Mukesh Ambani loses Asia wealth crown to Jack Ma in $5.8 billion rout

News Network
March 10, 2020

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.”

Comments

SmR
 - 
Tuesday, 10 Mar 2020

The curses of the bank depositors savings which vanished with collapsing economy and fraudlent seems to have gradully affecting riches of Ambani's.

 

AU
 - 
Tuesday, 10 Mar 2020

in Holy Quran Allah says; but they plan and Allah plans, and Allah is the best planners..(Surah Al Anfal 8:30)

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News Network
May 15,2020

New Delhi, May 15: A group of doctors from the AIIMS, Raipur has recommended restrictions on the use of mobile phones in healthcare institutions amid the COVID-19 pandemic, warning that such devices can be a potential carrier of the virus and lead to infection among healthcare workers.

In a commentary published in the BMJ Global Health journal, the doctors stated that mobile phone surfaces are a peculiar 'high-risk' surface, which can directly come in contact with the face or mouth, even if hands are properly washed and one study indicates that some healthcare workers use phones every 15 minutes to two hours.

Though there have been many significant guidelines from various health organisations like the WHO and CDC focusing on prevention and control of disease, the commentary highlighted "there is no mention of or focus on mobile phones in these guidelines, including the WHO infection control and prevention guidelines, which recommends the use of handwashing".

In healthcare facilities, phones are used to communicate with other health care workers, look up recent medical guidelines, research drug interactions, understand adverse events and side effects, conduct telemedicine appointments and track patients among others, stated the document.

The document has been authored by Dr Vineet Kumar Pathak, Dr Sunil Kumar Panigrahi, Dr M Mohan Kumar, Dr Utsav Raj and Dr Karpaga Priya P from the Department of Community and Family Medicine.

"In their tendency to come in direct contact with the face, nose or eyes in healthcare settings, mobile phones are perhaps second only to masks, caps or goggles," the authors said.

"However, they are neither disposable nor washable like these other three, thus warranting disinfection. Mobile phones can effectively negate hand hygiene... There is growing evidence that mobile phones are a potential vector for pathogenic organisms," they said.

It is the need of the hour to address proper hygienic use of mobile phones in healthcare settings. In a study in India, almost 100 per cent of health workers of a tertiary care hospital used mobile phones in the hospital, but only 10 per cent of them had at any time wiped their mobile phones clean, the commentary published on April 22 said.

"The safest thing to do is to consider your phone as an extension of your hand, so remember you are transferring whatever is on your phone to your hand," Dr Pathak said.

Amidst the ongoing pandemic, two biggest mobile phone companies have uploaded their user support guidelines, saying that 70 pc isopropyl alcohol or Clorox Disinfecting Wipes can be used to gently wipe the exterior surface of phones in switched-off mode.

However, in doing so, the use of bleach or entry of moisture through any of the openings must be avoided, and any harsh chemical may damage the oleophobic screen, leading to damage in the touch screen sensitivity of the phone, the article stated.

Mobile phones are one of the most highly touched surfaces according to the Centers for Disease Control and Prevention (CDC), along with counters, tabletops, doorknobs, bathroom fixtures, toilets, keyboards, tablets and bedside tables.

The doctors recommended restriction on mobile phone usage in healthcare settings like hospital wards, ICUs and operation theatres, while advocating the use of headphones to prevent contact with the face while talking.

There should be no sharing of mobile phones, headphones or headsets of any kind. In addition, where available, the use of interdepartmental intercom facility may be promoted.

"Although hand hygiene and mobile phone use by a person are not mutually exclusive, it is high time to acknowledge the potential role of mobile phones in disease transmission cascade and to take evidence-based appropriate actions. This is especially important, given the ongoing COVID-19 pandemic," the authors said.

They said it is necessary for government agencies and the WHO to generate public awareness and to formulate suitable information, education and communication material on mobile phone hygiene, especially in healthcare settings.

AIIMS, New Delhi, Resident Doctors' Association (RDA) General Secretary, Dr Srinivas Rajkumar T said even outside health care settings, people should pay special attention to the usage of mobile phones as they carry them to all places.

