Mukesh Ambani joins Jeff Bezos, Elon Musk in world’s exclusive $100 billion club

Agencies
October 9, 2021

Mukesh Ambani, Asia’s richest person, joined Jeff Bezos and Elon Musk in the world’s most exclusive wealth club with a fortune of at least $100 billion.

The chairman of India’s Reliance Industries Ltd. entered the rarefied group of 11 men as his conglomerate’s stock climbed to a record on Friday. He’s now worth $100.6 billion, according to the Bloomberg Billionaires Index, after his wealth increased by $23.8 billion this year.

Mukesh Ambani, chairman and managing director of the Reliance Industries Ltd., right, and his wife Nita Ambani, left, arrive for the company's annual general meeting in Mumbai, India, on Monday, August 12, 2019. Saudi Aramco will buy a 20% stake in the oil-to-chemicals business of India’s Reliance Industries Ltd., including the 1.24 million barrels-a-day Jamnagar refining complex on the country’s west coast, Ambani said at the company’s annual general meeting in Mumbai.

Since inheriting the oil-refining and petrochemicals businesses of his late father’s empire in 2005, Ambani, 64, has been seeking to transform the energy giant into a retail, technology and e-commerce titan. His telecommunications unit, which started services in 2016, is now the dominant carrier in the Indian market. His retail and technology ventures raised about $27 billion last year, selling stakes to investors ranging from Facebook Inc. and Google to KKR & Co. and Silver Lake.

Ambani unveiled an ambitious push into green energy in June, with a planned investment of about $10 billion over three years. And last month, the mogul said his company would “aggressively” pursue production of cheaper green hydrogen. The plan aligns with Prime Minister Narendra Modi’s ambitions of turning India into a global manufacturing hub for the cleaner fuel to combat climate change and slash energy imports by the world’s third-biggest oil consumer. 

While Ambani’s announcement has been viewed by some as an acknowledgment that his group needs to look beyond oil to cement its future, the fossil fuel still plays a central role at Reliance, accounting for almost 60% of its $73 billion in annual revenue. The oil-to-chemicals business is now a separate unit, and talks are under way to get Saudi Arabian Oil Co. as an investor.

“Mukesh Ambani is at the forefront of creating new businesses with new emerging technologies,” said Chakri Lokapriya, chief investment officer at TCG Asset Management Co. in Mumbai. “Creating businesses of scale at speed brings execution challenges, but he has demonstrated his capabilities.”

The story of Reliance dates back to the late 1960s when Dhirubhai Ambani, who started out as a gas-station attendant in Yemen, began building his polyester business into a vast empire. When he died of a stroke in 2002 without leaving a will, a succession feud erupted between his two sons, Mukesh and Anil, 62, which was eventually settled by the siblings’ mother, Kokilaben, in 2005. 

Under the truce agreement, Mukesh got control of the flagship oil refining and petrochemicals businesses, while his younger brother got newer areas such as power generation, financial services and telecommunications services. Anil -- once a billionaire -- told a London court last year that his net worth was “zero.”

India’s billionaires are some of the largest gainers on the world’s rich list, as Asia’s best-performing major stock market this year gets a boost from a surge in initial public offerings. 

Gautam Adani, founder of coal-power and renewable energy conglomerate Adani Group, has added $39.5 billion to his fortune this year, while the country’s third-richest person, technology tycoon Azim Premji, saw his wealth to grow by $12.8 billion.

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News Network
November 21,2024

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The International Criminal Court (ICC) has issued arrest warrants for Israeli prime minister Benjamin Netanyahu and his former minister of military affairs Yoav Gallant over war crimes against Palestinians in the Gaza Strip.

The court’s Pre-Trial Chamber I issued warrants of arrest for Netanyahu and Gallant "for crimes against humanity and war crimes committed from at least 8 October 2023 until at least 20 May 2024, the day the Prosecution filed the applications for warrants of arrest”, it confirmed in a statement Thursday.

It is the first instance in the court's 22-year history it has issued arrest warrants for Western-allied senior officials.

In its statement, the ICC's Pre-Trial Chamber I, a panel of three judges, said it has rejected appeals by Israel challenging its jurisdiction. 

The chamber said it has decided to release the arrest warrants because "conduct similar to that addressed in the warrant of arrest appears to be ongoing", referring to Israel's ongoing onslaught on Gaza.

Netanyahu and Gallant, it said, “each bear criminal responsibility” for “the war crime of starvation as a method of warfare; and the crimes against humanity of murder, persecution, and other inhumane acts,” as well as “intentionally directing an attack against the civilian population.”

All 124 states that signed the Rome Statute, the treaty that established the court, are now under an obligation to arrest the wanted individuals and hand them over to the ICC in the Hague. 

