Mukesh Ambani tops Forbes India Rich List, adds $15.3 billion to last year's wealth

Agencies
October 5, 2017

New Delhi, Oct 5: Reliance Industries chief Mukesh Ambani on Thursday emerged as India's wealthiest for the 10th straight year as his net worth swelled to $38 billion (nearly Rs 2.5 lakh crore) while the wealth of 100 richest rose by 26 percent despite economic hiccups.

Wipro's Azim Premji was the distant second with a net worth of $19 billion, moving up two places from last year, while Sun Pharma's Dilip Shanghvi slipped from his earlier second place to the ninth now ($12.1 billion) on Forbes magazine's annual 'India Rich List 2017'.

Forbes said Prime Minister Narendra Modi's "economic experiments" barely affected India's billionaires while none gained more than oil-and-gas tycoon Mukesh Ambani, who cemented his decade-long hold on the top slot by adding a staggering $15.3 billion (67 percent) to his last year's wealth to become one of Asia's top five richest.

Anil Ambani, Mukesh's younger brother, was ranked much lower at 45th place with $3.15 billion. He was ranked 32nd in 2016 ($3.4 billion) and 29th a year before that.

Patanjali Ayurved's Acharya Balkrishna, known as a close associate of yoga guru Ramdev, made a big jump from 48th place last year to 19th now with a net worth of $6.55 billion (about Rs 43,000 crore).

"Despite India's economic hiccups, tycoons on the 2017 Forbes India Rich List saw their wealth soar as their combined fortunes rose 26 percent to $479 billion (over Rs 31 lakh crore)," the magazine said.

"India's turbo-charged economy sputtered in the quarter ended in June as it grew at a three-year low of 5.7 percent, due to the aftershocks of last November's demonetisation and uncertainties over the rollout of a nation-wide Goods and Services Tax. Despite this, the stock market scaled new heights and boosted the fortunes of the nation's 100 richest," it added.

In the case of Ambani, improved refining margins and his telecom unit Reliance Jio's thundering success in notching up 130 million subscribers since its 2016 launch pushed up shares of Reliance Industries.

The Hinduja brothers are at the third position with $18.4 billion while Lakshmi Mittal is now ranked fourth ($16.5 billion) and Pallonji Mistry fifth ($16 billion).

Forbes said the list was compiled using shareholding and financial information secured from the families and individuals, stock exchanges, analysts and regulatory agencies.

The ranking lists family fortunes, including those shared among extended families such as the Godrej and Bajaj families. Public fortunes were calculated based on stock prices and exchange rates as of September 15. Private companies were valued based on similar companies that are publicly traded.

More than four-fifths of those who kept their spot on the list from last year saw their wealth rise, with 27 listees adding $1 billion or more to their net worth.

The richest newcomer is cookies-and-airline tycoon Nusli Wadia at the 25th place with a net worth of $5.6 billion. Among the five other new entrants to the list are Dinesh Nandwana (88, $ 1.72 billion) of e-governance services firm Vakrangee; Vijay Shekhar Sharma (99, $1.47 billion) of fast-rising mobile wallet Paytm and Rana Kapoor (100, $1.46 billion) of Yes Bank.

Veteran investor Radhakishan Damani, boosted by the listing of his supermarket chain D-Mart in March, returned to the list at 12th place with a net worth of $9.3 billion. Other returnees are Future Group's Kishore Biyani (55th, $2.75 billion) and siblings Murli Dhar and Bimal Gyanchandani (75, $1.96 billion).

However, a dozen have turned poorer than a year ago, with half of them from the pharmaceutical sector, which has been plagued by challenges.

Pharmaceutical magnate Dilip Shanghvi is the biggest dollar loser on the list as his net worth fell by $4.8 billion, ending his three-year run as India's second-richest. The Gupta family (40, $3.45 billion), heirs of patriarch Desh Bandhu Gupta, who died in June, saw their fortune shrink as shares of their generics maker Lupin declined.

Brothers Shashi and Ravi Ruia suffered a drop as their Essar Steel faced bankruptcy proceedings under India's stricter new law, Forbes said.

The 100 wealthiest on this year's list are all billionaires. The minimum amount required to make the list was $1.46 billion, up from $1.25 billion last year.

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News Network
June 1,2020

Washington, Jun 1: Police fired tear gas outside the White House late Sunday as major US cities were put under curfew to suppress rioting as anti-racism protestors again took to the streets to voice fury at police brutality.

With the Trump administration branding instigators of six nights of rioting as domestic terrorists, there were more confrontations between protestors and police and fresh outbreaks of looting.

Violent clashes erupted repeatedly in a small park next to the White House, with authorities using tear gas, pepper spray and flash bang grenades to disperse crowds who lit several large fires and damaged property.

