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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Agencies
March 13,2020

Amid the rapid spread of the novel coronavirus (COVID-19), which has infected 73 people in India and killed more than 4,500 individuals globally, doctors have advised that in addition to regularly washing hands, one should also disinfect their smartphone every 90 minutes with alcohol-based hand sanitizer.

Ravi Shekhar Jha, Head of Department at Fortis Escorts Hospital in Faridabad said the best method to disinfect your smartphone is to use regular doctor spirit or the alcohol-based hand sanitizer at least every 90 minutes.

"Avoid touching your eyes, mouth, or nose. The best option is to use a phone cover or a Bluetooth device and try to touch your phone as less as possible. We would also recommend cleaning your phone at least twice a day," Jha told IANS.

According to research, published in 2018 by Insurance2Go, a gadget insurance provider, revealed that smartphone screens have three times more germs than a toilet seat.

One in 20 smartphone users was found to clean their phones less than every six months, said the study.

"In the time of fear of coronavirus, smartphones should also be disinfected with alcohol-based sanitizer rub. Pour few drops of sanitizer on a tiny clean cotton pad and rub it safely on your entire phone," said Jyoti Mutta, Senior Consultant, Microbiology, Sri Balaji Action Medical Institute in New Delhi.

"You can repeat this process every evening coming back home after an entire day out at work and once in the morning before going out," Mutta added.

"Maintain basic cleanliness, and try to avoid using other's phones especially if suffering from respiratory illness or flu-like symptoms as there is no other way to disinfect these regular gadgets," she stressed.

Another study from the University of Surrey in the UK, also found that the home button on your smartphone may be harbouring millions of bacteria - some even harmful.

The World Health Organisation (WHO) declared the novel coronavirus as a global pandemic on Wednesday. The death toll of COVID-19 has crossed the 4,500 marks and confirmed cases globally have touched one lakh as per the reports.

According to Suranjeet Chatterjee, Senior Consultant in Internal Medicine Department of Indraprastha Apollo Hospitals in New Delhi, "We should frequently wash our hands, cover our coughs and it is important to adapt to other good hygiene habits that are most important in such a situation."

"Coronavirus and other germs can live on surfaces like glass, metal or plastics and phones are bacteria-ridden. It is necessary that we sanitize our hands frequently and make sure that our hands are clean all the time," Chatterjee told IANS.

"The emphasis should be laid on sanitising our hands rather than sanitizing the phone - once in a while the phone can be sanitized under the guidance of the makers of the phone," Chatterjee stressed.

According to the global health agency, the most effective way to protect yourself against coronavirus is by frequently cleaning of your hands with alcohol-based hand rub or washing them with soap and water.

The WHO's report showed the virus infects people of all ages, among which older people and those with underlying medical conditions are at a higher risk of getting infected.

People should eat only well-cooked food, avoid spitting in public, and avoid close contact, the WHO said, adding that it is important for people to seek medical care at the earliest if they become sick.

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Agencies
January 12,2020

New Delhi, Jan 12: A fact-finding committee of the Congress on the JNU violence on Sunday said the January 5 attack inside the university campus was "state-sponsored" and recommended Vice Chancellor M Jagadesh Kumar be dismissed and criminal investigation initiated against him.

The Congress had appointed a four-member fact-finding committee to carry out a detailed inquiry into the violence at the Jawaharlal Nehru University (JNU).

Sushmita Dev, member of the committee, said the committee recommended that Kumar should be dismissed immediately and all the appointments in faculty should be probed and independent inquiry should take place.

"Criminal investigation must take place against the VC and faculty members and the security company," the Mahila Congress chief said.

"It is clear that the attack on JNU campus was state-sponsored," Dev said.

She also demanded a complete rollback of the JNU fee hike.

The other members of the fact-finding committee are Hibi Eden, MP and former NSUI president, Syed Naseer Hussain, MP and former president of JNU NSUI and Amrita Dhawan, a former NSUI president and ex-DUSU president.

On January 5 night, masked people armed with rods and sticks stormed the JNU campus and assaulted students and faculty members, and vandalised property, leaving several people injured.

Leftist outfits and the RSS-affiliated Akhil Bharatiya Vidyarthi Parishad (ABVP) blamed each other for the violence.

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News Network
March 13,2020

New Delhi, Mar 13: Delhi's Tis Hazari Court on Friday sentenced expelled Bharatiya Janata Party (BJP) MLA Kuldeep Singh Sengar and six others to 10 years imprisonment for the death of Unnao rape survivor's father. Sengar is already serving life imprisonment for raping the minor.

While sentencing them, District Judge Dharmesh Sharma said, "There can be no denying that rule of law was broken. Sengar was a public functionary and had to maintain the rule of law. The way the crime has been committed, it does not call for leniency."

Sengar and his brother Atul has been directed to give 10 lakh compensation to family of the victim for loss of their father. "There are four minor children involved, three girls and one boy. They have also been uprooted from native place," the judge said.

Seven people, including Sengar, his brother and two police personnel, were held guilty for culpable homicide and criminal conspiracy, earlier this month.

The case pertains to the death of rape survivor's father in custody on April 9, 2018. It was alleged that he was assaulted following a quarrel with some of the accused in the case.

He was taken to the police station and then framed for allegedly possessing an illegal firearm. Pursuant to this, he was sent to custodial remand, during which he died.

The case was transferred to Delhi from a trial court in Uttar Pradesh on the Supreme Court's directions in August last year. Both the death and illegal firearm case was later clubbed by the court.

During the arguments on sentencing on March 12, Sengar had told the court that he should be "hanged and acid poured into his eyes if he has done anything wrong".

The former MLA had also raped the daughter of the deceased in 2017 in Uttar Pradesh's Unnao district and was sent to jail for "remainder of his natural biological life", last year.

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