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 18,2020

The Centre on Sunday extended the COVID-19 lockdown for two more weeks till May 31 with more exemptions as the Centre allowed states more powers for profiling its zones, re-starting of inter-state and intra-state bus travel, plying of autos and taxis and opening of all shops, including in markets but barring those in malls.

Here are the answers to all your questions:

What is 'Lockdown 4.0'?

On March 24, 2020, Prime Minister Narendra Modi announced a 21-day nation-wide lockdown to prevent the spread of the coronavirus outbreak. India follows several countries in its measures to curb the pandemic, which was the first lockdown. Prime Minister then extended the coronavirus lockdown till May 3, which was dubbed as 'Lockdown 2.0'. This lockdown was further prolonged till May 17 which became 'Lockdown 3.0' and now, as the government aims at a staggered re-opening of the country while maintaining the norms such as social distancing, the fourth extension till May 31 is called 'Lockdown 4.0'.

Who issues the guidelines for the lockdown?

The Ministry of Home Affairs (MHA) issues the guidelines for the lockdown.

Are guidelines different during a lockdown compared to normal life?

Well, of course. Guidelines during a lockdown instruct people on all matters from whether you are allowed to leave your house, to whether an MNC is allowed to function and with what percentage of attendance.

Are masks compulsory even now?

Masks are made mandatory in all public places, by the Union Health Ministry. All the states and UTs are to strictly abide by this law. Not wearing masks will attract penalties which are specified by the state.

How would that be determined for an area?

By Lockdown 3.0, all areas of state districts were segregated into containment, red, orange and green zones. In the Lockdown 4.0, states will categorise the areas into red, orange and green zones.

Colourful... but what are red, orange and green zones?

According to the guidelines issued by the Ministry of Health and Family Welfare, states can categorise districts or municipal corporations as red or orange zones.

"States may, however, also choose to categorise a sub-division or ward or any other appropriate administrative unit as red/orange/green zone after detailed analysis at their end, duly taking into consideration the geographical spread of cases, contacts and their zone of influence in terms of disease spread," the ministry said.

With the commencement of the third phase of lockdown, the Union Health Ministry listed 130 districts across the country in the red zone, 284 in the orange zone and 319 in green zones based on the incidence of cases of COVID-19, doubling rate, the extent of testing and surveillance feedback.

Districts were earlier designated as hotspots/red-zones, orange zones and green zones primarily based on the cumulative cases reported and the doubling rate.

A district will be considered under green zone if there have been no confirmed cases of COVID-19 so far or there is no reported case since last 21 days in the district, according to the letter.

Now, what is a buffer zone?

A buffer zone is an area of spread in a 5-kilometre radius (7 Kms in rural areas) of a containment zone.

How do I find out the zone I am in?

You either look at your state or city's municipal corporation pages to avail the zone details. You can also look at your district magistrate's Twitter handle or Facebook account to find out the list of the zone under which your area falls.

Can I leave my home now?

That depends. If you are in a containment zone or a red zone, you may not be allowed to leave your residence. Otherwise, in the other zones, the state governments and the district magistrates will decide upon the level of movement within and outside the zones.

Can I shift from a red zone to an orange or green zone?

You cannot. The residents of a red or containment zone cannot move out of their zones, nobody may enter the zones as well.

What about my office?

The private offices can operate in non-containment zones. The guidelines for offices to work will be listed by the state governments and the DMs (district magistrates).

Will I be allowed to use my bike/car or any other personal vehicle?

There is a likely chance of you being allowed to take out your bike or car or other vehicles (not helicopters or aeroplanes), if you are not in a containment zone. You need to check the rules listed by your state government or DM. The number of people who can ride at one time will also be decided by the state.

Can my driver, house help or neighbour drive me to my office/destination? Will I be allowed to take them to my workplace?

Yes, provided they are not from a red zone which may be risky for the passenger. This facility is prohibited in a containment zone. Also, check with your workplace regarding the norms to follow within the office. For the details on travelling with others in the car, look into the info provided by your state government, DM and Resident Welfare Association (RWA).

