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NEWSMAKER - Gautam Adani is a controversial Indian first-generation tycoon who was indicted by the US.
Indian billionaire Gautam Adan, who was indicted by the New York court over a $265-million bribery scam, is a tycoon of first generation whose meteoric rise has been accompanied with a series damaging controversies both at home and abroad. Asia's second richest person, who narrowly avoided death as one of the many people trapped inside Mumbai's Taj Mahal Palace Hotel in 2008 when gunmen went killing sprees, now faces an arrest warrant from the United States and criminal penalties for fraud and bribery. Adani's business, which ranged from sugar and soybeans to power and ports, lost over $150 billion last year in market value after U.S. based short seller Hindenburg Research alleged that his eponymous company had used offshore tax havens inappropriately. The group has recovered some of its losses and is now valued at $141 billion. It denies all allegations. Adani, a 62-year old high school dropout who had dropped out of high school in the 1960s, briefly became the richest person on the planet after Tesla CEO Elon Musk. Forbes reports that Adani has a net-worth of $57.6 billion and is the 25th wealthiest person in the world. Adani's power and coal projects, as well as other deals, have been questioned by countries like Australia and Bangladesh. Indian opposition leaders, however, have used Adani in their attacks on the Prime Minister Narendra modi government, accusing them of favouritism. Both sides have denied the allegations. U.S. officials said Wednesday that Adani, along with seven other defendants, had agreed to pay bribes in order to get supply contracts which would yield $2 billion profit over 20 years and to develop India's biggest solar power project. Adani Group did not respond to requests for comment about the charges. Adani, who was born on June 24, 1962, in Ahmedabad in Gujarat's western state - Modi’s home state – dropped out of high school after finishing the 10th grade. Adani Group was founded in 1988. He began with commodities trading. He was born into a textile middle class family and built his wealth, unlike other billionaires that inherit their wealth. He is married to Priti Adani and has two sons Karan, Jeet. Both are active in the business of the family company, as many other members. One person who has direct knowledge of the man's dealings said that he runs his empire in a "very hand-on" manner, and he intends to pass this style on to the next family generation when he turns seventy. Adani, in interviews with both local and international media, has described himself as a shy individual and has attributed the rise in his popularity to the political assaults he has endured. He was quick to praise politicians as well. Adani stated on X shortly after Donald Trump won the U.S. presidential election that Trump was "the embodiment" of unbreakable tenacity and unshakeable grit. He also said Trump had the courage to remain true to his convictions. Adani, who congratulated Trump last week, said his group would invest in U.S. infrastructure and energy projects worth $10 billion, but did not provide any details, other than that the investment was intended to create 15,000 new jobs. (Reporting and editing by Munsif Vengattil, Krishna N. Das)
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As geopolitical concerns rise, most Gulf shares are falling
Investors became cautious after geopolitical tensions increased, and most stock markets in the Gulf were quiet in early trading Thursday. Ukraine's Air Force said Thursday that Russia launched an intercontinental missile during a morning assault from the Astrakhan area. Dubai's benchmark index fell by 1.1%, after rising to its highest level in over 10 years during the previous session. Almost all sectors were in the red. Emaar Properties fell 1.8%, while Gulf Navigation dropped 9.8% to 4,49 dirhams per shares, the lowest in almost 1-1/2 years. GULFNAV, the maritime and shipping company, has continued to slide after it reported an 84% decline in quarterly net profits on Friday. Abu Dhabi's benchmark index fell 0.6%, with the majority of its constituents reporting losses. Aldar Properties dropped 1.1%, and Lulu Retail fell 1%. Lulu Middle East, the largest hypermarket chain operator in the Middle East, reported an increase of 126% on its net profit for the third quarter compared to the previous year. However, the profit fell 38% from the previous quarter. International Holding (IHC), Abu Dhabi's biggest listed company, lost 0.2% and Alpha Dhabi Holding (an IHC subsidiary) fell 1.7%. Gautam Adani, the owner of the conglomerate, has been indicted for his role in an alleged bribery scheme by U.S. authorities, plunging it into crisis for a second time in just two years. Saudi Arabia's benchmark index fell 0.2%, with all sectors falling. ACWA Power dropped 1.3% while Jabal Omar rose 1.9%. The developer announced that it had sold a land parcel in Makkah valued at 1.07 billion Riyals. United Development and Qatar National Bank both saw gains of 1.2%, which helped boost the benchmark index by 0.2%. UDC, a developer, announced that it had sold its 40% share in Qatar District Cooling to a third party for QAR 793.5 (US$217.93) million. $1 = 3.6410 Qatari riyals (Reporting and Editing by Bernadette B. Baum)
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Serbia arrests 11 over train station roofing system collapse
The High Prosecutors Workplace in the Serbian city of Novi Sad said on Thursday that 11 people were apprehended in connection with the collapse of a railway station roofing system earlier this month that has actually left 15 individuals dead. The recently remodelled roofing of the station in the northern city collapsed on Nov. 1, eliminating 14 at the time and injuring 3. On Sunday, one of the hurt passed away, bringing total fatalities to 15. The district attorney's workplace stated in a declaration that the 11 were jailed for devoting criminal acts versus public safety following interrogation of a number of citizens and expert analysis of the incident. The statement only offered the initials of those jailed. The catastrophe activated a wave of demonstrations in Serbia, with protesters blaming the mishap on corruption and nepotism amongst the ruling coalition.
