Mukesh Ambani is wealthiest Asian again as China’s Zhong loses $22 billion

Agencies
February 27, 2021

Mukesh Ambani says he will make batteries ahead of a boom in electric  vehicles⁠ | Business Insider India

Mumbai, Feb 27: Reliance Industries Ltd boss Mukesh Ambani is back to being the wealthiest person in Asia.

Despite a brutal week for markets, RIL was relatively unscathed as it said it would spin off its oil-to-chemicals business into an independent unit. With a net worth of about $80 billion, Ambani is again richer than Zhong Shanshan, whose bottled-water company tanked a record 20 per cent this week. The Chinese tycoon is worth $76.6 billion, down more than $22 billion from a peak just last week, according to the Bloomberg Billionaires Index.

Ambani spent most of the past two years leading the ranking of Asia’s richest people, taking over from Alibaba Group Holding Ltd.’s Jack Ma. Then the listing of two companies put Zhong on the map: He grabbed the title from Ambani at the end of December and by early 2021 was the sixth-wealthiest person on Earth, surpassing Warren Buffett. Zhong’s Nongfu Spring Co. more than tripled from its initial public offering to a peak in January as investors flocked to consumer shares, while his vaccine maker, Beijing Wantai Biological Pharmacy Enterprise Co., surged as much as 3,757 per cent.

But the rally faded as the Hong Kong and Chinese stock markets were among the world’s biggest decliners this week. Nongfu shares have erased their gains for the year, while Wantai’s posted a record monthly plunge.

Ambani has focused on pivoting his empire to tech and e-commerce, moving away from energy. Last year, he sold stakes in Reliance’s digital and retail units worth $27 billion to investors including Google and Facebook Inc., lifting his fortune by $18 billion. The spin-off announced this week of the oil-to-chemicals unit — which accounted for more than 60 per cent of the conglomerate’s revenue in the last fiscal year — will help the tycoon bring in more investors and expedite a proposed stake sale to Saudi Arabian Oil Co.

Zhong and Ambani are not the only two swapping titles lately. Tesla Inc.’s Elon Musk became the world’s richest person at the start of January before Jeff Bezos regained the No. 1 spot earlier this month as shares of the electronic-car maker fell. Musk lost $15 billion on Monday alone after he tweeted that the prices of cryptocurrencies seemed high — just two weeks after Tesla said it invested $1.5 billion in Bitcoin.

Since then, Musk and Bezos have swapped places twice more. The Amazon.com Inc. founder topped Musk by a $7 billion margin as of Friday.

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Agencies
April 24,2025

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New Delhi: The Jammu and Kashmir Police on Thursday released sketches of three individuals suspected to be involved in the recent terrorist attack in Pahalgam, in which 26 civilians were killed. The police have identified two of the suspects as Pakistani nationals and have announced a reward of Rs 20 lakh for credible information leading to their arrest.

According to the notices made public by the Anantnag police, the suspects are: Hashim Musa alias Suleman, a citizen of Pakistan, Ali Bhai alias Talha Bhai, also a citizen of Pakistan and Abdul Hussain Thokar, a resident of Anantnag district in Jammu and Kashmir. All three are believed to be members of the Pakistan-based terror group Lashkar-e-Taiba.

The attack, which took place in Baisaran near Pahalgam on Tuesday, claimed the lives of 25 Indian nationals and one Nepali citizen. It is one of the deadliest assaults on civilians in the region in recent years.

In response to the attack, Prime Minister Narendra Modi delivered a strongly worded statement today during a public address in Bihar. In his first remarks since the incident, PM Modi said, "India will identify, track and punish every terrorist and their backers. We will pursue them to the ends of the earth. India's resolve will not falter. Terrorism will not go unpunished."

The Cabinet Committee on Security (CCS), chaired by Prime Minister Modi, held an emergency meeting yesterday and announced a set of five retaliatory measures against Pakistan.

Foreign Secretary Vikram Misri, briefing the media yesterday evening, announced that both Indian and Pakistani high commissions will reduce their staff strength from 55 to 30, effective from 1 May. Military, naval and air advisors in the Pakistani High Commission in New Delhi have been declared persona non grata and must leave within a week. India will similarly withdraw its advisors from Islamabad.

