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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coastaldigest.com web desk
June 18,2020

Kathmandu, June 18: Nepal's National Assembly on Thursday unanimously passed the Constitution Amendment Bill to update the country's political and administrative map incorporating three Indian territories. 

The new map also includes land controlled by India. It requires President Bidhya Devi Bhandari's approval.

India, which controls the region - a slice of land including Limpiyadhura, Lipulekh and Kalapani areas in the northwest - has rejected the map, saying it is not based on historical facts or evidence.

India has termed as untenable the "artificial enlargement" of territorial claims by Nepal after its lower house of parliament on Saturday unanimously approved the new political map of the country featuring areas which India maintains belong to it.

The National Assembly, or the upper house of the Nepalese parliament, unanimously passed the constitution amendment bill providing for inclusion of the country's new political map in its national emblem.

The bill was passed with all the 57 members present voting in its favour.

The dispute

The latest border dispute between the countries began last month after India inaugurated Himalayan link road built in a disputed region that lies at a strategic three-way junction with Tibet and China.

The 80km (50-mile) road, inaugurated by Indian Defence Minister Rajnath Singh, cuts through the Lipulekh Himalayan pass, considered one of the shortest and most feasible trade routes between India and China.

The road cuts the travel time and distance from India to Tibet's Mansarovar lake, considered holy by the Hindus.

But Nepal says about 19km of the road passes through its area and fiercely contested the inauguration of the road, viewing the alleged incursion as a stark example of bullying by its much larger neighbour.

Nepal, which was never under colonial rule, has long claimed the areas of Limpiyadhura, Kalapani and Lipulekh under the 1816 Sugauli treaty with the British East India Company, although these areas have remained under the control of Indian troops since India fought a war with China in 1962.

Comments

Angry indian
 - 
Sunday, 21 Jun 2020

acche din after deshbakth become ruling party...now even weakist country started conquring indian..what a shame on so0 called 56 inch chest..we need tiger leader not Pm who always speak in air and lie alot..

 

this is how an hindu nation is build ? Bjps cant rule india for more than 10 year...

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News Network
June 3,2020

Mumbai, Jun 3: With an expected increase in wind conditions up to 120 kilometres, cyclone Nisarga is likely to make landfall on the north coast of Maharashtra later today, as per the Indian Meteorological Department (IMD) on Wednesday.

"Wind conditions will further increase up to 100-110 gusting to 120 kmph as conditions are favourable for intensification. The higher sea surface temperature and low vertical wind shear favoured the intensification of severe cyclonic circulation," said IMD in a series of tweets.

Explaining the nature of wind speed, IMD further tweeted, "Eye diameter is about 65 km as observed through Radar. thus the diameter has decreased during past 01 hours indicating intensification of the system. hence wind speed has increased from 85-95 kmph to 90-100 kmph gusting to 110 kmph."

Several National Disaster Response Force (NDRF) teams have been deployed across Maharashtra to ensure preparedness for the impending cyclone. A total of eight teams have been deployed in Mumbai, five teams in Raigad, two teams in Palghar, Thane, and Ratnagiri and one team in Sindhudurg, said NDRF.

Besides, five NDRF teams were airlifted by IL-76 from Vijaywada for Mumbai on June 2, as per the Indian Air Force (IAF)

"Around 60 per cent of people, from the coastal areas around this area, have gone to their relatives' places. The remaining ones have been sent to the evacuation centre. We have also taken into account the COVID-19 guidelines and ensured social distancing," NDRF officer Shiv Parada Rao, deployed with his team in the Dahanu area, spoke to ANI.

"From the information we have received cyclone Nisarga is likely to hit here by tonight. The exact time is not confirmed yet. We are taking all preparedness measures to tackle the situation," he added.

NDRF teams also conducted evacuation in Alibaug during the early hours on Wednesday morning, as per NDRF Director General SN Pradhan.

As per the 5 am bulletin released by IMD, cyclone Nisarga was heading towards north Maharashtra coast at a speed of 11 kmph. It was about 200 km South -SouthWest of Alibag and about 250 km south-southwest of Mumbai at 2.30 AM today, stated the bulletin.

