Bengaluru’s Indu first woman lawyer to become SC judge: 5 things you need to know about her

Mar 10: Indian energy tycoon Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks.

The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and pushed him to No. 2 on the list of Asia’s richest people, according to the Bloomberg Billionaires Index. Ma, the Alibaba Group Holding Ltd. founder who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.

Oil plunged the most in 29 years on Monday as Saudi Arabia and Russia vowed to pump more in a struggle for market share. The slump comes just as the coronavirus is spurring the first decline in demand in more than a decade. That raises questions about whether Ambani’s flagship Reliance Industries Ltd. will be able to cut net debt to zero by early 2021, as he has pledged. The plan hinges on a proposal to sell a stake in the group’s oil and petrochemicals division to Saudi Arabian Oil Co., the world’s biggest crude producer.

While the coronavirus has curtailed some of tech giant Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

Reliance Industries, by comparison, has no such silver lining. The Indian conglomerate’s shares plunged 12% on Monday, the most since 2009, extending this year’s decline to 26%. Alibaba’s American depositary receipts have slipped 6.8% so far in 2020.

Ma reclaims crown after Reliance shares were pummeled in 2020.

Few of the world’s billionaires fared well in Monday’s collapse as the S&P 500 Index and Dow Jones Industrial Average each plunged more than 7.5%, the most since the 2008 financial crisis, threatening to end the longest bull market in history. But no one did worse than those whose fortunes are underpinned by oil. Wildcatter Harold Hamm’s fortune was cut almost in half to $2.4 billion and fellow oil magnate Jeff Hildebrand lost $3 billion, bumping both from Bloomberg’s 500-member wealth ranking.

In a pivot toward new businesses such as telecommunications, technology and retail, Ambani’s Reliance Industries has piled on billions of dollars of debt over the years.

It spent almost $50 billion -- most of it funded by borrowings -- to build Reliance Jio Infocomm Ltd., which became India’s No. 1 wireless carrier within about three years of its debut. As the mobile venture took off, Ambani also unveiled plans for an e-commerce empire to rival Amazon.com Inc. in India.

Addressing concerns over the liabilities, Ambani pledged in August to cut the group’s net debt to zero from about $21 billion as of last March. The Aramco deal is crucial to that plan for which Reliance Industries has valued its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the 20% stake that’s for sale.

Signs of a potential delay to that deal unnerved some investors, hammering the stock since it touched a record high on Dec. 19.

Reliance Industries expected the Aramco transaction to be completed by March, but people familiar with the matter said in February that talks were still ongoing to bridge differences between the two parties over the deal’s structure.

Adding to the uncertainty, Indian Prime Minister Narendra Modi’s administration has petitioned a court to halt the proposed stake sale, threatening a key source of funds needed to pare net debt.

But Ambani, 62, may soon bounce back from the setback, said Harish H.V., managing partner at ECube Investment Advisors in Bengaluru, India.

“The game isn’t over,” he said. “Ambani has successfully built a robust business model which would keep him in the game. Moreover, his telecom business will start yielding results in coming years.”

Mumbai, Jan 7: Facing criticism from social media and political quarters for holding a 'Free Kashmir' poster during a protest against violence at Jawaharlal Nehru University (JNU), Mehak Prabhu, a Mumbai-based storyteller, on Tuesday clarified that she meant to highlight the restrictions imposed in Jammu and Kashmir and wishes to see peace in the region, adding she had no other motive behind her actions.

"At around 7 pm yesterday, I reached where the protest was happening at the Gateway of India. Like anybody else who believes in democracy, I also joined that protest. We were standing for justice to the JNU students," Prabhu said in a video posted on Facebook.

"I saw a bunch of people who were painting placards on every issue like NRC, CAA and for JNU students. There was a placard lying on the side which said 'Free Kashmir'. The first thing which came to my mind when I saw that placard was about the basic constitutional rights of Kashmiris," she said.

Prabhu also said that she was not a Kashmiri and was brought up in Mumbai. She outlined that she was standing with a flower in her hand and asserted that the entire matter was "completely blown out of proportion".

"I was quietly standing with a flower in my hand. This means we need to make peace together. That was my only intention in holding that placard. The narrative that has been put out is absolutely wrong," she said, describing the reactions to the matter was "crazy".

The Mumbai-based storyteller underlined that the incident is scary and urged the people to spread the words of what she said and not hatred.

"The way it has gone, it is very scary. I am a simple person. As a woman, it is very scary for my safety right now. Spread this side of my story and let's stop it here. Let us not spread the hate. It has happened to me, it can happen to anyone. We should not live in fear," Prabhu further said.

New Delhi, Apr 17: A total of 3,336 Indians tested positive for coronavirus in 53 countries while 25 others died of the infection, government sources said on Thursday.

They said the Indians stranded abroad will have to be patient as the government is not evacuating them as part of a larger policy decision to check the spread of the coronavirus in the country.

"They need to be patient and stay where they are. Our missions have been told to extend all possible help to the stranded Indians," said a source.

According to the sources, evacuation of around 35,000 foreign nationals from 48 countries has been facilitated so far from India.

The sources said the majority of Indians who tested positive for the coronavirus infection are living in the Gulf region. A sizeable number of Indians staying in France and the US have also tested positive.

They said that Indian missions in the Gulf region have been told to extend all possible assistance to the Indians in distress.

Around eight million Indians are living in the Gulf countries and there has been growing anxiety among them over their livelihood in view of the pandemic as it has majorly impacted the oil-driven economy of the region.

Almost all Gulf countries have taken a series of drastic measures including imposing total lockdown, travel restrictions and even closing borders to stem the spread of the coronavirus infection.

The United Arab Emirates has already warned of possible action against countries refusing to allow their citizens to return.

Around 3.3 million Indians are living in the UAE and they constitute roughly 30 per cent of the country's population. Among the Indian states, Kerala is the most represented followed by Tamil Nadu and Andhra Pradesh.

A large number of Indians are working in the construction sector in Qatar which is hosting the FIFA World Cup in 2022.

As a matter of policy, India has decided not to bring back the stranded Indians from abroad till the nationwide lockdown ends.

The issue of Indians in Gulf region figured prominently during Prime Minister Narendra Modi's video conference with heads of Indian missions abroad on March 30.

Welfare of Indians in the Gulf was the major focus area in the discussions Modi had with leaders of countries in the region over the last few weeks, officials said.