Gautam Adani becomes world’s 2nd-richest person all of a sudden

News Network
September 16, 2022

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Mumbai, Sept 16: Indian industrialist Gautam Adani briefly became the world's second-richest person on the Forbes real-time billionaire tracker on Friday, weeks after becoming the first Asian to break into the top three.

The self-made billionaire's net worth surged $4 billion overnight to $154 billion, according to Forbes, ranking him ahead of LVMH's Bernard Arnault and Amazon's Jeff Bezos.

Tesla founder Elon Musk remained well out in front with a fortune of more than $270 billion.

Arnault -- who at times held the top spot in May 2021 -- and Adani traded the number two position during the day as the share prices of their companies fluctuated.

Adani, 60, made his fortune in ports and commodities trading and now operates India's second-largest conglomerate with interests ranging from coal mining and edible oils to airports and news media.

His ballooning net worth reflects a stratospheric rise in the market capitalisation of his publicly listed companies, as investors back the Adani Group's aggressive expansion of old and new businesses.

Shares in the flagship Adani Enterprises -- of which the billionaire owns 75 per cent -- have soared more than 2,700 per cent since March 2020, and doubled in value in the past six months.

Stock price surges in other group companies including Adani Transmission, Adani Power, Adani Ports and Adani Green Energy catapulted Adani past fellow Indian billionaire Mukesh Ambani this year.

Analyst estimates indicated the market capitalisation of Adani's seven listed companies also briefly overtook those of the Tata group on Friday morning, making the Adani Group India's largest conglomerate.

Born in the city of Ahmedabad in the western state of Gujarat to a middle-class family, Adani dropped out of college to work in the diamond industry before starting his export business in 1988.

In 1995, he won a contract to build and operate a commercial shipping port at Mundra in Gujarat, which has since grown to become India's largest port.

At the same time, Adani expanded into thermal power generation and coal mining in India and overseas.

In recent years, the conglomerate has forayed into petrochemicals, cement, data centres and copper refining, in addition to establishing a renewable energy business with ambitious targets.

Recent investments in Indian news media and a bid for 5G airwaves this year have raised speculation that the billionaire's empire could soon impinge on sectors dominated by Ambani's Reliance Industries.

But Adani's rapid expansion into capital-intensive businesses has also raised financial alarms, with Fitch Group's CreditSights last week reiterating that they "remain concerned over the Adani Group's leverage".

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News Network
November 11,2024

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Udupi, Nov 11: The Karkala town police in Udupi have arrested Krishna Naik, the sculptor responsible for installing a 33-foot Parashurama statue at Umikkal Hill in Bailur, Karkala taluk. 

Naik, the owner of Krish Art World and a resident of Bengaluru's Visvesvaraya Layout, was apprehended in Mahe, part of the Union Territory of Puducherry, for allegedly substituting a look-alike statue in place of a genuine bronze figure at the Parashurama Theme Park in Karkala.

Udupi Superintendent of Police Dr. Arun K confirmed the arrest, stating that Naik faces charges under Sections 420 (cheating) and 409 (criminal breach of trust) of the Indian Penal Code. 

This legal action followed a complaint lodged in June by Krishna Shetty, a resident of Nallur village, Karkala. Shetty claimed that Naik had received a payment of ₹1,25,50,000 from Udupi Nirmithi Kendra for the installation of a bronze Parashurama statue. However, Naik allegedly deceived the government by installing a replica instead.

The statue was unveiled on January 27, 2023, by then Chief Minister Basavaraj Bommai. Current Chief Minister Siddaramaiah has since ordered a CID investigation to probe deeper into the alleged fraud surrounding the statue's installation at the theme park.

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News Network
November 11,2024

Mangaluru: Six youths including teenagers have been arrested by the Bantwal Rural Police in connection with a brutal assault on 21-year-old Aboobakar (name changed to hide identity), an incident that was widely shared on social media after footage revealed the victim tied to a pole and violently beaten.

The arrested individuals, all from Kanchinadkapadavu, Sajipanadu village in Ullal Taluk, have been identified as Mohammad Sapwan (25), Mohammad Rizwan (25), Irfan (27), Anis Ahmad (19), Nasir (27), and Shakeer (18). According to police reports, the assault took place on November 7 in Kanchinadkapadavu.

The sequence of events began when Aboobakar was reportedly called to a residence in Kanchinadkapadavu by a female relative. Upon his arrival, he was confronted by the accused, who questioned his presence, tied him to a pole with ropes, and attacked him while he was shirtless. 

Aboobakar managed to file a police complaint the following day, detailing the assault. As his injuries worsened, he was admitted to a private hospital in Mangaluru.

While in the hospital, Aboobakar alleged that his attackers intended to kill him during the assault. This statement led to additional charges of attempted murder being filed. 

Police officials stated that the suspects were subsequently apprehended, charged with group assault and attempted murder, and placed in judicial custody. The investigation is ongoing, and further details are awaited.

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News Network
November 14,2024

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The UN special rapporteur for Palestine has slammed Israel’s parliament for passing a law authorizing the detention of Palestinian children, who are “tormented often beyond the breaking point” in Israeli custody.

Francesca Albanese, the UN special rapporteur on the rights situation in the Occupied Palestinian Territory, in a Thursday post on X, characterized the experiences of Palestinian minors in Israeli detention as extreme and often inhumane.

The UN expert highlighted the grave impact of this policy, noting that up to 700 Palestinian minors are taken into custody each year, a practice she described as part of an unlawful occupation that views these children as potential threats.

Albanese said Palestinian minors in Israeli custody are “tormented often beyond the breaking point” and that “generations of Palestinians will carry the scars and trauma from the Israeli mass incarceration system.”

She further criticized the international community for its inaction, suggesting that ongoing diplomatic efforts, which often rely on the idea of resuming negotiations for peace, have contributed to normalizing such human rights violations against Palestinian children and the broader population.

The comments by Albanese came in response to Israel’s parliament (Knesset) passing a law on November 7 that authorizes the detention of Palestinian children under the age of 14 for “terrorism or terrorist activities.”

Under the legislation, a temporary five-year measure, once the individuals turn 14, they will be transferred to adult prison to continue serving their sentences.

Additionally, the law allows for a three-year clause that enables courts to incarcerate minors in adult prisons for up to 10 days if they are considered dangerous. Courts have the authority to extend this duration if necessary, according to the Knesset.

The legislation underscores a shift in the treatment of minors and raises alarms among human rights advocates regarding the legal and ethical ramifications of detaining children and the conditions under which they may be held.

Thousands of Palestinians, including hundreds of children and women, are currently in Israeli jails—around one-third without charge or trial. Also, an unknown number are arbitrarily held following a wave of arrests in the wake of the regime's genocidal war on Gaza.

Since the onset of the Gaza war, the Israeli regime, under the supervision of extremist minister Itamar Ben-Gvir, has turned prisons and detention centers into “death chambers,” the ministry of detainees and ex-detainees’ affairs in Gaza says.

Violence, extreme hunger, humiliation, and other forms of abuse of Palestinian prisoners have been normalized across Israel’s jail system, reports indicate.

Over 270 Palestinian minors are being detained by Israeli authorities, in violation of UN resolutions and international treaties that forbid the incarceration of children, as reported by Palestinian rights organizations.

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