraud and manipulation in the market. The ruling shot that down, noting that "bitcoin futures prices are ultimately based on spot market prices." "The industry push for Ethereum spot ETF follows immediately after, given ETH also has a similar market structure of a traded CME futures market ( > 2 years) and a spot market," he added.

Persons: Bernstein, Gautam Chhugani, bitcoin, Chhugani, Michael Bloom Organizations: U.S . Securities, Exchange Commission, U.S ., Appeals, SEC, ETH, BTC Locations: U.S, Solana

☆ 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

☆ Adani shares slide after report alleges 'opaque' offshore investment funds
▼ + stars: | 2023-08-31 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaking at the World Congress of Accountants in Mumbai on November 19, 2022. Shares of Adani Enterprises , as well as its subsidiaries, fell on Thursday following new allegations published by global investigative journalism network the Organized Crime and Corruption Reporting Project (OCCRP). Adani Enterprises fell 3%, while Adani Green Energy led losses among the group's subsidiaries, falling 3.3%. The OCCRP alleged in a report published Thursday that hundreds of millions of dollars were secretly invested into publicly traded stocks of the Adani Group via "opaque" funds based in Mauritius. The report claimed that, at one point in time, the value of both men's investment in Adani was worth $430 million.

Persons: Gautam Adani, Nasser Ali Shaban Ahli, Chang Chung, Ling Organizations: Adani, World, Accountants, Adani Enterprises, Energy, CNBC Locations: Mumbai, Mauritius, Adani

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

☆ A history of India's Dharavi slum and Adani's plans to redevelop it
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Aug 28 (Reuters) - Indian billionaire Gautam Adani aims to convert Mumbai's Dharavi slum into a modern city hub, while acknowledging that resettling its 1 million residents will be a challenging task. 2004-05: Maharashtra approves redevelopment of Dharavi and appoints Slum Rehabilitation Authority to plan the project. Dubai's SecLink consortium and India's Adani Group are among the bidders. Adani Group bids $614 million, India's DLF (DLF.NS) is among other bidders. 2023: State government awards the Dharavi project to Adani Group.

Persons: Gautam Adani, Dubai's, Adani, SecLink, SecLink doesn't, Dhwani Pandya, Aditya Kalra, David Crawshaw Organizations: Slum Rehabilitation Authority, Maharashtra Social Housing, Action League, India's, Adani, India's DLF, Dhwani, Thomson Locations: MUMBAI, Bombay, Mumbai, Maharashtra, Dharavi

Search resuls for: "Gautam"

25 mentions found