Blackbuck poaching verdict: Saif, Sonali, Tabu in Jodhpur

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.”

Washington, Jun 20: American actor Angelina Jolie has now opened up about her 2016 divorce announcement with Brad Pitt, which shocked fans.

Fox News said the 45-year-old Jolie opened up about leaving the father of her six kids,18-year-old Maddox, 16-year-old Pax, 15-year-old Zahara, 12-year-old, Shiloh, and 11-year-old twins Knox and Vivienne.

"I separated for the well-being of my family. It was the right decision. I continue to focus on their healing," the Oscar-winning star told Vogue India magazine.

The 'Maleficent' star added, "Some have taken advantage of my silence, and the children see lies about themselves in the media, but I remind them that they know their own truth and their own minds. In fact, they are six very brave, very strong young people."

Since 2004, Pitt and Jolie were together but only married in August 2014 at their estate in France.

The 'Mr and Mrs Smith' star previously told Harper's Bazaar magazine how the last few years have been physically, emotionally and mentally turbulent for her.

"My body has been through a lot over the past decade, particularly the past four years, and I have both the visible and invisible scars to show for it," Jolie said.

"The invisible ones are harder to wrestle with. Life takes many turns. Sometimes you get hurt, you see those you love in pain, and you can't be as free and open as your spirit desires. It's not new or old, but I do feel the blood returning to my body," she added.

Besides her marriage ending on the public stage, Jolie underwent a preventative double mastectomy in 2013 followed by breast reconstruction after testing positive for the BRCA gene. In 2015, the actor 'Girl, Interrupted' star also had her ovaries and fallopian tubes removed.

She admitted it has taken a while for her to feel like her old self. She said, "The part of us that is free, wild, open, curious can get shut down by life. By pain or by harm."

Jun 8: The Shiv Sena has sought to take a different stand on Bollywood actor Sonu Sood’s help in ferrying migrants back home in the midst of the nationwide lockdown induced by the coronavirus pandemic. On Sunday evening, the actor met Maharashtra Chief Minister Uddhav Thackeray at his residence ‘Matoshree’. The CM’s son and Maharashtra minister Aaditya Thackeray and MLA Aslam Shaikh were also present during the meeting.

Sonu Sood’s visit to the Shiv Sena supremo’s residence came after Sanjay Raut, one of the most vocal leaders of the party, criticised the actor and sought to draw a BJP link to his help to migrants in order to show the ruling dispensation in poor light.

“Sood is an actor whose profession is to deliver dialogues scripted by someone else and make a living out of it. There are many people like Sood who would promote any political party if paid well,” Raut wrote in Shiv Sena mouthpiece Saamna.

Referring to the actor’s help to migrants, Raut wondered if the sudden generosity of “Mahatma” Sood in Mumbai was at BJP’s behest and said that he would “soon meet Prime Minister Narendra Modi and become the celebrity manager of Mumbai.”

As Raut’s remarks fuelled a controversy in political circles, Aaditya Thackeray tweeted in praise of Sood in an apparent attempt to distance the party and its leadership from the leader’s remarks.

“This evening Sonu Sood met up with Maharashtra CM Uddhav Thackeray ji along with Minister Aslam Shaikh ji and me. Better Together, Stronger Together to assist as many people through as many people. Good to have met a good soul to work for the people together.”

“The CM was glad to meet Sonu Sood and discussed the work everyone is doing for the people during covid relief. Misunderstandings don’t exist but what does is a commitment to help people,” Aaditya tweeted.

Sonu Sood too sought to downplay Raut’s remarks and expressed gratitude to all political parties for having supported him. “They (Shiv Sena) are also supporting it and it’s not about any particular party. We have to support all the people who are suffering. Every party from Kashmir to Kanya Kumari has supported me,” the actor told reporters after his meeting with the Chief Minister.

Sonu Sood has earned immense praise for providing help to stranded migrant workers during the Covid-19 lockdown. He has launched a helpline for migrants and has helped hundreds of migrants return to their native places in Bihar, Uttar Pradesh, Jharkhand and Karnataka.