Pakistani nationals will no longer be permitted to travel to India under the SAARC Visa Exemption Scheme. All existing visas under this scheme are cancelled, and current holders must leave India within 48 hours. The only land border crossing between India and Pakistan is now shut. Pakistani citizens who crossed into India via Attari with valid permissions must return before 1 May.

India has also put the 1960 agreement in abeyance until Pakistan ceases support for terrorism. 

Earlier today, a huge protest erupted outside the Pakistan High Commission in the national capital amid heightened tensions between Delhi and Islamabad over the recent terror attack in Jammu and Kashmir's Pahalgam, which resulted in the deaths of 26 people. 

Visuals from outside the Pakistan High Commission, located in Chanakyapuri, Delhi's diplomatic enclave, show a large crowd gathered outside the building, with police forces trying to pacify it.

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News Network
April 18,2025

A controversy has erupted in Karnataka after two Brahmin students were allegedly asked to remove their sacred thread (Janivara) and religious wristbands before entering the Common Entrance Test (CET) examination halls. The incident reportedly occurred on Thursday in Shivamogga and Bidar districts, drawing sharp criticism from community groups and prompting a swift response from state ministers.

Videos and complaints shared by parents and community organizations brought the matter to public attention on Friday. Several Hindu groups condemned the action as insensitive and discriminatory.

Investigation

Reacting to the incident, Karnataka’s Higher Education Minister Dr. M.C. Sudhakar called the alleged directive “unacceptable” and assured a thorough inquiry. “It is an excessive act. If this happened at any examination center, we will take it seriously. We must respect the traditions of all castes and religions. I do not support such actions,” the minister told PTI.
He added, “I will seek a report from the concerned officials and consider appropriate steps. This is not about politics or gaining political mileage. We have no intention of hurting the sentiments of any community.”

Education Minister Madhu Bangarappa, whose home district is Shivamogga, also addressed the issue. “There is no legal provision that permits such actions. Although this matter doesn’t fall directly under my ministry, I will coordinate with the concerned department. Since the incident happened in my home district, I will instruct officials to initiate appropriate action,” he said.

Hindutva Organizations Condemn

Community bodies such as the Akhila Karnataka Brahmana Maha Sabha and Vishwa Sanghatane strongly condemned the alleged directive, stating that enforcing such measures under the guise of examination protocols was a violation of religious rights.

Members of the Bhramina Sanghagala Okkuta submitted a formal complaint on Thursday to Shivamogga Deputy Commissioner Gurudatta Hegde, according to a report.

Broader Context

The controversy comes amid ongoing debates over religious expression in Karnataka’s educational institutions. Notably, the previous BJP-led state government had banned students from wearing hijabs in classrooms—a move upheld by the Karnataka High Court and currently under review by the Supreme Court.

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News Network
April 18,2025

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Prime Minister Narendra Modi and Tesla CEO Elon Musk held a telephonic conversation on Friday, discussing the vast potential for collaboration in the fields of technology and innovation. During the call, PM Modi reiterated India’s commitment to deepening its partnership with the United States in these sectors.

In a post on X, PM Modi shared, “Spoke to @elonmusk and talked about various issues, including the topics we covered during our meeting in Washington, DC, earlier this year. We discussed the immense potential for collaboration in the areas of technology and innovation. India remains committed to advancing our partnerships with the US in these domains.”

The two leaders had previously met in February at Blair House in Washington, DC. Their discussions focused on enhancing cooperation between Indian and US entities in innovation, space exploration, artificial intelligence, and sustainable development.

They also explored opportunities to strengthen collaboration in emerging technologies, entrepreneurship, and good governance. Elon Musk, who also heads the US Department of Government Efficiency (DOGE), was accompanied by three of his children during the February meeting.

In a statement, the Ministry of External Affairs (MEA) said, “The Prime Minister and Mr. Musk discussed strengthening collaboration between Indian and US entities in innovation, space exploration, artificial intelligence, and sustainable development. Their discussion also touched on opportunities to deepen cooperation in emerging technologies, entrepreneurship, and good governance.”

PM Modi also took to X to reflect on their earlier in-person meeting, saying, “Had a very good meeting with @elonmusk in Washington DC. We discussed various issues, including those he is passionate about, such as space, mobility, technology, and innovation. I also spoke about India’s reform efforts and the vision of ‘Minimum Government, Maximum Governance.’”

He added, “It was also a delight to meet Mr. @elonmusk’s family and to talk about a wide range of subjects!”

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