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
December 5,2025

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New Delhi, Dec 5: IndiGo CEO Pieter Elbers issued a public apology this evening after more than a thousand flights were cancelled today, making it the "most severely impacted day" in terms of cancellations. The biggest airline of the country cancelled "more than half" of its daily number of flights on Friday, said Elbers. He also said that even though the crisis will persist on Saturday, the airline anticipates fewer than 1,000 flight cancellations.

"Full normalisation is expected between December 10 and 15, though IndiGo cautions that recovery will take time due to the scale of operations," the IndiGo CEO said. 

IndiGo operates around 2,300 domestic and international flights daily.

Pieter Elbers, while apologising for the major inconvenience due to delays and cancellations, said the situation is a result of various causes.

The crisis at IndiGo stems from new regulations that boost pilots' weekly rest requirements by 12 hours to 48 and allow only two night-time landings per week, down from six. IndiGo has attributed the mass cancellations to "misjudgment and planning gaps".

Elbers also listed three lines of action that the airline will adopt to address the issue.

"Firstly, customer communication and addressing your needs, for this, messages have been sent on social media. And just now, a more detailed communication with information, refunds, cancellations and other customer support measures was sent," he said.

The airline has also stepped up its call centre capacity.

"Secondly, due to yesterday's situation, we had customers stranded mostly at the nation's largest airports. Our focus was for all of them to be able to travel today itself, which will be achieved. For this, we also ask customers whose flights are cancelled not to come to the airports as notifications are sent," the CEO said.

"Thirdly, cancellations were made for today to align our crew and planes to be where they need to start tomorrow morning afresh. Earlier measures of the last few days, regrettable, have proven not to be enough, but we have decided today to reboot all our systems and schedules, resulting in the highest numbers of cancellations so far, but imperative for progressive improvements starting from tomorrow," he added.

As airports witnessed chaotic scenes, the Directorate General of Civil Aviation (DGCA) stepped in to grant IndiGo a temporary exemption from stricter night duty rules for pilots. It also allowed substitution of leaves with a weekly rest period. 

Civil Aviation Minister Ram Mohan Naidu has said a high-level inquiry will be ordered and accountability will be fixed.

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coastaldigest.com news network
November 28,2025

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Udupi district transformed into a sea of saffron and celebration on Friday, November 28, as Prime Minister Narendra Modi’s roadshow swept through the coastal temple town. Thousands of residents lined the streets, turning the event into a vibrant public spectacle filled with cheers, flags, and festive energy.

The procession route—from the helipad to the historic Sri Krishna Math—was decked with buntings, saffron flags, and multilayered security barricades. One of the district’s largest-ever security deployments was put in place for the high-profile visit, with over 3,000 police personnel on duty. The arrangement included ten SPs, 27 DSPs, 49 inspectors, 127 sub-inspectors, 232 assistant sub-inspectors, 1,608 constables, and 39 women staff.

Six platoons of the Karnataka State Reserve Police, six Quick Response Teams, bomb detection units, and dog squads were stationed across Udupi. Enhanced surveillance covered Adi Udupi, Bannanje bus stand, and the Sri Krishna Math parking zone, with combing operations carried out along the roadshow corridor.

At the 800-year-old Sri Krishna Math, preparations reached a ceremonial peak. Paryaya Puttige Math seer Sugunendra Teertha Swamiji said the Prime Minister would take part in the Laksha Kantha Geetha Parayana, a mass chanting of the Bhagavad Gita by one lakh devotees, and inaugurate the new Suvarna Teertha Mantapa.

“He will first offer floral tributes to saint-poet Kanakadasa and then unveil the golden covering over the Kanakana Kindi,” the seer said.

The Prime Minister will also receive a Poorna Kumbha welcome and have darshan of Lord Sri Krishna, Mukhyaprana Devaru, and the Suvarna Paduke. Union Minister Pralhad Joshi, Karnataka Governor Thaawarchand Gehlot, Minister Bairathi Suresh, Dharmadhikari D. Veerendra Heggade, and seers from the Ashta Maths are expected to join the ceremony.

Ahead of his arrival, the Prime Minister posted on X that he felt “honoured” to attend the spiritually significant gathering. “This is a special occasion that brings together people from different sections of society for a recital of the Gita. This Matha has a very special significance in our cultural life,” he wrote, noting the institution’s long-standing legacy rooted in the teachings of Sri Madhvacharya.

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News Network
December 2,2025

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Bengaluru: 'Nati koli saaru' (country chicken curry) considered one of Chief Minister Siddaramaiah’s favourites along with steaming hot idlis was on the breakfast menu at Deputy CM D K Shivakumar’s residence on Tuesday, according to official sources.

The spread also included 'nati koli' fry, vada and pongal, among other items, they said.

In an apparent show of unity, Siddaramaiah visited Shivakumar’s residence for breakfast, just days after the two leaders shared a meal amid a simmering power tussle in the state Congress.

Siddaramaiah drove to the Deputy CM’s residence in Sadashivanagar, where he was received by Shivakumar and his brother D K Suresh, who is a former Congress MP.

Suresh and Kunigal MLA H D Ranganath, a relative of Shivakumar, joined them for breakfast, which featured a mix of vegetarian and non-vegetarian dishes.

Speaking to reporters later, Siddaramaiah said Shivakumar had invited him during his visit to the CM’s residence for breakfast on Saturday.

Asked about the difference between the two meals, the chief minister said, "At his (Shivakumar’s) house it was non-veg, while at my house it was veg. He is a vegetarian, I am a non-vegetarian. I had not prepared non-veg. I told DK to get chicken from the village as you won’t get the original in Bengaluru."

Shivakumar said he had initially invited Siddaramaiah to his residence, but the CM had suggested visiting his place first and reciprocating later. "It was a vegetarian breakfast at the CM’s house on Saturday," he noted.

"Today, I invited him (the CM) to my house. He enjoyed the breakfast, which had his Mysuru taste," Shivakumar added. At this point, Siddaramaiah remarked that Shivakumar’s wife is also from Mysuru.

Saturday’s breakfast at Siddaramaiah’s official residence, held as part of efforts by the Congress high command to ease tensions in the leadership dispute between the two, reportedly included idlis and sambar, according to official sources.

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