Oman expat visa ban may go beyond 6 months

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.”

Mumbai, May 14: The Shiv Sena on Thursday raised questions over the Centre's Rs 20 lakh crore stimulus package announced to revive the COVID-hit economy, and asked if India is not a "self-reliant" country at present.

An editorial in Sena mouthpiece 'Saamana' wondered how Rs 20 lakh crore will be raised, and opined that an environment needs to be created where industrialists, trade and business sectors are encouraged to invest.

On the path of new self-reliance, India cannot afford industrialists running away, and for that "political institutions like the ED and CBI need to be put in lockdown for some time," it said.

Prime Minister Narendra Modi on Tuesday announced new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore, saying the COVID-19 crisis has provided India an opportunity to become self-reliant and emerge as the best in the world.

The Sena said the country is being told that the package will be beneficial for MSMEs (micro, small and medium enterprises), poor labourers, farmers and the tax-paying middle class.

"The package (as per the Centre) will reach 130 crore Indians and the country will become self-reliant. Does this mean India is not a self-reliant country at present?" the Marathi daily asked.

It is good that PPE kits and N95 masks are now being manufactured in India, it said.

"Any country progresses ahead while learning from crisis and through struggle. Before Independence, not even a needle was manufactured in India but in 60 years, India became self-reliant in science, technology, agro business, defence, manufacturing and atomic science," it said.

An institution like the Indian Council of Medical Research (ICMR), which is helping in the manufacturing of PPE kits, is part of the self-reliant India, it noted.

Wondering how Rs 20 lakh crore, as announced in the central package, will be raised, the Sena said an "environment needs to be created where industrialists, trade and business sectors will be encouraged to invest".

"India, on path of new self-reliance, cannot afford industrialists running away, and for that political institutions like the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) need to be put in lockdown for some time," the paper said.

Despite announcing the 'lockdown-4' and the economic package, why its impact has not been reflected in the share market? it asked.

"Investors are in a dilemma. The prime minister and chief ministers must show them trust and support," it said.

"Earlier it was Pandit Nehru and now it is Modi. If (former prime minister) Rajiv Gandhi had not laid the foundation of a digital India, there wouldn't be video conference of PM, CMs and bureaucracy in times of coronavirus," the Uddhav Thackeray-led party said.

It agreed with Modi that coronavirus will stay for long, and lives need not revolve around it.

"We need to get back on our feet again," the Sena said.

New Delhi, Mar 19: The total number of reported novel coronavirus cases in India has climbed to 169, with 30 fresh cases reported from various parts of the country on Wednesday.

The total cases in India include 25 foreign nationals and the three persons who died in Delhi, Karnataka and Maharashtra.

As coronavirus cases continue to rise in India, over 5,700 people, who had come in contact with positive cases, continue to be under rigorous surveillance, the government has said.

Maharashtra has 43 cases, including 3 foreigners, while Kerala has recorded 27 cases which include two foreign nationals. A 28-year-old woman from Pune with a travel history to France and the Netherlands tested positive for Covid-19, a senior official said on Wednesday.

A 68-year-old woman has tested positive for coronavirus in Mumbai. She was in close contact with a Covid-19 patient, who was diagnosed yesterday.

In Rajasthan, three more have tested positive for Covid-19. The new cases have come from Jhunjhunu district. Their samples have been sent to SMS Medical college.

In Maharashtra, a 21-year-old man in Pimpri Chinchwad with travel history to the Philippines, Singapore and Colombo has tested positive for coronavirus. One more person in Ratnagiri has tested positive for Covid-19.

Telangana has reported seven more confirmed coronavirus cases. All the seven are Indonesian national.

Delhi has so far reported 10 positive cases which include one foreigner while Uttar Pradesh has recorded 16 cases, including one foreigner. A man from Noida tested positive on Wednesday, taking the total number to four in Noida.

Karnataka reported two fresh cases on Wednesday, taking the number of infections to 13. The number of cases in Ladakh rose to eight and Jammu and Kashmir three. Telangana has reported six cases which include two foreigners.

One more person has tested positive for coronavirus in Kashmir. The person, with foreign travel history, has been put under isolation. He had arrived in J&K on March 16.

There will be restrictions on public transport, assembly of people and some other measures, in #Srinagar from tomorrow.

Rajasthan has also reported four cases including that of two foreigners. Tamil Nadu, Andhra Pradesh, Odisha, Uttarakhand and Punjab have reported one case each.

Tamil Nadu Health Minister C Vijayabaskar has confined the state's second positive case of coronavirus in the state.

The health minister has stated that the condition of the patient is stable and is in observation.

In Haryana, there are 16 cases, which include fourteen foreigners.

According to the Union ministry's data, 14 people have been discharged so far, including the three patients from Kerala.

Three persons infected with the virus have died so far, the latest casualty being a 64-year-old man from Mumbai with a travel history to Dubai who succumbed on Tuesday.

While a 76-year-old man from Kalaburagi who returned from Saudi Arabia died last Tuesday, a 68-year-old woman in Delhi who had tested positive for coronavirus passed away on Friday night.

The government on Tuesday banned the entry of passengers from Afghanistan, Philippines and Malaysia to India with immediate effect, according to an additional travel advisory.

With coronavirus cases swelling in the country, the government has also banned the entry of passengers from the European Union countries, Turkey and the UK from March 18 till March 31.