EC bars Guj BJP from using 'Pappu' in electronic advertisement

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.”

Thiruvananthapuram, Apr 9: The Kerala government has set up five COVID-19 helpdesks for non-resident Keralites in countries which have a substantial number of Pravasi Malayalis.

Addressing a press conference here Kerala Chief Minister Pinarayi Vijayan on Wednesday said: "In order to address the concerns and issues faced by the non-resident Keralites, we have set up five dedicated COVID helpdesks in countries where we have a substantial number of Pravasi Malayalis."

The helpdesks started by Norka Roots will be managed locally by persons and voluntary organisations active among non-resident Keralites. The Kerala government has requested the Indian Ambassadors in various places to cooperate with these helpdesks.

The Chief Minister also informed that online medical services would be made available to the non-resident Keralites through the Norka Roots website.

"Pravasi Malayalis can consult prominent doctors in Kerala by audio or video calls through the website, with prior registration. The services of various speciality doctors will be available from 2 pm to 6 pm IST," he said.

Currently, registration for the Norka Pravasi ID card is only available for the Malayali expatriates residing or working abroad for a period of not less than six months. "Now students from Kerala studying abroad can also avail this facility. The overseas student registration service would enable them to get Insurance benefits and discounts on flight tickets. This registration will be mandatory for all students presently studying abroad as well as for those going abroad, from now on," Vijayan said.

The Pravasi ID card is a multi-purpose photo identity card that entitles every non-resident Keralite to avail all services and facilities offered by Norka Root. The card comes with an add-on Personal Accident Insurance (PAI) coverage. Two prominent airlines are offering a discount on the base fare for air tickets booked by Norka Id card holders.