Centre Rejects West Bengal's Tableau Proposal for Republic Day Parade

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.”

New Delhi, Jan 10: One woman reported a rape every 15 minutes on average in India in 2018, according to government data released on Thursday, underlining its dismal reputation as one of the worst places in the world to be female.

The highly publicised gang rape and murder of a woman in a bus in New Delhi in 2012 brought tens of thousands onto the streets across India and spurred demands for action from film stars and politicians, leading to harsher punishments and new fast-track courts. But the violence has continued unabated.

Women reported almost 34,000 rapes in 2018, barely changed from the year before. Just over 85% led to charges, and 27% to convictions, according to the annual crime report released by the Ministry of Home Affairs.

Women's rights groups say crimes against women are often taken less seriously, and investigated by police lacking insensitivity.

"The country is still run by men, one (female prime minister) Indira Gandhi is not going to change things. Most judges are still men," said Lalitha Kumaramangalam, former chief of the National Commission for Women.

"There are very few forensic labs in the country, and fast-track courts have very few judges," said Kumaramangalam, a member of Prime Minister Narendra Modi's Bharatiya Janata Party (BJP).

The rape of a teenager in 2017 by former BJP state legislator Kuldeep Singh Sengar gained national attention when the accuser tried to kill herself the following year, accusing the police of inaction.

Five months before Sengar was convicted last December, the accuser's family had to be provided with security after a truck crashed into the car she was in, injuring her and killing two of her relatives.

A 2015 study by the Centre for Law & Policy Research in Bengaluru found that fast-track courts were indeed quicker, but did not handle a high volume of cases.

And a study in 2016 by Partners for Law in Development in New Delhi found that they still took an average of 8.5 months per case - more than four times the recommended period.

The government statistics understate the number of rapes as it is still considered a taboo to report rape in some parts of India and because rapes that end in the murder are counted purely as murders.

Dubai, Mar 18: Emirates, one of the world's biggest international airlines, has asked pilots to take unpaid leave to help it mitigate the impact of the coronavirus pandemic that has shattered demand for global travel.

"To this end you are strongly encouraged to make use of this opportunity to volunteer for additional paid and unpaid leave," the airline said in an internal email to pilots, seen by Reuters.

Emirates earlier this month asked some staff to take unpaid leave, although at that time it was not available to pilots.