Modi's second state visit to UAE begins

Beijing, June 30: China said on Tuesday it was concerned about India’s decision to ban Chinese mobile apps such as Bytedance’s TikTok and Tencent’s WeChat and was making checks to verify the situation.

Chinese foreign ministry spokesman Zhao Lijian told reporters during a daily briefing that (the Prime Minister Narendra Modi-led government of) India has a responsibility to uphold the rights of Chinese businesses.

India on Monday banned 59, mostly Chinese, mobile apps in its strongest move yet targeting China in the online space since a border crisis erupted between the two countries this month.

The apps are “prejudicial to the sovereignty and integrity of India, the defence of India, the security of state and public order", the ministry of information technology said in a statement, which came two weeks after 20 Indian Army personnel were killed in a violent clash on the India-China border in Ladakh.

The companies have been invited to offer clarifications before a government panel, which will decide whether the ban can be removed or will stay.

The move also came ahead of military and diplomatic talks between India and China scheduled this week.

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.”

Abu Dhabi, Apr 26: Indian Ambassador to the UAE Pavan Kapoor says he is appalled after the bodies of three Indians flown back to India were returned to Abu Dhabi on Friday.

The three deceased Indian nationals had died of non-coronavirus causes and were flown to Delhi on Thursday but were promptly returned by authorities there.

“We are appalled at what has happened,” Kapoor told Gulf News. “We do not know if the bodies were returned because of coronavirus-related restrictions, but we are obviously not sending the remains of people [who have passed away from COVID-19],” he added.

“[As we understand], it happened because of new protocols at the airport and we are trying to sort it out,” he said.

Sent back a few hours later

“The remains were not offloaded from the plane, and were sent back a few hours later,” Kapoor explained.

The deceased were Kamlesh Bhatt, who passed away on April 17, and Sanjeev Kumar and Jagsir Singh who both died on April 13.

According to reports in Indian media, Kamlesh Bhat was 23 years old, and hailed from Tehri Garhwal district. He allegedly died of cardiac arrest. Along with the remains Kumar and Singh, Bhatt’s body was initially repatriated on an Etihad Airways flight, then sent back, even though his relatives had been on their way to collect them.

Kapoor explained the procedure through which remains are normally returned to family members back home, saying that the worker’s employer typically makes arrangements with cargo companies to repatriate bodies on cargo aircraft.

The employer applies for a No Objection Certificate from the Indian Embassy, which is granted once the Embassy ensures that all local formalities have been completed. The cargo company then applies for airport clearance, and the airline obtains approvals from the receiving airport.

“If airport protocols have changed, it means cargo companies have to be more careful about the clearance they’re getting,” Kapoor advised.

Additional costs
The ambassador added there may eventually be additional costs to repatriate the bodies but that it is first necessary to sort out the concerns.

The global coronavirus outbreak has spawned difficulties in repatriating mortal remains as a result of the travel restrictions imposed by countries. Remains of people dying from COVID-19 are not being sent back, but the caution surrounding the handling of bodies often affects the repatriation of those who succumb to other causes.

As Gulf News reported, Kerala chief minister Pinarayi Vijayan reached out to Indian Prime Minister Narendra Modi on Friday for intervention in bringing back the bodies of Keralites who have died in the Gulf from non-COVID-19 causes.

“I would like to draw your attention to the grievances received from Non-resident Keralites Associations (NRKs) in the Gulf Cooperation Council (GCC) countries on the delay caused in bringing home the mortal remains of NRKs who had expired due to reasons other than the COVID-19 infection,” read the letter by the CM.

“It is learnt that a ‘clearance certificate’ from the Indian Embassies is required to process the application of bringing home the mortal remains of the dead. The Embassies are [further] insisting on the production of a no-objection certificate from the Ministry of Home Affairs (MHA), New Delhi. To enable to bring back the bodies of the NRIs whose deaths occurred due to reasons other than COVID-19 infection, without necessary procedural hassles, I request your kind intervention,” Vijayan has requested.