The court relies on the cooperation of member states to arrest and surrender suspects. The Netherlands' foreign minister quickly said his country was prepared to enforce the warrants while 93 nations earlier reiterated their support for the ICC.

Triestino Mariniello, a lawyer representing Palestinian victims at the ICC, called the warrants "a historic decision".

He noted that the court had endured "pressure and threats of sanctions" from the US government, but acted nonetheless.

As expected, the Tel Aviv regime rejected the rulings, with its security minister Itamar Ben Gvir calling the warrants “anti-Semitic through and through.”

The ICC said Israel’s acceptance of the court’s jurisdiction was not required.

Israel and its major ally, the United States, are not members of the court. 

Israel unleashed its bloody Gaza onslaught on October 7, 2023. So far, it has killed at least 43,985 Palestinians, mostly women and children, and injured 104,092 others, according to the Gaza Health Ministry.

Israel faces an ongoing South Africa-led genocide case at the International Court of Justice (ICJ).

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News Network
November 11,2024

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Mangaluru: In a deeply tragic turn of events, a 28-year-old woman named Ranjitha, who had recently given birth but tragically lost her newborn, ended her life by suicide on Monday. She reportedly leapt from the fourth-floor window of Lady Goschen Hospital’s luggage room.

Ranjitha, whose strength and resilience had carried her through a difficult pregnancy, was scheduled for discharge on Monday. Her journey to Lady Goschen Hospital began on October 24, when she was transferred from Karkala. She was a high-risk patient, battling both hypertension and diabetes. At the time of her admission, she was just 27 weeks pregnant.

Due to the complexities of her health, doctors made the difficult decision to perform an emergency C-section on October 30. She delivered a baby girl, premature and weighing only 960 grams. The newborn was immediately moved to the Neonatal Intensive Care Unit, where doctors did all they could. Despite these efforts, the baby passed away on November 3.

Ranjitha’s sorrow was profound. She stayed under hospital care even after her initial recovery and was preparing to go home on November 9. She had even requested a couple more days at the hospital, seeking time perhaps to cope with her unimaginable grief.

On the day of her discharge, a discharge card ready and her family eagerly waiting to take her home, Ranjitha reportedly made her way to the luggage room in the early hours. There, standing on a cot placed for patients' family members, she climbed to a window and fell from the fourth floor. Despite the attempts of another visitor to intervene, tragedy was inevitable. She was rushed to Government Wenlock Hospital, where doctors confirmed the worst—she was no more.

Dr. Durgaparasad M R, the Medical Superintendent at Lady Goschen Hospital, shared his grief and spoke of the ongoing investigation. A post-mortem is to be conducted, and the local Tahsildar will complete the necessary inquest procedures. Ranjitha’s exact reasons for taking this step are yet to be confirmed, though the weight of her recent losses paints a sorrowful picture.

If you or anyone you know is struggling emotionally, please remember that help is available. Reach out to mental health experts who can provide support and guidance. The toll-free helpline number 9152987821 is available to assist anyone in distress.

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News Network
November 10,2024

Bengaluru: The Karnataka government has warned that disciplinary action will be taken against those officials who change the land mutation records and serve eviction notices to farmers under the Waqf Act.

In a letter, the Revenue Department Principal Secretary Rajender Kumar Kataria reminded all regional commissioners and deputy commissioners in the districts that Chief Minister Siddaramaiah recently had a meeting following complaints about certain land properties being made in favour of the Karnataka Board of Waqfs.

In the meeting it was decided that all the directions issued previously by any government office or authority to change the mutation records has been withdrawn, the letter said.

It added that all the notices served in the past have also been withdrawn and no action should be taken against the farmers who are cultivating on the said land.

On the directions of the chief minister, the previous letters and the latest reminders served on November 7 to the farmers and land owners have been withdraw, the letter said.

"The officials who served reminder-2 despite the chief minister's direction will face appropriate disciplinary action," Kataria said in his letter.

He said he has been instructed to strictly implement the chief minister's direction.

The fresh direction was issued in poll-bound Karnataka, where bypolls to three crucial assembly segments are due on November 13.

Some farmers in Honwad village in Vijayapura in north Karnataka had alleged last month that they were served eviction notices as the Waqf Board claimed rights over it.

Subsequently, complaints started in pouring in from some other parts of the state.

BJP leader Tejasvi Surya on October 25 alleged that Karnataka Waqf Minister B Z Zameer Ahmed Khan directed the deputy commissioners and revenue officials to register lands in favour of the Waqf Board within 15 days, which resulted in confusion.

On Surya's request, the Chairman of the Joint Committee of Parliament on the Waqf (Amendment) Bill, Jagdambika Pal visited Karnataka on November 7 and met farmers in Hubballi, Vijayapura and Belagavi districts who had alleged that their lands were marked as Waqf properties.

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