Gautam Adani: Who is the Indian tycoon facing US bribery charges?

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Gautam&nbsp, Adani, the&nbsp, billionaire&nbsp, behind India’s Adani Group, has built an empire stretching fuel, flights, cement and advertising, propelling him to popularity as one of the wealthiest people dead.

But his rise has n’t been without turbulence.

Corporate fraud claims, a property crash, and then a US accusation accusing Adani of orchestrating a US$ 265 million corruption scheme have harmed Adani’s fortune.

Who is the creator behind the sprawling company, and how did the 62-year-old become one of the world’s richest people?

HIGH SCHOOL DROPOUT TO TYCOON

Unlike many businessmen who inherit their money, Adani came from a middle-class home. &nbsp,

Born in Ahmedabad in northern India’s Gujarat position, Adani&nbsp, dropped out of school at 16 to become a stone businessman in monetary capital Mumbai. &nbsp,

He branched out into the export trade in 1988 after a short stay in his friend’s plastics company.

Seven years later, he received a commitment to construct and run a business transport port in Gujarat. &nbsp, It grew to become India’s largest at a time when most ships were government-owned.

Now, Adani Group spans flights, shipping ports, electricity generation, electricity distribution and even cooking fuel, making it one of India’s most important conglomerates.

More recently, Adani set his gaze on becoming India’s biggest clean electricity person by 2030.

It is the largest private creator of coal outside of India, having large coal mining activities in Indonesia and Australia.

Adani is for US$ 69.8 billion, according to Forbes magazine, making him the country’s 22nd richest person and India’s second-richest people behind Reliance Industries Chair Mukesh Ambani.

NARROWLY ESCAPED DEATH

Adani and an associate reportedly were kidnapped on New Year’s Day 1998 after gunmen demanded a US$ 1.5 million payment, before being later freed at an unidentified area.

A decade later, he was dining at Mumbai’s Taj Mahal Palace resort when it was besieged by militants, who killed 160 citizens in one of India’s worst terror attacks.

Adani allegedly hid in the room all day before being rescued by security personnel the following morning along with hundreds of others.

After his private plane touched down in his town of Ahmedabad later that evening, he recounted the incident as” I saw dying at a distance of only 15 feet”.

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Tesla CEO Elon Musk in China for talks

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But, Musk’s unique organization has run into trouble in the world’s next- largest economy: In January, Tesla recalled more than 1.6 million electrical vehicles in China to resolve their steering software.

His appearance in China coincides with a fiercely competitive EV market war between firms hungry to advance.

China’s nearby vehicle giant BYD-” Build Your Dreams”- beat out Tesla in next year’s fourth quarter to become the world’s leading seller of EVs.

In the first third of this year, Tesla regained that name, but BYD continues to dominate in its native business.

His visit coincides with Beijing’s large car show, which held press events from Thursday through the weekend and was free to the public.

” TESLA’S LAST HOPE”

There was a lot of debate that the star billionaire may go Auto China while in Beijing, according to comments under posts about Musk’s appearance on the social media platform Weibo.

One person claimed that Musk’s visit was motivated by a need to test drive the SU7, Xiaomi’s first vehicle model, earlier this year.

Xiaomi’s entry into the fiercely competitive EV market appears to be down to a good start, with CEO Lei Jun reporting this month that pre-orders had outperformed expectations by three to five times.

Other commentators responded to rumors that Musk’s trip was intended to give him an opportunity to speak with Chinese officials about the potential release of Tesla’s Full Self-Driving ( FSD ) technology to the local market.

” FSD is Tesla’s last hope for saving its domestic sales”, one Weibo user said.

Musk’s interests in China have extended raised eyebrows in Washington, with President Joe Biden saying in November 2022 that his connections to foreign countries were “worthy” of attention.

The tycoon’s suggestion that Taiwan, which is self-ruled, may join China sparked controversy among other things, which was welcomed by Taiwanese authorities but greatly infuriated Taipei.

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Tesla CEO Elon Musk meets China’s Premier Li Qiang in Beijing

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BEIJING: Tech billionaire and Tesla CEO Elon Musk on Sunday ( Apr 28 ) met with China’s number two official, Premier Li Qiang, who promised the country would “always” be open to foreign firms.