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Royal Mail owner IDS returns to benefit however warns on cost environment
International Circulation Services reported a firsthalf adjusted operating profit on Thursday, as sustained parcel need helped the British company narrow losses at its Royal Mail company despite a. weakerthanexpected market. Royal Mail's noted losses consist of a problems charge,. mainly due to anticipated extra tax problem reflected in an. about 120 million pound yearly increase in companies nationwide. insurance from fiscal 2025-26. Royal Mail uses about 130,000 individuals in Britain. We are delivering on the changes we can manage, but the. cost environment is getting worse simply at the time when we require to. invest, CEO Martin Seidenberg stated in a declaration, referring to. the increase in national insurance coverage. The group, which likewise owns global parcels network. GLS, said its adjusted operating profit was 61 million pounds. ($ 77.13 million) for the 6 months ended Sept. 26, compared to. a loss of 169 million pounds a year previously. IDS, which accepted a 3.57 billion pound takeover by Czech. billionaire Daniel Kretinsky in May, said it continued to anticipate. the offer to close in the first quarter of 2025. Kretinsky's quote of IDS, the owner of one of the world's. oldest postal firms Royal Mail, is presently being reviewed. under the National Security and Financial investment Act to evaluate any. possible concerns.
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Taiwan purchases approximated 80,000 T of wheat of U.S. origin, traders say
The Taiwan Flour Millers' Association purchased an estimated 80,000 metric lots of milling wheat to be sourced from the U.S. in a tender on Thursday, European traders said. The purchase included 2 40,000 load consignments for delivery in 2025 from the U.S. Pacific Northwest coast. The very first consignment for delivery between Jan. 20-Feb. 3 involved 23,525 lots of U.S. dark northern spring wheat of a. minimum 14.5% protein content purchased an approximated $308.06 a. lot free on board (fob), equating to $349.01 a heap expense and. freight (c&& f) consisting of ocean shipping expenses to Taiwan, they. stated. It likewise involved 10,805 lots of tough red winter season wheat of a. minimum 12.5% protein material bought at $267.12 a ton. fob/$ 308.07 a ton c&& f, and 5,670 lots of soft white wheat of a. minimum 8.5% and maximum 10% protein bought at $236.62 a ton. fob/$ 277.57 c&& f. Trading house Bunge sold the dark northern in the very first. consignment, while CHS sold the difficult red and soft white, traders. said. The 2nd consignment included 24,315 lots of dark northern. spring wheat of a minimum 14.5% protein material purchased an. estimated $306.48 a load fob/$ 348.88 a ton c&& f, they said. It likewise included 10,405 tons of hard red winter season wheat of a. minimum 12.5% protein content bought at $262.09 a heap. fob/$ 304.49 c&& f, and 5,280 tons of soft white wheat of a minimum. 8.5% and maximum 10% protein purchased $237.42 a ton fob/$ 279.82. c&& f. Columbia Grain International was thought to have offered the. dark northern spring in the second consignment, while ADM sold. the hard red winter and soft white. Reports reflect assessments from traders, and further. quotes of rates and volumes are still possible later. The association's tenders typically offer a precise. photo of U.S. wheat export costs in Asian markets.
