Since the Jan 24 Hindenburg report which alleged improper use by the Adani Group of offshore tax havens and stock manipulation and also raised concerns about high debt, the market capitalisation of seven listed Adani Group companies has fallen by half or nearly US$100 billion. Its dollar bonds have tumbled. ToContinue Reading
NEW DELHI: India’s central bank has asked local banks for details of their exposure to the Adani group of companies, government and banking sources said on Thursday (Feb 2). India’s central bank and stock market regulator have sprung into action more than a week after US short-seller Hindenburg Research’s reportContinue Reading
What continues to be the result? The report offers sparked a huge sell-off in shares in Adani’s firms, wiping out more than US$68 billion in their market value, according to Bloomberg Information. Trading in some stocks was temporarily stopped. Adani’s private wealth has dove by around US$40 billion and heContinue Reading
NEW DELHI: India’s Adani Group issued a detailed response on Sunday (Jan 29) to a Hindenburg Research report that sparked a US$48 billion rout in its stocks, saying it complies with all local laws and had made the necessary regulatory disclosures. The conglomerate led by Asia’s richest man, the IndianContinue Reading
Shares in the business empire of Asia’s richest man Gautam Adani nosedived after a US investment firm claimed it had committed “brazen” corporate fraud.Continue Reading
SANYA: China’s scrapping of travel curbs this month is expected to revive demand in the global luxury retail market, but many consumers see more reasons to do their high-end shopping locally on the tax-free island of Hainan. On Wednesday (Jan 25), thousands of travellers in Hainan’s Sanya city packed theContinue Reading
TOKYO: Sharp one-sided currency moves cannot be tolerated, Japan’s top finance diplomat Masato Kanda told Reuters, reaffirming Tokyo’s determination to intervene in the foreign exchange market to curb any speculative or significant yen moves. “Sharp, one-sided moves as seen last year are not desirable or cannot be tolerated from theContinue Reading
Detroit? Nope. Germany? Nein. Elon Musk sees the toughest competition for Tesla in China, home of the company he expects “most likely to be second” in electric vehicles. China is Tesla’s second-largest market – accounting for about two-thirds of all electric vehicles sales globally in 2022 – and the homeContinue Reading
TOKYO: Japan’s primary consumer prices in December rose 4. 0 per cent from a 12 months earlier, double the particular central bank’s two per cent target, hitting a fresh 41-year high and keeping with your life market expectations the particular central bank can phase out ultra-low interest rates. But analystsContinue Reading
SHANGHAI: Apple supplier Foxconn’s Zhengzhou plant on Monday (Nov 7) kicked off a fresh recruitment drive seeking workers, saying that it would offer staff who had left in recent weeks a one-off bonus of 500 yuan (US$69.28) should they return. New workers will be offered a salary of 30 yuanContinue Reading