Local US leaders appealed to citizens to give constructive outlet to their rage over the death of an unarmed black man in Minneapolis, while night-time curfews were imposed in cities including Washington, Los Angeles and Houston.

One closely watched protest was outside the state capitol in Minneapolis' twin city of St. Paul, where several thousand people gathered before marching down a highway.

"We have black sons, black brothers, black friends, we don't want them to die. We are tired of this happening, this generation is not having it, we are tired of oppression," said Muna Abdi, a 31-year-old black woman who joined the protest.

"I want to make sure he stays alive," she added in reference to her son, aged three.

Hundreds of police and National Guard troops were deployed ahead of the protest.

At one point, some of the protestors who had reached a bridge were forced to scramble for cover when a truck drove at speed after having apparently breached a barricade.

The driver was later taken to hospital after the protestors hauled him from the vehicle, although there were no immediate reports of other casualties.

There were other large-scale protests in cities including New York and Miami.

Washington's mayor ordered a curfew from 11:00 pm until 6:00 am, as a report in the New York Times said that President Donald Trump had been rushed by Secret Service agents into an underground bunker at the White House on Friday night during an earlier protest.

Stores ransacked

Large-scale violence has rocked many US cities in recent days, and looters ransacked stores in a neighborhood of Philadelphia on Sunday.

In the Los Angeles suburb of Santa Monica, looting was reported at stores in a popular beachside shopping center.

Officials in LA -- a city scarred by the 1992 riots over the police beating of Rodney King, an African-American man -- imposed a curfew from 4:00 pm Sunday until dawn.

"Please, use your discretion and go early, go home, stay home and help us make sure that those who want to change this conversation from being about racial justice to be about burning things and looting things, don't win the day," the city's mayor Eric Garcetti said on CNN.

The shocking videotaped death last Monday of an unarmed black man, George Floyd, at the hands of police in Minneapolis ignited the nationwide wave of outrage over law enforcement's repeated use of lethal force against unarmed African Americans.

Floyd stopped breathing after Minneapolis police officer Derek Chauvin knelt on his neck for nearly nine minutes.

Chauvin has been charged with third-degree murder and is due to make his first appearance in court on Monday. Three other officers with him have been fired but for now face no charges.

Governor Tim Walz has mobilized all of Minnesota's National Guard troops  -- the state guard's biggest mobilization ever -- to help restore order.

Police fired tear gas and stun grenades to clear streets of curfew violators Saturday night in Minneapolis.

Walz extended a curfew for a third night Sunday and praised police and guardsmen for holding down violence. "They did so in a professional manner. They did so without a single loss of life and minimal property damage," he said.

"Congratulations to our National Guard for the great job they did immediately upon arriving in Minneapolis, Minnesota, last night," President Donald Trump tweeted, adding that they "should be used in other States before it is too late!"

The Department of Defense said that around 5,000 National Guard troops had been mobilized in 15 states as well as the capital Washington, with another 2,000 on standby.

The widespread resort to uniformed National Guards units is rare, and it evoked disturbing memories of the rioting in US cities in 1967 and 1968 in a turbulent time of protest over racial and economic disparities.

Trump blamed the extreme left for the violence, saying he planned to designate a group known as Antifa as a terrorist organization.

"The violence instigated and carried out by Antifa and other similar groups in connection with the rioting is domestic terrorism and will be treated accordingly," added Attorney General Bill Barr.

'A nation in pain'

Atlanta Mayor Keisha Lance Bottoms said Trump, who has often urged police to use tough tactics, was not helping matters.

"We are beyond a tipping point in this country, and his rhetoric only enflames that," she said on CBS.

Joe Biden, Trump's likely Democratic opponent in November's presidential election, visited the scene of one anti-racism protest.

"We are a nation in pain right now, but we must not allow this pain to destroy us," Biden tweeted, posting a picture of him speaking with an African-American family at the site where protesters had gathered in Delaware late Saturday.

Floyd's death has triggered protests beyond the United States, with hundreds rallying outside the US embassy in London in solidarity.

"I'm here because I'm tired, I'm fed up with it. When does this stop?" Doreen Pierre told AFP at the protest.

In Germany, England football international Jadon Sancho marked one of his three goals for Borussia Dortmund against Paderborn by lifting his jersey to reveal a T-shirt bearing the words "Justice for George Floyd".

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News Network
March 9,2020

New Delhi, Mar 9: Petrol and diesel prices registered a drop across the country on Monday as global oil prices plummeted around 30 per cent after Saudi Arabia slashed prices and set plans for a dramatic increase in crude production in April.

