Mukesh Ambani Tops Jack Ma As Asia's Richest After Facebook Deal

News Network
April 23, 2020

Apr 23: Mukesh Ambani is again Asia's richest person after a deal with Mark Zuckerberg's Facebook Inc. sent his conglomerate's stock surging.

Ambani's fortune rose about $4.7 billion to $49.2 billion on Wednesday, after Reliance Industries Ltd. gained 10%. The jump put Ambani about $3.2 billion ahead of China's Jack Ma, according to the Bloomberg Billionaires Index. The ranking updates after the close of each trading day in the U.S.

Facebook Inc. will invest $5.7 billion in the U.S. social-networking giant's biggest deal since the 2014 purchase of WhatsApp as it seeks a broader foothold in its biggest global market. The U.S. company will buy about 10% of Jio Platforms, which brings together digital apps and a wireless platform under one umbrella, the Mumbai-based company said in a statement Wednesday.

Before Wednesday, Ambani -- who owns the world's largest oil refinery -- had declined by $14 billion on the index in 2020, the biggest dollar fall of anyone in Asia. Alibaba Group Holding Ltd.'s Ma, whose foundation this week donated 100 million masks to the World Health Organization to fight the Covid-19 pandemic, had lost almost $1 billion through Tuesday.

"At the core of our partnership is the commitment that Mark Zuckerberg, founder of Facebook, and I share for the all-around digital transformation of India," Ambani said in a web video posted on Jio's Facebook page, adding that Facebook's brands have become household names in India. "WhatsApp in particular, has entered our people's daily vocabulary in all the 23 official languages of India."

The partnership with Jio would allow Zuckerberg to step up his expansion in a country that is rapidly embracing online payment and e-commerce as more people get smartphones. Jio Infocomm quickly moved into a position of dominance by offering free plans and undercutting wireless market rivals.

With its half-billion internet users, the South Asian country is a key market for the world's largest technology companies, including Amazon.com Inc., Apple Inc., Microsoft Corp. and Alphabet Inc.'s Google. In India, Facebook has about 250 million users, while WhatsApp has more than 400 million.

That should help Jio bolster its reach, according to James Crabtree, author of 'The Billionaire Raj,' a book on the country's wealthiest people. But the transaction also shows the extent of Ambani's own influence, he said.

"This deal clearly shows that if you want to play big in Indian tech, you need to play nice with Mukesh Ambani."

Ambani's fortune rose about $4.7 billion to $49.2 billion on Wednesday, after Reliance Industries Ltd. gained 10%. The jump put Ambani about $3.2 billion ahead of China's Jack Ma, according to the Bloomberg Billionaires Index. The ranking updates after the close of each trading day in the U.S.

Facebook Inc. will invest $5.7 billion in the U.S. social-networking giant's biggest deal since the 2014 purchase of WhatsApp as it seeks a broader foothold in its biggest global market. The U.S. company will buy about 10% of Jio Platforms, which brings together digital apps and a wireless platform under one umbrella, the Mumbai-based company said in a statement Wednesday.

Before Wednesday, Ambani -- who owns the world's largest oil refinery -- had declined by $14 billion on the index in 2020, the biggest dollar fall of anyone in Asia. Alibaba Group Holding Ltd.'s Ma, whose foundation this week donated 100 million masks to the World Health Organization to fight the Covid-19 pandemic, had lost almost $1 billion through Tuesday.

"At the core of our partnership is the commitment that Mark Zuckerberg, founder of Facebook, and I share for the all-around digital transformation of India," Ambani said in a web video posted on Jio's Facebook page, adding that Facebook's brands have become household names in India. "WhatsApp in particular, has entered our people's daily vocabulary in all the 23 official languages of India."

The partnership with Jio would allow Zuckerberg to step up his expansion in a country that is rapidly embracing online payment and e-commerce as more people get smartphones. Jio Infocomm quickly moved into a position of dominance by offering free plans and undercutting wireless market rivals.

With its half-billion internet users, the South Asian country is a key market for the world's largest technology companies, including Amazon.com Inc., Apple Inc., Microsoft Corp. and Alphabet Inc.'s Google. In India, Facebook has about 250 million users, while WhatsApp has more than 400 million.

That should help Jio bolster its reach, according to James Crabtree, author of 'The Billionaire Raj,' a book on the country's wealthiest people. But the transaction also shows the extent of Ambani's own influence, he said.

"This deal clearly shows that if you want to play big in Indian tech, you need to play nice with Mukesh Ambani."