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Secret realities about John Prescott, Britain's former deputy PM, dead at 86
Here are key realities about John Prescott, Britain's combative former deputy prime minister, who has died after a fight with Alzheimer's disease, his household stated on Thursday: - Prescott, 86, acted as deputy prime minister in Tony Blair's Labour federal government from 1997 to 2007 and received a. peerage in 2010. - Born in Wales to a railway signalman and a domestic. helper, he was constantly fiercely protective of his working class. roots. He went to sea at 17, as a steward on a high-end cruise. ship, where he boxed to amuse travelers. - He entered parliament in 1970 and ended up being deputy leader of. Labour in 1994. He was an effective avenue in between the. figureheads of Blair's revamped New Labour and the. traditionalists of Labour's grassroots. He likewise functioned as peace. broker in the stuffed relationship in between Blair and his future. follower, the then-Chancellor Gordon Brown. - Prescott was persistently lampooned by the media and. challengers for his lack of oratory skills. He mispronounced words. or made grammatical mistakes, triggering sketch authors to. cruelly suggest his speeches would make as much sense played. backwards. - He aimed a left jab at a male who threw an egg at him. throughout the 2001 election project, measuring up to his image as a. bare-knuckle political leader of the old school. His label in the. media was Two Jags, from having 2 high-end Jaguar vehicles. - In April 2006, Prescott acknowledged a long extra-marital. affair with his diary secretary Tracey Temple, 24 years his. junior. The affair, which included sex sessions in his office,. triggered numerous females to come forward and accuse him of sexist. behaviour towards them. His spouse Pauline stood by him. - That July parliament launched a complete investigation into. his contacts with American billionaire Philip Anschutz, who. intended to open a substantial casino at the Millennium Dome in London. Prescott met him several times and had even remained at his cattle ranch. Police said consequently Prescott would not deal with prosecution.
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Russian gas flows to EU by means of Ukraine unchanged in spite of Austria row
Russia's gas exports through Ukraine to Europe have actually been stable on Thursday, Kremlincontrolled gas giant Gazprom stated, in spite of a. contractual row with Austrian energy company OMV. Gazprom said it would send 42.4 million cubic. metres of gas to Europe by means of Ukraine on Thursday, the same volume. it has shipped every day given that Nov. 12. Russia's Gazprom stopped supply to OMV on Saturday over a. legal dispute, the Vienna-based business said. Gazprom has. not commented. It is still not clear where the gas volumes meant for OMV. have actually been rerouted. Information from transmission system operator Eustream revealed that. elections, or requests, for circulations to Austria from Slovakia. were stable from the previous 2 days, but about 12% below. levels seen in November before Russia stopped gas supply to OMV. Elections to the Czech Republic from Slovakia remained in line. with levels seen this month. Elections into Slovakia from. Ukraine were constant versus previous days on Thursday, and those. for circulations leaving Slovakia were also little bit altered, the data. showed.
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Wall Street Journal - Nov 21
The following are the top stories in the Wall Street Journal. Reuters has not validated these stories and does not vouch for their precision. - The U.S. Justice Department on Wednesday stated Alphabet's. Google should need to sell its popular Chrome. internet browser as part of a court-ordered repair to its monopolization of. the online search market. - U.S. prosecutors charged Gautam Adani, the billionaire. chair of the Indian corporation Adani Group, with managing. a bribery scheme to settle Indian federal government authorities to. safe and secure profitable solar-energy supply agreements. - Allegiant Travel said its Allegiant Air. subsidiary changed a delivery contract with Boeing,. providing the airplane maker two extra years to provide 50 737. MAX jets. - News Corp stated on Wednesday that investors. rejected a proposition by activist financier Starboard Worth to. break the Murdoch household's impact on the publisher by ending. a dual-class voting structure. - Elon Musk's artificial intelligence startup, xAI, has. told investors it raised $5 billion in a financing round, valuing. it at $50 billion, which is more than twice what it was valued. at numerous months earlier. - Beyond Inc expressed concerns about specialized. merchant Container Store Group's capability to secure a. ideal deal with its lenders, casting doubt on its $40 million. investment in the retail chain.
How Iranian oil link could complicate insurance claims after tankers clash off Singapore
An accident between 2 tankers off Singapore in July raises questions over insurance coverage claims, as one of the vessels formerly delivered Iranian oil, possibly complicating payments due to Western sanctions, shiptrackers and industry sources state.
WHAT HAPPENED?
The Singapore-flagged Hafnia Nile and the Sao Tome and Principe-flagged Ceres I clashed and caught fire about 55 km ( 35 miles) northeast of the Singaporean island of Pedra Branca on July 19.