Will be able to fill petrol or diesel for my vehicle?

Definitely, yes. All petrol pumps, LPG and oil agencies will continue to be open.

What if I need to take a cab, auto or book one via Ola/Uber?

The same rules apply to them as well. Unless you are in a containment zone, the restrictions for using cabs and autos will be eased.

What if I need to use public transport like buses?

Some states have allowed buses to run, such as in Tamil Nadu in certain areas. You will have to check with the state government or DM's regulations enlisted for knowing the routes and norms to follow inside a bus.

Can I use my city's Metro line?

Unfortunately, metro lines are not allowed to open and will remain closed until further notification from the Centre.

Can I walk around in my area?

Walking will be permitted under the guidelines issued by the state and DM. Walking in groups will be prohibited and social distancing norms are to be followed in public at all times. Movement is allowed between 7 am to 7 pm in any zone - containment, red, orange or green.

Can I take my grandparents/kids out for a walk?

People older than 65 years of age, or younger than 10, persons with co-morbidities, pregnant women are not allowed to venture out of their residences, as they are highly susceptible to the infection.

Can I go out with my friends?

A group of less than 5 people are allowed to walk together. If you are planning to use vehicles such as bikes, every induvial must have their own as more than one person on atwo-wheeler is not allowed in certain areas. Curfew timings are from 7 am to 7 pm as movent is prohibited beyond these timings. Check the regulations issued by your local DM or state government to know further details.

What if I need to see my friends, relatives or others?

The Resident Welfare Association (RWA) will make a decision about allowing visitors inside a zone, barring containment zones. Nobody is allowed within the containment zone or permitted to leave.

Can we now go to restaurants?

Restaurants are still closed irrespective of the zone. Take-away or delivery services will be available, nevertheless.

Can we go to malls?

Malls and restaurants and shops in the malls will remain closed irrespective of the zone, as these are crowd-pulling zones.

Does that mean multiplexes, theatres and drama/concert halls are closed as well?

Cinema halls, theatres, multiplexes and drama/concert halls will remain closed regardless of which zone they are in, till further instructions are sent by the Centre.

Can I go to the beach or a monument/heritage site?

Since such public places will attract a huge crowd that will be tough to control, beaches, monuments, heritage sites and such public places will be closed.

Can I go to coffee shops?

As coffee shops will fall under the category of restaurants, they will also be closed. Take-away and delivery services can be availed from the shops.

What about essentials?

Grocery shops, milk vendors, newspaper circulation are allowed to stay open. Proper sanitisation must be done from time-to-time to ensure customer and vendors’ safety.

I need to repair my phone. Will stand-alone non-essential services be open?

Such non-essential services are allowed to open in non-containment zones. Refer the state governments and DMs rules for knowing the type of shops and state and districts they are permitted in.

What about in-house repairs or services? Can I call a mechanic to my house?

Yes, provided your RWA has permitted to allow mechanics, workmen and labourers inside in non-containment zones.

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News Network
April 11,2020

New Delhi, Apr 11: As India battles the Covid-19 crisis, Prime Minister Narendra Modi on Saturday held a video conference with chief ministers primarily to take their feedback on whether the 21-nation-wide lockdown be extended beyond April 14 to stem the tide of the infections.

The Central government is understood to have also obtained views on the issue from all the relevant agencies and stakeholders involved in the efforts to contain the spread of the pandemic.

The video conference, which began at 11am, comes amidst indications that the central government may extend the nationwide lockdown with some possible relaxations even as Punjab and Odisha have already announced extending the lockdown beyond April 14 when the current spell of 21-day shutdown across the country ends on Tuesday.

The Union Home Ministry has sought views of state governments on various aspects, including whether more categories of people and services need to be exempted. In the current lockdown only essential services are exempted.

This is for the second time the prime minister is interacting with the chief ministers via video link after the lockdown was imposed.

