PM Narendra Modi gave headline, blank page: P Chidambaram on Rs 20 lakh crore financial package

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, May 19: Former Union Minister P Chidambaram said that as the fourth phase of the nationwide lockdown amid the coronavirus scare began from Monday, his thoughts were with the people of Kashmir who were in a "terrible lockdown within a lockdown."

The senior Congress leader said that at least now, the people in the rest of India will understand that he dubbed the "enormity of the injustice" done to those who were detained in Kashmir and those still under detention" immediately before and after the abrogation of Article 370 of the Indian Constitution on August 5, 2019.

Chidambaram said that former Jammu and Kashmir Chief Minister Mehbooba Mufti was the "worst sufferer" of preventive detention and even courts had shirked their constitutional duty with respect to detainees.

"The worst sufferers are Mehbooba Mufti and her senior party colleagues who are still in custody in a locked-down state in a locked-down country. They are deprived of every human right," he said in a statement.

"I cannot believe that for nearly 10 months, the courts will shirk their constitutional duty to protect the human rights of citizens," he added.

The detention on Mehbooba Mufti under the Public Safety Act (PSA) had been extended for three more months on May 5. Booked under the stringent PSA, she was initially kept at the Hari Niwas guesthouse in Srinagar but later shifted to a Tourism Department hut in the Chashma Shahi area.

She was shifted to her Gupkar Road official residence on April 7.

Besides Mehbooba Mufti, two other former Chief Ministers -- Omar Abdullah and his father Farooq Abdullah -- were also detained under the PSA but later released.

Beijing, Feb 2: India on Sunday temporarily suspended e-visa facility for Chinese travellers and foreigners residing in China in view of the virulent coronavirus that has killed more than 300 people, infected 14,562 others and spread to 25 countries, including India, the US and the UK.

“Due to certain current developments, travel to India on e-visas stands temporarily suspended with immediate effect," the Indian Embassy announced.

“This applies to holders of Chinese passports and applicants of other nationalities residing in the People's Republic of China. Holders of already issued e-visas may note that these are no longer valid," the announcement said.

“All those who have a compelling reason to visit India may contact the Embassy of India in Beijing or the Indian consulates in Shanghai or Guangzhou, as well as the Indian Visa Application Centres in these cities," it said.

On Sunday, India airlifted a second batch of 323 stranded Indians and seven Maldivian citizens from coronavirus-hit Wuhan city, taking the total number of people evacuated to 654.

Air India's jumbo B747 made two flights to Wuhan city - the ground zero of the coronavirus epidemic. In the first flight on early Saturday, 324 Indians were evacuated and on Sunday another 323 Indians and seven Maldivian citizens were flown back.