"Phone and computer peripherals like keyboard, mouse, etc. should be covered with transparent plastic covers which can be cleaned without interfering with their function. Cleaning hands by soap or alcohol-based hand sanitizer before and after contact with phone and between contact with other surfaces can decrease the risk of potential transmission.

"Using a handsfree headset, dedicated operator/assistant per ward handling the communication via common line in hospitals while on duty can enable communication without compromising safety," Dr Srinivas said.

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News Network
July 1,2020

New Delhi, Jul 1: Jet fuel or ATF price on Wednesday was hiked by 7.5 per cent, the third increase in a month, while petrol and diesel rates were unchanged for the second day in a row.

Aviation turbine fuel (ATF) price was hiked by Rs 2,922.94 per kilolitre (kl), or 7.48 per cent, to Rs 41,992.81 per kl in the national capital, according to a price notification by state-owned oil marketing companies.

This is the third straight increase in ATF prices in a month. Rates were hiked by a record 56.6 per cent (Rs 12,126.75 per kl) on June 1, followed by Rs 5,494.5 per kl (16.3 per cent) increase on June 16.

Simultaneously, non-subsidised cooking gas LPG rates were increased by Re 1 to Rs 594 per 14.2-kg cylinder in the national capital. Prices were up by Rs 4 in other metros mostly because of different local sales tax or VAT rate.

On the other hand, petrol and diesel prices were unchanged for the second day in a row.

This, after diesel rates scaled a new high after prices were hiked 22 times in just over three weeks.

In Delhi, a litre of petrol comes for Rs 80.43 per litre, while diesel is priced at Rs 80.53 per litre.

Rates vary from state to state depending on the incidence of local sales tax or VAT.

While the diesel price had been hiked on 22 occasions since June 7, petrol price had been raised on 21 occasions.

The cumulative increase since the oil companies started the cycle on June 7 totals to Rs 9.17 for petrol and Rs 11.14 for diesel.

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News Network
May 7,2020

New Delhi, May 7: Air India has opened bookings for eligible foreign nationals and valid visa holders of the UK, the USA and Singapore for outbound repatriation flights that will be operated between May 7 and May 14 under the Vande Bharat mission, officials said.

Foreign nationals or valid visa holders will be charged the same fare as Indian nationals who want a seat on the inbound repatriation flights, they said.

For all flights between India and the USA under the Vande Bharat mission, Air India is charging a fixed fare of Rs 1 lakh per passenger.

For flights between India and Singapore, the charge is Rs 18,000-20,000 per passenger, and it is Rs 50,000 per person for India-UK flights.

On Tuesday, the Ministry of Home Affairs had clarified that a person who has an Overseas Indian Citizenship (OCI) card, or citizenship of a foreign country, or a valid visa of more than one year of that country, or the green card of that country can travel on repatriation flights leaving India under the Vande Bharat mission.

Air India will be conducting 64 flights to 12 countries between May 7 and May 13 to bring back approximately 15,000 Indians stranded due to the coronavirus-induced lockdown, Civil Aviation Minister Hardeep Singh Puri had announced on Tuesday.

However, some flights have been delayed and therefore, this set of 64 flights will be operated between May 7 and May 14, the airline officials said.

On Wednesday, an Indian businessman and his cook landed at Delhi airport from Lusaka in Zambia in a plane that was supposed to come without any passengers, senior government officials said.

The private chartered aircraft was scheduled to come empty and take around 40 Zambian nationals to Lusaka in a repatriation flight, they added.

"We had not permitted any incoming passengers. We will seek explanation from the airline (private operator) as to how it happened. BOI (Bureau of Immigration) has a very stringent protocol for dealing with such deviations, which must have been acted upon," said a senior official of aviation regulator DGCA.

It is not clear if the businessman and his cook were deported or sent to a quarantine facility within India.

India has been under a lockdown since March 25 to curb the spread of the novel coronavirus. All scheduled commercial passenger flights have been suspended during the lockdown.

However, cargo flights, medical evacuation flights and special flights permitted by Directorate General of Civil Aviation (DGCA) have been allowed to operate during this time.

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