During his April 2 interaction with chief ministers, Modi had pitched for a "staggered" exit from the ongoing lockdown.

A PTI tally of numbers reported by various states as on Thursday at 9.30pm showed a total of 7,510 having been affected by the virus nationwide so far with at least 251 deaths. More than 700 have been cured and discharged. However, the last update from the Union Health Ministry put the number of confirmed infections at 7,447 and the death toll at 239.

Addressing floor leaders of various parties who have representation in Parliament, Modi had on Wednesday made it clear that the lockdown cannot be lifted in one go, asserting that the priority of his government is to "save each and every life".

According to an official statement after the Wednesday interaction, the prime minister told these leaders that states, district administrations and experts have suggested extension of the lockdown to contain the spread of the virus.

Before the lockdown was announced on March 24, the prime minister had interacted with the chief ministers on March 20 to discuss ways and means to check the spread of the novel coronavirus.

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News Network
February 29,2020

Feb 29: The "Dadi of Shaheenbagh" on Friday said that Prime Minister Narendra Modi does not understand the pain of losing children, as speakers at an anti-CAA rally here called on protesters to maintain peace and not give in to any provocation.

Tushar Gandhi, the great-grandson of Mahatma Gandhi, said that the battle is not for a day or two, but the protesters will have to be prepared to continue it for years to come.

Asma Khatoon, who has earned fame as the "Dadi of Shaheenbagh" in Delhi, asked how can a person take care of the whole country when he cannot maintain his own family.

"He would have realised how it feels to lose a child if he had his own children," she told a gathering at the Park Circus Maidan, which is being termed as the Shaheenbagh of Kolkata with women holding a sit-in for the last 53 days to protest the Citizenship (Amendment) Act, proposed nationwide NRC, and the NPR.

The death toll Delhi's communal violence has gone up to 42.

She said it is not biryani that has attracted women to the protest at Shaheen bagh while holding that such vilification campaigns will have no effect on the agitation.

State BJP president Dilip Ghosh has claimed that "uneducated men and women" are protesting at Delhi's Shaheen Bagh and Kolkata's Park Circus as they get money and biryani purchased with foreign funds.

"Home Minister Amit Shah has called 20 protesters to meet him, but I want to tell him that we are one lakh and I want him to mention the place where he wants us to go for the meeting," she said.

Tushar Gandhi said, "People should stay united and not give in to any provocation," he said.

Gandhi said that the people of West Bengal are lucky to have Mamata Banerjee as their chief minister.

"They will try to break her also and it is necessary that you continue to give her support," he said.

Gandhi claimed that no one can harm a country where its mothers and sisters come out to save it.

He claimed that the CAA is not about Hindus or Muslims, but will really affect the poor people, who will be made to run around to get their papers instead of earning for their basic and daily needs.

"It's a dichotomous government that we have at the Centre. On the one hand, they want us to provide documents to prove our citizenship, while on the other they refuse to accept the papers that one produces before it for the purpose," he said.

He claimed that the government is forcing its people to resort to lies and declare that they are political refugees from countries like Bangladesh and Pakistan.

Gandhi claimed that time and again documents with the government like electoral rolls and land documents have been used to identify people of certain communities during riots.

"So it is dangerous to give too much information to the government," he said.

He called on the people to have faith in non-violence and asked them to maintain peace and harmony.

B R Ambedkar's great-grandson Rajratna Ambedkar claimed that it is the Adivasis who will also be affected by the CAA.

"I want to tell Modi and Shah that the country runs on the Constitution by Ambedkar and not M S Golwalkar (of RSS)," he said, adding that because of the rights conferred on people by the Constitution, those backward people who did not have the right to sit on a bullock cart are now flying jet planes.

He said that Modi and Shah committed an error by enacting the CAA as it has turned the people of the country into Indians only, instead of Hindus, Muslims, Christians or Sikhs.

"Every machinery of the country has been taken control of by the RSS. If one Modi or one Shah goes, they will bring in several more Modi or Shah," he said.

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