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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
January 17,2020

New Delhi, Jan 17: Deputy Chief Minister Manish Sisodia does not have any car on his name, according to information shared in the poll affidavit filed by him for Delhi elections.

In the affidavit, it is also shown that while his self-acquired immovable property remained roughly the same as in 2015. His wife's self-acquired immovable property is worth roughly about Rs 65 lakh, as per his latest affidavit.

In the papers submitted during the nomination for 2015 Delhi polls, the senior AAP leader had declared that he owned a Maruti Swift car of make 2013.

However, in his 2020 affidavit, he has mentioned "nil" in the column for motor vehicles and other means of transport.

In the affidavit submitted on Thursday, his moveable assets were declared worth Rs 4,74,888 for 2018-19, as against Rs 4,92,624 for 2013-14.

In 2015, Sisodia had informed in his affidavit that he had bought a property in Vasundhara, Ghaziabad, worth Rs 5.07 lakh in April 2001. The approximate current market value of self-acquired property in 2015 was Rs 12 lakh.

In his current affidavit, the AAP leader has mentioned the same property. However, the approximate current market value of self-acquired property in 2020 has increased to Rs 21 lakh.

In his affidavit for the 2015 polls, Sisodia had also said that his wife had purchased a property in March 2008 costing Rs 8.70 lakh. At that time, the approximate value of her self-acquired property was Rs 20 lakh.

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News Network
March 13,2020

New Delhi, Mar 13: Delhi's Tis Hazari Court on Friday sentenced expelled Bharatiya Janata Party (BJP) MLA Kuldeep Singh Sengar and six others to 10 years imprisonment for the death of Unnao rape survivor's father. Sengar is already serving life imprisonment for raping the minor.

While sentencing them, District Judge Dharmesh Sharma said, "There can be no denying that rule of law was broken. Sengar was a public functionary and had to maintain the rule of law. The way the crime has been committed, it does not call for leniency."

Sengar and his brother Atul has been directed to give 10 lakh compensation to family of the victim for loss of their father. "There are four minor children involved, three girls and one boy. They have also been uprooted from native place," the judge said.

Seven people, including Sengar, his brother and two police personnel, were held guilty for culpable homicide and criminal conspiracy, earlier this month.

The case pertains to the death of rape survivor's father in custody on April 9, 2018. It was alleged that he was assaulted following a quarrel with some of the accused in the case.

He was taken to the police station and then framed for allegedly possessing an illegal firearm. Pursuant to this, he was sent to custodial remand, during which he died.

The case was transferred to Delhi from a trial court in Uttar Pradesh on the Supreme Court's directions in August last year. Both the death and illegal firearm case was later clubbed by the court.

During the arguments on sentencing on March 12, Sengar had told the court that he should be "hanged and acid poured into his eyes if he has done anything wrong".

The former MLA had also raped the daughter of the deceased in 2017 in Uttar Pradesh's Unnao district and was sent to jail for "remainder of his natural biological life", last year.

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News Network
July 26,2020
Bhopal, Jul 26: BJP MP Pragya Singh Thakur on Saturday appealed people to recite the Hanuman Chalisa five times a day till August 5, which she believes will rid the world of the coronavirus pandemic.
`Bhoomi pujan’ or the ground-breaking ceremony for the construction of Ram temple at Ayodhya is to take place on August 5.
“Let us all of us together make a spiritual effort to wish people good health and end the coronavirus epidemic.
Recite ‘Hanuman Chalisa’ five times a day at your home from July 25 to August 5,” the Bhopal MP tweeted.
“Conclude this ritual by lighting lamps on August 5 and offering ‘aarti’ to Lord Ram at home,” she added.
She also shared a video on Twitter, in which she said the BJP government in Madhya Pradesh is making efforts to contain the spread of coronavirus by imposing lockdown in Bhopal till August 4.
“Though the lockdown will be over on August 4, this ritual (recitation of the Hanuman Chalisa, a hymn in praise of Lord Hanuman) will end on August 5, when ‘bhoomi pujan’ for Ram temple in Ayodhya will be performed. We will celebrate that day like Diwali,” she added.
“When people... Hindus from across the country recite the ‘Hanuman Chalisa’ in one voice, it will definitely work and we will be free from coronavirus...This is your prayer to Lord Ram,” said Thakur.

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