No oil spill has actually been detected, only a sheen thought to be from damage to the Hafnia Nile's bunker tank, Malaysia's Marine Department said.
The vessel, which was bring a cargo of naphtha, suffered engine damage and was secured by tugs at the crash site.
On Thursday, ship supervisor Hafnia said that an oil boom has been released at the stern of the ship and around the damaged area, and 2 tugboats are distributing the light oil shine.
Hafnia stated it was dealing with Malaysian and Singaporean authorities to finalise a towage strategy.
WHAT'S THE IRANIAN OIL CONNECTION?
The Ceres I had no cargo at the time of the mishap.
Nevertheless, ship information from providers including LSEG and Kpler reveal the tanker brought Iranian crude in the past.
Ceres I last crammed Iranian oil by means of transfer with an Iranian tanker in March off the nation's Kharg terminal, consequently transferring the cargo to two tankers around the Malacca Strait in between April 7-9, said Claire Jungman, chief of personnel at advocacy group United Against Nuclear Iran, which tracks Iran-related tanker traffic through satellite information.
That cargo reached China on May 29, Jungman said.
Ceres I packed Iranian oil at least 4 times considering that 2019, transferring 8 million barrels, according to analysis by Jungman. The vessel also made four journeys carrying Venezuelan oil in between 2021 and 2023 amounting to 7.5 million barrels, she stated.
The China-based owner of the Ceres I noted in shipping databases could not be grabbed comment.
China, the biggest purchaser of Iranian crude, says it opposes unilateral sanctions, but traders rebrand Iranian oil predestined for the country as stemming somewhere else, such as Malaysia, Oman or the United Arab Emirates, tanker trackers and traders state. Chinese customs have actually not reported any imports of Iranian oil because June 2022.
WHAT IS UNIQUE ABOUT THIS SITUATION?
This is thought to be the very first such collision in current years including a vessel that is part of the so-called shadow fleet of tankers transferring oil cargoes that are subject to Western sanctions, insurance professionals stated. Federal government and market authorities have raised issues over threats posed by the growing shadow fleet.
The current accident in between Hafnia Nile and Ceres I marks a dangerous precedent, said Jonathan Moss, head of transportation with law office DWF and an insurance coverage claims professional.
Neither vessel nor owners are designated (by Western sanctions), nevertheless, if the Ceres I was or had in the past been carrying Iranian crude, their insurance companies might have factor to decrease cover or may require to inform the authorities of a. possible sanctions breach, he said.
WHAT INSURANCE COVERAGE REMAINS IN LOCATION?
Ships typically have protection and indemnity (P&I). insurance coverage, which covers third-party liability claims consisting of. environmental damage and injury. Separate hull and equipment. policies cover vessels versus physical damage.
The Hafnia Nile is covered by Norwegian P&I insurer Gard,. one of the top 12 such companies covering around 90% of the. world's ocean-going ships.
Gard stated it was actively supporting its member BW Group,. which runs the Hafnia Nile, decreasing to provide specifics.
Normally, a P&I club that belongs to a worldwide group. of the 12 biggest business in the sector covers the first $10. million of P&I losses, with members mutually reinsuring each. other by sharing claims above $10 million to $100 million. The. group holds reinsurance conceal to $3.1 billion.
A person familiar with the matter stated the Ceres I has P&I. protection with a worldwide insurance company that is not amongst the. leading 12 suppliers, and hull and machinery coverage from a. Chinese insurer.
WHAT HAPPENS WITH DECLARES?
Claims in this case could include costs to fix both. vessels, pulling the Hafnia Nile to a dock, time in dock for. repairs and those sustained by the salvage business and pulls as. well as ship surveyors.
Generally, each celebration in a crash advises its own loss. assessor to prepare a report on what took place, establishing. liability and then notify its insurance companies and make a claim.
The claims process itself is typically handled by both. hull and P&I insurers and will last months if not longer.
Liability will be determined by a court, most likely in Asia.
Any claims sent to hull & & machinery, freight and P&I insurance companies. will be complicated by sanctions rules, DWF's Moss stated.
Moss stated if the hull & & machinery or P&I cover had actually been. positioned by insurance providers in the London market or other jurisdictions,. sanctions exclusion provisions could be set off. This could. avoid investigation of the claim including the consultation of. loss assessors, loss adjusters, fire experts and others,. possibly leaving the insured without cover from both direct. insurers or reinsurers, Moss included.
(source: Reuters)