US: Racist punches Sikh clerk thinking he’s Muslim; arrested

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.”

As Peru begins to ease its strict coronavirus lockdown, the country's biggest LGBTQ nightclub opened its doors on Tuesday, but there will be no nighttime revellers; its dance floor will instead be filled with shelves stocked with groceries.

Instead of slinging cocktails at the bar or dancing on stage, ValeTodo Downtown's famed staff of drag queens will sell customers daily household products as the space reopens as a market while nightclubs are ordered to remain closed.

The Peruvian government will lift the lockdown in most regions of the country at the beginning of July but will keep borders closed, as well as nightclubs and bars.

The lockdown has been a struggle for the club's 120 employees like drag queen Belaluh McQueen. Her life completely changed when the government announced the quarantine. Her nights were spent at home, rather than performing as a dancer at the club in vivid-coloured costumes.

"I was very depressed because I have been doing this art for years, but you have to adapt to new challenges for the future," said McQueen, who is identified by her stage name.

Now McQueen is back to work as a grocery store employee, wearing a sequined suit, high heels and a mask. A DJ will play club music as patrons shop. "We have a new job opportunity," McQueen added.

Renamed as Downtown Market, the club, which has been a mainstay hallmark of the local LGBTQ community, ushered in its reopening with an inauguration ceremony.

"Before, I used to come here to dance and have a good time, but now we come to buy," said Alexandra Herrera, a regular attendee of the club. "The thing is to reinvent yourself."

The club's general manager, Claudia Achuy, said that the pandemic impacted the heart of Lima nightlife, but she chose to reopen as a market rather than risk cutting staff. "If we had just stayed as a nightclub we did not have a close horizon or a way of working," Achuy said.

Peru's confirmed coronavirus cases rose to 282,364 with 9,504 associated deaths on Monday, according to government data. It has the second-highest outbreak in Latin America after Brazil, according to a Reuters tally.

Geneva, Jul 11: The World Health Organization said Friday that it is still possible to bring coronavirus outbreaks under control, even though case numbers have more than doubled in the past six weeks.

WHO chief Tedros Adhanom Ghebreyesus said the examples of Italy, Spain, South Korea and India's biggest slum showed that however bad a outbreak was, the virus could still be reined in through aggressive action.

"In the last six weeks cases have more than doubled," Tedros told a virtual press conference in Geneva.

However, "there are many examples from around the world that have shown that even if the outbreak is very intense, it can still be brought back under control," said Tedros.

"And some of these examples are Italy, Spain and South Korea, and even in Dharavi -- a densely packed area in the megacity of Mumbai -- a strong focus on community engagement and the basics of testing, tracing, isolating and treating all those that are sick is key to breaking the chains of transmission and suppressing the virus."

The novel coronavirus has killed at least 555,000 people worldwide since the outbreak emerged in China last December, according to a tally from official sources compiled by AFP on Friday.

Nearly 12.3 million cases have been registered in 196 countries and territories.

"Across all walks of life, we are all being tested to the limit," Tedros said, "from countries where there is exponential growth, to places that are loosening restrictions and now starting to see cases rise.

"Only aggressive action combined with national unity and global solidarity can turn this pandemic around."