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
July 18,2020

New Delhi, Jul 18: The Covid-19 lockdown-led reduction in air pollution levels across five Indian cities, including Delhi and Mumbai, may have prevented about 630 premature deaths, and saved USD 690 million in health costs in the country, according to a new study.

Scientists, including those from the University of Surrey in the UK, assessed the levels of harmful fine particulate matter (PM2.5) from vehicles and other sources in five Indian cities -- Delhi, Mumbai, Kolkata, Chennai and Hyderabad -- since the beginning of the lockdown period.

The study, published in the journal Sustainable Cities and Society, compared these lockdown PM2.5 figures from 25 March up until 11 May, with those from similar periods of the preceding five years, and found that the measure reduced pollution levels in all these places.

According to the scientists, during this period, the levels of these harmful air pollutants reduced by 10 per cent in Mumbai, and by up to 54 per cent in Delhi.

"The percentage reduction for the other cities ranged from 24 to 32 per cent, which was slightly smaller than the measured values for Delhi and Mumbai," the scientists noted in the study.

"While the reduction in PM2.5 pollution may not be surprising, the size of the reduction should make us all take notice of the impact we have been having on the planet," said Prashant Kumar, a co-author of the study from the University of Surrey.

The scientists said these reductions in PM2.5 were comparable to those reported in other cities across the world, such as in Austria's capital Vienna (60 per cent), and Shanghai (42 per cent) in China.

They also calculated the monetary value of the reduced mortality due to air pollution and found that the lowered levels of PM2.5 may have saved 630 people from premature death, and USD 690 million in health costs in India.

Coronavirus India update: State-wise total number of confirmed cases, deaths on July 17

According to the researchers, the present lockdown situation offers observational opportunities regarding potential control systems and regulations for improved urban air quality.

They said an integrated approach might help in understanding the overall impacts of Covid-19 lockdown-style interventions and support the implementation of relevant policy frameworks.

"This is an opportunity for us all to discuss and debate what the 'new normal' should look like - particularly when it comes to the quality of the air we breathe," Kumar said.

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News Network
May 21,2020

United Nations, May 21: At least 19 million children in parts of Bangladesh and India are at "imminent risk" from flash flooding and heavy rain as Cyclone Amphan makes landfall and the state of West Bengal is expected to take a direct hit from the powerful storm, the UN's children agency has warned.

The extremely severe cyclonic storm Amphan made a landfall at Digha in West Bengal and Bangladesh on Wednesday, leaving a trail of destruction. At least three persons were killed in India and seven in Bangladesh.

The UNICEF said that at least 19 million children in parts of Bangladesh and India are at “imminent risk from flash flooding, storm surges and heavy rain as Cyclone Amphan makes landfall.”

West Bengal, “home to more than 50 million people, including over 16 million children, is expected to take a direct hit from the powerful storm,” the UN agency said in a statement on Wednesday.

The UNICEF said it is also very concerned that the COVID-19 could deepen the humanitarian consequences of Cyclone Amphan in both the countries. Evacuees who have moved to crowded temporary shelters would be especially vulnerable to the spread of respiratory diseases like COVID-19, as well as other infections.

“We continue to monitor the situation closely,” said UNICEF Regional Director for South Asia Jean Gough.

“The safety of children and their families in the areas that will be impacted is a priority and it is good to see that the authorities have planned their urgent response factoring in the on-going COVID-19 pandemic.”

Across the region, the UNICEF is “working closely with the governments of Bangladesh and India and stands ready to support humanitarian operations to reach children and families affected by Cyclone Amphan.”

Based on the storm’s current trajectory, Cox’s Bazar in Bangladesh – now sheltering over 850,000 Rohingya refugees – is likely to experience high winds and heavy rains which may cause damage to homes and shelters in the refugee camps and Bangladeshi communities. This population is already highly vulnerable and cases of COVID-19 have recently been confirmed in the camps and host communities.

The UNICEF said it is working with the Deputy Commissioner’s Office in Cox’s Bazar, the Office of the Refugee Relief and Repatriation Commissioner, and humanitarian partners to help ensure Bangladeshi and Rohingya children and families remain protected.

These efforts include raising awareness among Rohingya and Bangladeshi communities on cyclone preparedness and prepositioning emergency life-saving water, sanitation, hygiene and medical supplies to meet immediate humanitarian needs.

Meanwhile, UN Secretary-General Antonio Guterres’ spokesperson Stephane Dujarric said at the daily press briefing that UN teams on the ground continue to work with the Government of Bangladesh to prepare and support those in need in the wake of the cyclone.

“Given the current pandemic, this support includes distributing personal protective equipment, disinfectants and other materials to evacuation shelters. To reduce the person-to-person contact during the delivery of aid, e-cash distributions will be used,” he said adding that the UN along with its partners is mobilising more than 1,700 mobile health teams and preparing for emergency food deliveries.

“The Super Cyclone is taking a westerly trajectory towards India, but nearly 8 million people in Bangladesh remain at risk,” he said adding that the Bangladesh government has evacuated more than 2 million people in high-risk areas. 

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News Network
May 5,2020

New Delhi, May 5: India registered the biggest jump in numbers of COVID-19 cases and deaths, with 3,900 new cases and 195 deaths being reported in the last 24 hours, according to the Ministry of Health and Family Welfare on Tuesday.

"3,900 COVID-19 cases and 195 deaths have been reported in the last 24 hours, the largest spike till now in both," according to the Ministry of Health and Family Welfare.

The total number of confirmed coronavirus cases in India reached 46,433, including 1,568 deaths, according to the Union Ministry of Health and Family Welfare on Tuesday.

According to the latest update by the MoHFW, 12,727 patients in the country have been cured and discharged, or have migrated, as of today morning. At present, there are 32,138 active cases in the country.

Maharashtra with 14,541 cases is the worst-affected state by the disease, while Gujarat with 5,804 cases is second on the list.

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