Mangaluru Chalo: Cops scuttle bike rally as BJP defies ban

Mumbai, Jun 14: Bollywood actor Sushant Singh Rajput committed suicide on Sunday, leaving all his fans and the industry in shock. While the reason behind him taking up the extreme step is still not clear, a look into Sushant’s social media feed suggests that things were not well for him for quite some time.

Sushant had been inactive on Twitter since months. His last tweet was on December 27, 2019. Since then, he did not even reply to any one on Twitter. Same is the case with his Facebook account as the last post on his timeline was on the same date. Interestingly, Sushant's Twitter cover picture is the popular painting - 'Starry Night', by Van Gogh, who had also reportedly committed suicide in 1890.

On Instagram, the young actor had last posted on June 3. It was a collage picture of him and his mother along with a cryptic caption that read, “Blurred past evaporating from teardrops Unending dreams carving an arc of smile And a fleeting life, negotiating between the two...#माँ”.

Was Sushant’s inactivity on Twitter, Facebook and his last cryptic post on Instagram a signal that the actor was having a tough time? Well, may be it will remain a mystery forever.

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.”

Jun 19: BJP leader Devendra Fadnavis on Thursday said Maharashtra Chief Minister Uddhav Thackeray should sign an agreement with neighbouring Karnataka to avoid a repeat of flood in part of the state like it happened in August last year.

In August 2019, Kolhapur, Sangli districts and some other parts of the state faced unprecedented floods triggered by huge release of water from dams in western Maharashtra and from the Almatti dam in Karnataka.

Fadnavis said, The Maharashtra chief minister should hold an urgent meeting with the Karnataka chief minister and enter into an agreement over-discharge of water from the Almatti dam located on the border of both the states."

If water is not released from the Almatti dam in time, it will cause flooding in border areas of Maharashtra such as Kolhapur and Sangli.

"A pact between the two states would benefit both as it would help in keeping water levels in control, the former chief minister said.

The dams in the state already have sizeable water stock. It would be better if the chief minster schedules a meeting with the Karnataka chief minister regarding the same (agreement), the Leader of Opposition in the assembly said.