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News Network
April 7,2020

New Delhi, April 7: The government continued to take steps to contain the spread of coronavirus including a strategy of cluster containment as the cases continued to rise and Tuesday saw single-day largest jump of 722 positive cases.

The total number of positive cases reached 4,789 on Tuesday, the 14th day of lockdown.

According to the latest update of the Health Ministry, there are 4,312 active cases, 352 persons have been cured or discharged (one migrated) and 124 have died.

Maharashtra has the largest number of positive cases at 868 and also accounts for the largest number of deaths at 48. Tamil Nadu has 621 confirmed cases.

Thirteen persons have died in Madhya Pradesh and the same number in Gujarat.
The 21-day lockdown was announced on March 24 by Prime Minister Narendra Modi.

At the regular media briefing at 4 pm, Lav Aggarwal, Joint Secretary in the Health Ministry, said that the government is adopting a strategy for cluster containment.

"This strategy is producing positive results, especially in Agra, Gautam Buddh Nagar, Pathanamthitta, Bhilwara and East Delhi," he said.

Aggarwal said that a recent study by the Indian Council of Medical Research (ICMR) has shown that a person infected with coronavirus can infect 406 others in just 30 days if he does not follow the lockdown and social distancing norms.

He said no decision has been taken on extending the lockdown and urged against any speculation.

He said latest technology was being used for management of COVID-19 and there was real-time tracking of ambulances.

The official said the dedicated facilities for COVID-19 are divided into three parts -- COVID Care Centre, Dedicated COVID Health Centre and Dedicated COVID Hospitals.

He said that COVID Care Centres were for treating mild, very mild and likely to be COVID-19 patients. Hostels, hotels, school, and stadium can be used for this. "We have asked states to map it with COVID Care Hospitals and COVID Health Centre so that patients can be shifted if needed," he said.

The official said that COVID Health Centres were for treating COVID-19 patients of clinically moderate level of seriousness. "For this, fully functional hospitals will be used. A dedicated block of a fully functional hospital can also be used for this. The hospitals must have beds with oxygen support," he said.

Aggarwal said that dedicated COVID Hospitals were meant for severe and critical cases and these must be fully-equipped with ICUs and ventilators.
New coronavirus cases were reported on Tuesday from several states including Maharashtra, Madhya Pradesh, West Bengal, and Tamil Nadu.

The Ministry of Environment, Forest and Climate Change has issued an advisory about containing coronavirus in national parks, sanctuaries and tiger reserves in view of the spread of COVID-19 and a report about tiger being infected in New York. The Central Zoo Authority has also advised zoos in India to remain on high alert.

Here's a quick read on the COVID-19 related updates

1. The Indian Railways has prepared 40,000 isolation beds in 2,500 coaches and this work is ongoing in 133 locations across the country.

2. Madhya Pradesh Chief Minister Shivraj Singh Chouhan said he was willing to extend the lockdown in the state after the completion of 21-day period to save lives.

3. The government is monitoring the movement of pharmaceuticals closely and the movement of pharmaceuticals through trucks has stabilised in the country.

4. Under the 'Lifeline Udan' initiative, 152 flights have transported over 200 tonnes of cargo till April 6.

5. According to ICMR, testing of 1,07,006 people has been carried out till date and 136 government labs and 59 private labs are conducting tests in the country.

6. The Home Ministry said that the status of essential goods and services was by and large satisfactory in the country. Home Minister Amit Shah has issued directives to the states to ensure there is no hoarding or black marketing in any corner of the country.

7. The number of corona positive cases in Uttar Pradesh has reached 314. Of these, 168 patients are connected to Tablighi Jamaat, state Chief Minister Yogi Adityanath said on Tuesday.

8. The government has lifted restrictions on export of 24 pharmaceutical ingredients and medicines made from them.

9. Union Defence Minister Rajnath Singh said the Group of Ministers had "an extensive discussion on the prevailing situation post the lockdown" in the country. They also appreciated the Cabinet's decision to cut MP's salary for a year.

10. Central Zoo Authority has advised zoos in the country to remain on highest alertness, watch animals on 24X7 basis, using CCTV for any abnormal behavior or symptoms.

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