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News Network
March 26,2020

Mar 26: As Kashmir reported its first COVID-19 death on Thursday, Islamic scholars urged people to follow the Ministry of Home Affairs guidelines on funeral and burial of those who die due to coronavirus pandemic.

“Medical science can’t be ignored and whatever directions there are in the (MHA) guidelines should be followed. As far as the funeral of the person, only family members should participate in the funeral and burial after wearing the protection kits,” the scholars said.

The MHA has stressed that there should be no bathing, kissing, hugging and reciting of verses while the body should be transported in a secured bag. Health experts have stressed that the grave for the person should be dug eight feet deep instead of normal six feet.

“The body of the person should be transported in a secured bag and the vehicle in which he is transported has to be decontaminated by the trained staff who should be wearing N-95 masks and protection equipment,” read the MHA guidelines.

Kashmir witnessed the first death of a COVID-19 patient from uptown city Hyderpora, who had a travel history of outside J&K as he was part of a ‘Tableegi Jamaat’.

Dr Naveed, Head of Department, at Chest Diseases Hospital Srinagar, said that no one from the family should go closer to the body and if someone from the family wants to see the face, he/she has to wear a complete protective gear.

“Burial bath is not recommended for the body. Grave for him should be dug eight feet deep instead of normal six feet,” he said.

As far as funeral prayers, he said, those intending to offer funeral should wear protective gear and maintain sufficient distance between the body and people.

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News Network
February 29,2020

New Delhi, Feb 29: Former Union Minister M J Akbar told a Delhi court on Friday that journalist Priya Ramani had defamed him by calling him with adjectives such as 'media's biggest predator' in the wake of #MeToo movement in 2018 that harmed his reputation.

M J Akbar made the allegations before Additional Chief Metropolitan Magistrate Vishal Pahuja through his lawyer during the final hearing of a private criminal defamation complaint filed by him against Priya Ramani. Akbar resigned as Union minister on October 17, 2018.

Ramani in 2018 accused Akbar of sexual misconduct around 20 years ago when he was a journalist.

Senior advocate Geeta Luthra, appearing for Akbar, said that the allegations were intentional and malafide.

“When you call someone media's biggest predator, it is per se defamatory. Calling a person with such adjectives is on the face of it defamatory. In the eyes of the people, Akbar's reputation was harmed... The per se effect was lowering of my (Akbar) reputation in the eyes of the right thinking members of the society,” she told the court.

She said there was no due process in the allegations. “It has a cascading effect. Embarrassing questions were asked. I (Akbar) am a person of greatest integrity... There was no due process in the allegations. You cannot just make allegation and let that person suffer,” she added.

Luthra said that if there was any grievance, it had to be raised then and there before the appropriate authority.

“We need to realise the effect has what we say or what we do. It's not like she went to any authority or raised any grievance. Opportunity was there, rights were there but to attack so person behind their back on social media...knowing that his whole life will be adversely affected? It's not right,” she said.

M J Akbar has denied all the allegations of sexual harassment against the women who came forward during #MeToo campaign against him.

Akbar had earlier told the court that the allegations made in an article in the 'Vogue' and the subsequent tweets were defamatory on the face of it as the complainant had deposed them to be false and imaginary and that an “immediate damage” was caused to him due to the “false” allegations by Priya Ramani.

Ramani had earlier told the court that her “disclosure” of alleged sexual harassment by Akbar has come at “a great personal cost” and she had “nothing to gain” from it.

She had said her move would empower women to speak up and make them understand their rights at workplace.

Several women came up with accounts of the alleged sexual harassment by M J Akbar him while they were working as journalists under him.

He has termed the allegations “false, fabricated and deeply distressing” and said he was taking appropriate legal action against them.

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News Network
January 12,2020

Kolkata, Jan 12: Prime Minister Narendra Modi on Sunday said a section of the youth is being misguided about the Citizenship Amendment Act and asserted that it will not take away anybody's citizenship.

Modi also said whoever has faith in India and believes in its Constitution can become an Indian citizen.

“There are a lot of questions among the youth about the new citizenship law, and some are being misled by rumours around it... it is our duty to clear their doubts,” the PM said during an address at Belur Math in Howrah district.

“I want to make this clear again that the CAA is not about taking away anybody's citizenship, but about granting citizenship,” he added.

Modi said that some people with political interests are deliberately spreading rumours about the new citizenship law.

Lauding the youth for speaking against religious persecution of minorities, the prime minister said the energy of the country's young will form the basis of change in the 21st century. The PM is on a two-day visit to the city.

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