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Adani Group, owned by world’s third richest man, has been accused of account manipulation

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The shares of the Indian conglomerate Adani Group plummeted on Wednesday morning after activist investing company Hindenburg Research accused it of fraud.

Hindenburg Research said that Adani Group companies, which are owned by the world’s third-richest person Gautam Adani, “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”.

The accusation: In the report released Wednesday morning, Hindenburg further warned that “even if you ignore the results of our investigation, Adani Group’s core listed companies have 85% downside merely on a fundamental basis owing to sky-high valuations.”

Adani Group responds: In a statement shared with Forbes, Jugeshinder Singh, Adani Group’s Chief Financial Officer, said the conglomerate was shocked by the Hindenburg report. He described it as “a malicious combination of selective misinformation and stale, baseless, and discredited allegations”.

Singh further noted that the timing of the report, coming days ahead of a share offer by Adani Enterprises, was intended to “undermine the Adani Group’s reputation” and damage demand for the upcoming offering. He added that the group “has always been in compliance with all laws”.

The statement added that the company was never contacted by Hindenburg and criticizes the timing of the report’s publication, saying it “clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation with the principal objective of damaging the upcoming Follow-on Public Offering from Adani Enterprises.

Adani shares plummet: In the meantime, the Shares in seven listed Adani Group companies were down 4.6 per cent on average in afternoon trading in Mumbai, with those in flagship business Adani Enterprises falling as much as 3.7 per cent.

The declines brought the combined loss in market capitalization for Adani Group stocks to about Rs762 billion ($9.4 billion).

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US increases interest rates by 25 basis points, says more hikes to come

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The United States Federal Reserve (Fed), on Wednesday, raised its benchmark interest rate by 25 basis points to a target range of 4.5 percent to 4.75 percent.

This is the eight consecutive increase by the US central bank since March 2022 as it attempts to curb inflation.

In a statement issued after a two-day meeting, the bank’s federal open market committee (FOMC) said inflation has eased somewhat, but remains elevated.

It further warned that “ongoing increases” would be needed to bring inflation under control.

“The committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run,” the statement reads.

“In support of these goals, the committee decided to raise the target range for the federal funds rate to 4-1/2 to 4-3/4 percent.

“The committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time.”

In determining the extent of future increases in the target range, the committee said it would take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial development.

FOMC also said it would continue to reduce its holdings of treasury securities and agency debt and agency mortgage-backed securities.

“In assessing the appropriate stance of monetary policy, the committee will continue to monitor the implications of incoming information for the economic outlook,” the statement adds.

“The committee would be prepared to adjust the stance of monetary policy as appropriate, if risks emerge that could impede the attainment of the committee’s goals.

“The committee’s assessments will take into account a wide range of information, including readings on labour market conditions, inflation pressures and inflation expectations, and financial and international developments.”

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41 passengers killed as bus plunges off bridge in Pakistan

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At least 41 people have been killed after a passenger bus fell into a ravine in Lasbela, Pakistan on Sunday morning.

A ravine is a narrow steep-sided valley that is larger than a gully and smaller than a canyon.

Hamza Anjum, Lasbela’s assistant commissioner, told Dawn, a local news site, that the bus caught fire after it crashed into the ravine.

Nearly 48 passengers were on board, he added.

“Due to speeding, the coach crashed into the pillar of a bridge while taking a U-turn near Lasbela. The vehicle subsequently careened into a ravine and then caught fire,” Dawn quoted Anjum as saying.

“It is feared that the driver may have fallen asleep,” News18, another news site, quoted the commissioner as saying.

Anjum said the bodies were charred beyond recognition, adding that DNA tests would be used to determine the identity of the remains which had been “badly mutilated”.

“We will investigate the causes of the accident,” he said.

Three people, including a child and a woman, had earlier been rescued alive. However, one of the injured persons died from injuries on the way to the hospital.

Anjum said the number of casualties could further increase to 48, adding that a rescue operation was ongoing.

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US imposes visa ban on Nigerians complicit in undermining recent election

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The United States says it has imposed visa ban on certain individuals in Nigeria for “undermining democracy” in the country.

In a statement on Wednesday, Antony Blinken, US secretary of state, said the actions were taken after it was observed that some persons were found found complicit in undermining democracy in Nigeria.

The most recent elections in Nigeria were the Ekiti and Osun governorship polls.

According to Blinken, the bans were a show of commitment and support to strengthening democracy in Nigeria.

“Today, I am announcing visa restrictions on specific individuals in Nigeria for undermining the democratic process in a recent Nigerian election,” the statement reads.

“Under Section 212(a)(3)C) of the Immigration and Nationality Act, these individuals will be found ineligible for visas to the United States under a policy to restrict visas of those believed to be responsible for, or complicit in, undermining democracy in Nigeria.”

The ban may also affect certain family members of the affected individuals.

Blinken also said the restrictions were not targeted at the general populace of the country or the government, but that it was aimed at curbing corruption.

“The visa restrictions announced today are specific to certain individuals and are not directed at the Nigerian people or the Government of Nigeria,” the statement reads.

“The decision to impose visa restrictions reflects the commitment of the United States to support Nigerian aspirations to combat corruption and strengthen democracy and the rule of law.

“Additional persons who undermine the democratic process in Nigeria—including in the lead-up to, during, and following Nigeria’s 2023 elections—may be found ineligible for U.S. visas.”

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