China's bottled water king Zhong Shanshan dethrones Mukesh Ambani as Asia's richest

News Network
December 31, 2020

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Dec 31: Zhong Shanshan is a private billionaire who’s rarely quoted in the press.

Now, after an improbable career spanning journalism, mushroom farming and health care, he’s become Asia’s richest person, eclipsing India’s Mukesh Ambani and a group of Chinese tech titans including Jack Ma.

Zhong’s net worth has surged $70.9 billion this year to $77.8 billion, making him the 11th-richest person on the planet, according to the Bloomberg Billionaires Index. It’s one of the fastest accumulations of wealth in history, and all the more remarkable considering that until this year he was little known outside of China.

Zhong, 66, isn’t involved in politics and his business interests aren’t entwined with other rich families such as the property tycoons, which is why he’s known locally as the “Lone Wolf.”

He owes his success to two unrelated fields. He took vaccine maker Beijing Wantai Biological Pharmacy Enterprise Co. public in April, then months later Nongfu Spring Co., a maker of bottled water, became one of Hong Kong’s hottest listings. Nongfu shares have jumped 155% since their debut, and Wantai’s are up more than 2,000%.

Ambani has also had an extraordinary year -- striking deals to transform his conglomerate Reliance Industries Ltd. into a technology and e-commerce titan -- and seeing his fortune surge $18.3 billion to $76.9 billion.

While Ambani was at one point the world’s fourth-richest person, shares of his Reliance have stalled as he comes under pressure to deliver on the digital transformation he’s promised.

Meanwhile, Nongfu stock hit a peak this week after Citigroup Inc. analysts said the company has solidified its market dominance and enjoys ample cash flow. Zhong’s other firm, Wantai, is among those developing a Covid-19 vaccine.

Zhong has also climbed the ranks as China’s tech companies have tumbled among increased government scrutiny. Jack Ma, Asia’s richest person before Ambani took over this year, is now worth $51.2 billion, down from a high of $61.7 billion in October.

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News Network
October 22,2024

Mangaluru, Oct 22: A Mangaluru resident has fallen victim to a ₹20 lakh scam after being lured into a fraudulent investment scheme by individuals posing as representatives of J.P. Morgan India. The case, filed at Kadri police station, highlights the growing threat of investment fraud in the region.

The victim, whose identity has not been disclosed, was contacted on September 24 by a man named Vishwanathan, who falsely introduced himself as the Chief Investment Strategist for J.P. Morgan India. Shortly after, a woman named Neeta Sharma reached out, using multiple phone numbers to convince the victim of her association with the prestigious financial firm. She shared a company link and urged the victim to invest ₹20 lakh, promising high returns.

On October 14, after being convinced by Neeta's claims, the victim transferred ₹20 lakh to the fraudulent account. Following this, Neeta instructed the victim to purchase 1,000 shares at ₹240 per share, which he did. The next day, she advised buying 7,900 more shares at ₹250.95 each, further strengthening her false credibility.

However, trouble arose when Neeta told the victim to withdraw the invested amount. Instead of receiving the full sum, the victim was sent only ₹1,500, transferred from an unknown account. When questioned, Neeta could not provide a clear explanation for the discrepancies.

Sensing the deceit, the victim demanded a full refund of his investment. Neeta, however, brazenly asked for an additional ₹4 lakh, prompting the victim to realize the extent of the fraud. He then filed a formal complaint with the Kadri police.

This incident serves as a critical reminder for the public to remain vigilant against fraudulent schemes, particularly those involving investment promises from unverified sources. Always ensure that you verify the legitimacy of financial institutions and representatives before transferring funds. 

The Kadri police are investigating the case and have urged the public to stay alert and report any suspicious investment schemes.

Tips to Protect Yourself from Investment Scams:

1.    Verify Credentials: Always cross-check the credentials of anyone claiming to represent a reputable financial institution. Use official contact information from the company's website to verify.

2.    Be Skeptical of Unsolicited Offers: Be cautious of unexpected investment offers, especially those that promise unusually high returns.

3.    Conduct Thorough Research: Before investing, investigate the company and the proposed investment thoroughly. Look for reviews, ratings, and any red flags.

4.    Report Suspicious Activity: If you suspect a scam, report it immediately to local authorities or financial regulatory bodies to prevent further fraud.

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News Network
October 22,2024

Several Central Reserve Police Force (CRPF) schools across India were hit with hoax bomb threats on Tuesday, just days after an explosion occurred near a CRPF school in Delhi. The threats, sent via email late Monday night, targeted schools in Delhi and Hyderabad, according to sources.

Earlier this week, a bomb exploded outside a CRPF school in Delhi’s Rohini area, causing significant damage to nearby vehicles and property. Fortunately, no casualties or injuries were reported.

In response to the blast, Delhi Police confiscated CCTV footage from nearby markets as part of their investigation. Sources indicate that surveillance footage captured a suspect at the scene, wearing a white T-shirt, displaying suspicious behavior the night before the explosion.

Preliminary investigations revealed that the explosive device had been hidden in a polythene bag, buried in a shallow pit, and covered with garbage. The blast caused a hole in the school's boundary wall and shattered the window panes and signboards of nearby shops.

Following the incident, the Delhi Police registered a First Information Report (FIR) under Section 4 of the Prevention of Damage to Public Property Act, Section 3 of the Indian Explosives Act, and other relevant sections.

The FIR states, "A case of an explosion caused by an unknown explosive substance has been registered, and the investigation continues." It also details the damage, noting that the blast left a hole in the boundary wall and affected nearby structures.

The targeted schools serve children from CRPF and other paramilitary families, and the recent threats have heightened concerns. In response, Delhi authorities have placed the city on high alert, ramping up security measures, especially in markets, ahead of the Diwali festival. 

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News Network
November 4,2024

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Shah Rukh Khan, the Bollywood superstar once known for being a chain smoker, has revealed that he has finally kicked the habit. The revelation came during an event organized by his fan clubs in Bandra to celebrate his 59th birthday on Saturday. 

In a video shared by fans on X, Shah Rukh mentioned, "There’s a good thing – I’m not smoking anymore, guys. I thought I wouldn’t feel so breathless after quitting, but I still do. Inshallah, that will also improve."

The actor has faced criticism for his smoking in the past, most notably in 2012 when he was seen smoking during an IPL match between his team, Kolkata Knight Riders, and Rajasthan Royals. Shah Rukh was fined a modest Rs 100 after pleading guilty in court in Jaipur for smoking in public.

During the same event, Shah Rukh held an Ask SRK session where fans asked questions. One fan inquired about what he has learned from his children. In his signature witty style, Shah Rukh recounted his birthday morning with charming anecdotes: "I woke up late after a dinner last night, spent time with my little one whose iPad wasn’t working, then my daughter had issues with her outfits... and then my elder son." The actor’s relatable details entertained the crowd, as always.

Shah Rukh went on to say, "I learn a lot from my family. The more children you have, the more patient you become! That’s what I carry with me to work – patience, love, and care. Whether at home, on set, or in the office, I’m there to fix things for everyone. Patience is the biggest lesson my family has taught me."

Shah Rukh Khan’s career continues to soar after an impressive comeback, with blockbuster hits like Pathaan and Jawan. His recent film Dunki received a more mixed response from the audience.

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