One of the richest people in the world, Elon Musk, made his second trip to China before that day on his next visit in less than a year to the nation’s largest market for electric vehicles.

According to Chinese state broadcaster Video, Li had promised the nation would do more to support foreign companies during their appointment.

” China’s quite large- level industry will always be open to foreign- supported firms”, Li was quoted as saying.

China will keep its term and will work hard to improve customer service and increase market access.

Beijing had also offer” a better company setting” for foreign businesses, Li added,” so that businesses from all over the world you have peace of mind while investing in China.”

Musk later claimed on X, which he also owns, that he was honored to join with Li, adding that the couple “have known each other for many years.”

Musk has a number of business contacts in China, and he most recently traveled there in June of last year. Tesla has not yet released his travel schedule for the latest vacation.

At his Tesla Gigafactory in Shanghai, he was cited by CCTV as praising the “hardworking and brilliant Chinese group.”

Tesla reportedly stated that Tesla is ready to take the next step in enhancing assistance with China to produce more success stories.

The businessman met with Ren Hongbin, the mind of the China Council for the Promotion of International Trade, earlier in the day,” to discuss future steps in assistance and different topics,” according to CCTV.

In China, Tesla’s electric cars have become a cornerstone of middle-class industrial life despite the controversial figure of the West.

” THE FUTURE”

Musk previously detested Foreign Vehicles, and he now calls their companies” the most economical auto companies in the world.”

He was quoted as saying,” It’s good to see electric vehicles advance in China,” according to a state-backed media outlet on Sunday.

” All vehicles will be energy in the future”.

Musk’s unique company has run into trouble in the nation’s second- largest economy: In January, Tesla recalled more than 1.6 million electrical vehicles in China to resolve their steering software.

His appearance in China coincides with a fiercely competitive EV market war between firms hungry to advance.
 

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China says US TikTok vote follows ‘logic of a bandit’

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Beijing’s China claimed on Thursday ( Mar 14 ) that the US House of Representatives ‘ decision to ratify a bill that would “force TikTok to cut ties with its Chinese parent company” or be outlawed in the US follows “entirely the logic of a bandit.”

Although the short-video app has gained a lot of popularity internationally, European cities are concerned about its possession by Chinese technology company ByteDance and alleged servitude to Beijing’s decision Communist Party.

A expenses that may require TikTok to withdraw from its parent company or be subject to a nationwide ban was unanimously approved by the US House of Representatives on Wednesday.

The Bill has yet to pass the Senate, where it is anticipated to have to complete a more stringent set of requirements before becoming law.

According to Wang Wenbin, a spokesperson for the foreign ministry,” The Bill passed by the United States House of Representatives places the United States on the opposite end of the lines of fair competition and international economic and trade rules.”

There is no fairness and justice at all, he said, “if so-called reasons of national security can be used to unilaterally control superb companies from other countries.”

This is totally the logic of a pirate when someone notices something that someone else has and attempts to take it for themselves.

The world will be able to see more clearly how well the United States ‘ so-called guidelines and get benefit the world or how they only benefit the country itself as a result of how the country handled the TikTok event. “

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Houthi attacks expose China’s commercial stakes in Red Sea

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BEIJING: China has called for an end to attacks on civilian vessels in the Red Sea that have dramatically widened the Hamas-Israel conflict and placed Beijing’s commercial interests along the Suez Canal at risk. The Iran-backed Houthi militia from Yemen that seeks “Death to Israel” is challenging the ability ofContinue Reading

China eases visa application for US tourists

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BEIJING: China will simplify visa applications for tourists from the United States from Jan 1, cutting the documents required, according to a notice on Friday (Dec 29) on the website of the Chinese embassy in Washington. The move is the latest by China to revive tourism and boost the world’sContinue Reading

US Commerce chief warns against China ‘threat’

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SAN FRANCISCO: On December 2, US Commerce Secretary Gina Raimondo urged politicians, Silicon Valley, and US supporters to prevent China from obtaining cutting-edge systems essential to national security. At a yearly national defense conference in Simi Valley, California, Raimondo referred to Beijing as” the biggest risk we’ve ever had” andContinue Reading