In New Delhi, petrol price fell by 24 paise intra-day and stood at Rs 70.59 per litre. Diesel in the national capital was retailed at Rs 63.26 per litre on Monday as against Rs 63.51 on Sunday.

The retail price of petrol in Kolkata saw a drop of 23 paise to Rs 73.28 per litre. The diesel price fell by 25 paise in the eastern metropolitan city to retail at Rs 65.59 per litre.

In Mumbai, petrol price was Rs 76.29 per litre as against Rs 76.53 a day earlier. Diesel was retailed at Rs 66.24 per litre, 26 paise lower than on Sunday.

In Chennai, petrol was retailed at Rs 73.33 per litre, 25 paise lower than a day earlier. Diesel price saw a fall of 26 paise to retail at Rs 66.75 per litre in the southern metropolitan.

Global crude oil prices fell by as much as a third following Saudi Arabia's move to start a price war with Russia amid worries over the spread of coronavirus.

Brent crude futures were down 13.29 dollars or 29 per cent at 31.98 dollars a barrel by 04:33 hrs GMT after earlier dropping to 31.02 dollars, their lowest since February 12, 2016.

Brent futures were on track for their biggest daily decline since January 17, 1991 at the start of the first Gulf War.

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Agencies
July 3,2020

The dollar's dominance will slowly melt away over the coming year on weakening global demand and a sombre U.S. economic outlook, according to a Reuters poll of currency forecasters whose views depend on there being no second coronavirus shock.

Despite fears a surge in new Covid-19 cases would delay economies reopening and stymie a tentative recovery, world stocks have rallied - with the S&P 500 finishing higher in June, marking its biggest quarterly percentage gain since the height of the technology boom in 1998.

Caught between bets in favour of riskier investments, weak U.S. economic prospects as well as an easing in the thirst for dollars after the Federal Reserve flooded markets with liquidity, the greenback fell nearly 1.0 per cent last month. It was its worst monthly performance since December.

While there was a dire prognosis from the top U.S. medical expert on the coronavirus' spread, the June 25-July 1 poll of over 70 analysts showed weak dollar projections as Fed Chair Jerome Powell on Monday reiterated the economic outlook for the world's largest economy was uncertain.

"The dollar rises in two instances: when you see risk off or when there is a situation where the U.S. is leading the global recovery, and we don't think that's going to be the case anytime soon," said Gavin Friend, senior FX strategist at NAB Group in London.

"The U.S. is playing fast and loose with the virus, and chronologically they're behind the rest of the world."

Currency speculators, who had built up trades against the dollar to the highest in two years during May, increased their out-of-favour dollar bets further last week, the latest positioning data showed.

About 80 per cent of analysts, 53 of 66, said the likely path for the dollar over the next six months was to trade around current levels, alternating between slight gains and losses in a range. That suggests the greenback may be at a crucial crossroad as more currency strategists have turned bearish.

But more than 90 per cent, or 63 of 68, said a second shock from the pandemic would push the dollar higher. Five said it would push the U.S. currency lower.

Much will also depend on debt servicing and repayments by Asian, European and other international borrowers in U.S. dollars.

While an early shortage of dollars in March from the pandemic's first shock pushed the Fed to open currency swap lines with major central banks, international funding strains have eased significantly since. In recent weeks, usage of the facility has reduced dramatically.

That trend is expected to continue over the next six months with major central banks' usage of swap lines to "stay around current levels", according to 32 of 46 analysts. While 13 predicted a sharp drop, only one respondent said use of them would "rise sharply".

The dollar index, which measures the greenback's strength against six other major currencies, has slipped over 5 per cent since touching a more than three-year high in March.

When asked which currencies would perform better against the dollar by end-December, a touch over half of 49 respondents said major developed market ones, with the remaining almost split between commodity-linked and emerging market currencies.

"The dollar is so overvalued, and has been overvalued for a long time, it's time now for it to come back down again, as we head towards the (U.S.) election," added NAB's Friend.

Over the last quarter, the euro has staged a 1.8 per cent comeback after falling by a similar margin during the first three months of the year. For the month of June, the euro was up 1.2 per cent against the dollar.

The single currency was now expected to gain about 2.5 per cent to trade at $1.15 in a year from around $1.12 on Wednesday, slightly stronger than $1.14 predicted last month. While those findings are similar to what analysts have been predicting for nearly two years, there was a clear shift in their outlook for the euro, with the range of forecasts showing higher highs and higher lows from last month.

"In comparison to even a month or two ago, the outlook in Europe has improved significantly," said Lee Hardman, currency strategist at MUFG.

"I think that makes the euro look relatively more attractive and cheap against the likes of the dollar. We're not arguing strongly for the euro to surge higher, we're just saying, after the weakness we have seen in recent years, there is the potential for that weakness to start to reverse."

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