Gautam Adani, Asia’s richest man’s company has published a detailed rebuttal to allegations of wrongdoing made by short seller Hindenburg Research. Adani Group describes the report as a “calculated attack on India” in a 400-page document. Later that day, Hindenburg stated that “Adani failed to specifically answer 62 of our 88 questions” in the report. Last week,…
The fallout from a damning report by US short-seller Hindenburg Research speeded up the selloff in Gautam Adani’s business empire on Friday, wiping out more than $51 billion in market value in two sessions as the wealthiest man of Asia struggles to control the blowback. The drubbing is stacking up strain on the Indian tycoon, eroding his net…
According to Wall Street analysts, Mastercard Inc and Visa Inc will rely on China reopening to boost travel spending as the pace of growth in other parts of the world slows from a post-pandemic boom. Executives from payment companies said on Thursday that there is still room for travel recovery in China, which reopened its…
Intel Corp has suffered a major setback at a time when smaller rival AMD and others are gaining ground. It claims that it will regain its equilibrium this year. On Thursday, the company surprised the market by forecasting revenue that fell short of Wall Street estimates by about $3 billion. The global economy’s weakness only…
A record-breaking run in LVMH shares was briefly halted on Friday after the company’s fourth-quarter sales update caused some disappointment over the impact of China disruption on its margins. The company, which owns dozens of high-end labels such as Louis Vuitton and Dior, reported late Thursday that its fourth-quarter sales increased 9% as shoppers in…
Elon Musk told jurors on Monday that he was confident he had secured financial backing from Saudi investors in 2018 to take Tesla Inc private, and that he could even have used his stake in rocket company SpaceX to fund a buyout. During a five-hour trial in federal court in San Francisco, the billionaire, who…
The commerce minister of India has claimed that the iPhone maker Apple Inc. is planning to manufacture a quarter of all its iPhones in India. Apple is “another success story” for India, said Piyush Goyal, India’s minister of commerce and industry, while highlighting the success of the fifth-largest economy of the world. “They’re [Apple] already…
According to the CEO of Ingka Group, which owns the majority of IKEA stores, demand for the furniture retailing giant’s products in Europe will continue to rise during the current fiscal year, and the growth in demand will be driven by customers in the home furnishings segment that has remained steady even during the Covid lockdowns. “We are right now optimistic…
Alphabet, Google’s parent company, will lay off 12,000 workers, the latest round of layoffs in the tech industry. In an internal email, Google and Alphabet CEO Sundar Pichai stated that he accepted “full responsibility” for the layoffs. The layoffs will affect 6% of Alphabet’s global workforce, including teams such as recruitment and engineering. This comes…
A French court has directed Uber to pay roughly 17 million euros ($18.43 million) in damages and lost wages to a community of drivers who contended they should have been regarded as employees instead of being regarded as being self-employed, according to reports quoting information from both the company and the representatives of the drivers involved…
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