Senior RSS leader shot at in Punjab, critical

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.”

New Delhi, Jun 29: A disturbing video of a Covid-19 patient, speaking his last words, after his oxygen supply was allegedly cut off, has surfaced on social media. The patient reportedly died after indicating that the oxygen supply to him was cut off despite his requests.

The video has a 35-year-old Covid-19 patient bidding good-bye to his family, from a government hospital bed in Hyderabad. The patient Ravi Kumar can be seen speaking out against the negligence of of the medical staff in providing ventilator support to him when he needed it the most.

The video has led to social media outrage as it attracted public attention towards plight of patients in government hospitals

"I am not able to breathe, I pleaded but they did not continue oxygen for the last three hours. I am not able to breathe anymore daddy, it's like my heart has stopped, Bye daddy. Bye to all, daddy," these were apparently the final words of the man, who spoke in his local dialect, and shared on social media.

Several reports have claimed that the man had been admitted to government Chest hospital, after several private hospitals refused to admit him. His ventilator support was allegedly taken off in the hospital, after which he recorded the video message.

The victim’s family shared the video message for the public to know of the negligence.

Reports have it that Ravi’s covid-19 report, which testes positive, was given to family a day after his death, when 30 of his family members performed the final rites, thus making all of them vulnerable to the virus. Ravi’s father has alleged that the test was done on June 24 and Ravi died on June 26, while the report was given to them on June 27.

New Delhi, Jun 22: Defence Minister Rajnath Singh on Monday left for a three-day visit to Russia. Singh is likely to discuss the India-Russia defence and strategic partnership during the visit and also attend a military parade in Moscow to mark the 75th anniversary of the Soviet victory over Nazi Germany in the Second World War.

The visit comes days after the violent face-off with China in which 20 Indian Armymen were killed in Galwan valley in Ladakh.

"Leaving for Moscow on a three day visit. The visit to Russia will give me an opportunity to hold talks on ways to further deepen the India-Russia defence and strategic partnership. I shall also be attending the 75th Victory Day Parade in Moscow," the Defence Minister tweeted.

Defence Secretary Ajay Kumar is also accompanying the minister.