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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News Network
May 14,2025

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Jabalpur: The Madhya Pradesh High Court on Wednesday ordered registration of an FIR against state minister Vijay Shah for his controversial remarks targeted at Colonel Sofia Qureshi.

Colonel Qureshi had conducted regular press briefings, sharing details of the 'Operation Sindoor' launched by Indian armed forces to strike terrorists, joined by Foreign Secretary Vikram Misri and Wing Commander Vyomika Singh Shah.

The tribal affairs minister and BJP leader, sparked a major controversy with objectionable comments that appeared to be directed at Colonel Qureshi, whom he tried to project as a "sister of terrorists".

Taking suo motu cognisance of the controversial statement, the high court's division bench of Justices Atul Shridharan and Anuradha Shukla ordered the police to register a first information report (FIR) against the minister.

The court directed the police department to file the FIR by 6 pm on Wednesday.

The division bench said the court should be informed about the registration of the FIR.

The next hearing on the petition has been scheduled at 10.30 am on Thursday. A detailed order is awaited.

“Those people (terrorists) who had wiped out the sindoor (vermilion) of our sisters (in the Pahalgam terror attack)... we avenged these people by sending their sister to destroy them. They (terrorists) killed our Hindu brothers. PM Modi ji responded by sending their (terrorists’) sister in an Army plane to strike them in their houses. They (terrorists) made our sisters widows, so Modiji sent the sister of their community to strip them and teach them a lesson”, Mr. Shah said while addressing a gathering in Ramkunda village near Indore.

Shah's remarks drew wide-scale condemnation, with Congress demanding his immediate dismissal from the MP cabinet.

Under severe flak, Shah said if anyone is hurt by his statement, he is ready to apologise 10 times, adding that he respects Colonel Qureshi more than his sister.

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News Network
May 8,2025

US President Donald Trump says he is willing to reach an agreement with Iran that allows Washington to “blow up” Tehran’s nuclear energy facilities.

“It’s that simple,” he said during an exchange with conservative radio host Hugh Hewitt, on Wednesday.

“I would much prefer a strong, verified deal where we actually blow them up…,” Trump said, referring to Iran’s nuclear facilities.

Deal’s outcome: Either ‘Nice aggression’ or ‘vicious aggression’

The 78-year-old former president added that there were only two possible outcomes, namely “blowing them up nicely or blow them up viciously.”

This is not the first time, Trump and other American officials have urged “total dismantlement” of Iran’s nuclear energy program. The US president had last made the insistence during comments on the NBC's "Meet the Press" program.

Observers said such statements underline the US administration's continued aggressive approach towards the Islamic Republic and its nuclear energy program.

The adversarial standing comes while Washington and Tehran have been engaging in indirect talks since March. The talks’ initiation marked drawn-out absence of such engagement between the two sides that had been caused by Washington’s illegal and unilateral withdrawal from a historic nuclear deal between Tehran and others in 2018.

Most recently, Trump’s regional envoy Steve Witkoff said, “The president wants to see this solved diplomatically if possible, so we’re doing everything we can to get it going."

Trump’s remarks, though, diagonally contradict Witkoff’s statement about the president’s alleged interest in a diplomatic solution.

Trump also said potential American aggression against Iran’s nuclear sites had to result in “de-nuking them.”

The US and its allies have for long been trying to accuse the Islamic Republic of pursuing “nuclear weapons,” despite the country’s repeated avowal not to either pursue, develop, or stockpile such weaponry as per moral and religious imperatives.

Tehran’s peaceful nuclear policy has been verified unexceptionally by the International Atomic Energy Agency (IAEA) which has never found any indication of such pursuit, as it has put the country's nuclear activities under the most extensive investigative processes compared to any other member of the United Nations nuclear agency.

The Western narrative, though, has been used extensively to try to justify escalating sanctions, military threats, and covert operations targeting Iran and its nuclear infrastructure.

Nevertheless, the Islamic Republic has invariably vowed to deal effectively with attempts on the part of the US, its allied states, or proxies at engaging in military adventurism against the country.

The assertion was last reiterated by Amir Saeid Iravani, Iran's permanent ambassador to the United Nations, who underscored on Monday that the country would unquestionably defend its sovereignty against any threat or use of force.

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News Network
May 13,2025

Udupi, May 12: A tragic incident unfolded at a wedding in Nandikur, Udupi district, when a four-year-old boy, Vasudeva, drowned in a temple pond near the venue.

According to a police complaint filed by Satyanarayana, 38, a resident of Kurkalu village in Kaup, the child had accompanied his mother, Soumya, and siblings—Vaishnavi (10) and Vishnu Priya (1)—to attend a wedding at the Sri Durgaparameshwari Temple Hall in Nandikur.

At approximately 2:00 p.m. on Sunday, Soumya was feeding her infant daughter inside the hall while Vasudeva remained nearby. After tending to the baby, she stepped away briefly to wash her hands, during which time she noticed that Vasudeva was missing.

A frantic search ensued involving family members and others at the venue. About 15 minutes later, at around 2:15 p.m., Vasudeva was found unresponsive in the temple pond adjacent to the hall. Bystanders pulled him from the water and attempted resuscitation.

He was immediately rushed to a private hospital in Udupi, where doctors declared him dead on arrival. Despite this, the family sought further medical assistance at a hospital in Manipal, but physicians there also confirmed that he had passed away.

The Padubidri police have registered a case and are investigating the incident.

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