Fallout Financial News

Hindenburg's damning report on the Adani Group earlier this year led to the sudden pullout of a proposed share sale in the flagship Adani Enterprises and triggered a $150-billion wealth erosion for investors. Chairman Gautam Adani had said that the report was aimed at damaging the conglomerate's reputation and generating a profit by driving down its stock prices. The group companies have since recovered most of the losses in their share prices and the conglomerate is back to business as usual, but reverberations of the Hindenburg attack could be felt deeper and longer in different ways. One fallout of the attack by the short-seller seems to be Adani's reported plan to exit the fast-moving consumer goods (FMCG) business. The ports-to-renewable energy conglomerate is in talks with multiple multinational consumer goods companies to sell its entire 43.97% stake in Adani Wilmar Ltd, which owns the Fortune brand of edible oils and packaged grocery, executives familiar with the matter have told ET. Adani is expecting $2.5-3 billion for the stake in the joint venture with Singapore-based Wilmar International, which too owns 43.97% of the company, they said. A deal is likely to be finalised within a month, though neither of the companies has confirmed it. The product portfolio of Adani Wilmar includes brands such as Fortune, King's, Bullet, Raag, Avsar, Pilaf, Jubilee, Fryola, Alpha, Alife and Aadhar.

Titan Company share price opened with gains of almost 2% on on the BSE on Monday after it reported a better-than-expected September performance led by margins beat. Tata owned-jewellery and watch maker, on Friday had reported a 9.7% YoY rise in its net consolidated profit to ₹916 crore in the September quarter of FY23-24 There was a 21.2% sequential rise in the Titan net profit from ₹756 crore reported in April-June quarter of FY24. Titan’s total consolidated income increased by 37.17% to ₹12,653 in September quarter of FY24, against ₹9,224 crore reported in Q2 FY2022-23.

Logan Paul clinched his first WWE championship victory at Crown Jewel 2023. Paul's encounter with WWE Hall of Famer Rey Mysterio took a controversial twist as he used brass knuckles to secure the United States title. Logan Paul's transition from internet celebrity to a WWE superstar has been met with both skepticism and intrigue. His recent triumph is the culmination of Paul's growing in-ring prowess.

Almost exactly a year since FTX collapsed, its founder and former CEO was found guilty on multiple counts of fraud. While this verdict was expected by many, what does it mean for the future of the cryptocurrency markets and more importantly retail investors putting their money in them?

Call of Duty experience, but the campaign mode has its dedicated fanbase with thrilling set pieces, action-packed levels, and memorable characters. The voice actors play a crucial role in immersing fans, and Call of Duty: Modern Warfare 3 features a list of returning actors reprising their iconic roles.

The company allegedly used a secret algorithm that helped raise prices.

Employers posted 9.6 million job openings in September, up from 9.5 million in August and a sign that the U.S. job market remains strong in the face of higher interest rates

Much of the fossil fuel industry may be facing an era of credit downgrades if producers prove too slow to adapt to a low-carbon future, according to Fitch Ratings.

Anheuser-Busch InBev says revenue growth in most of its global regions was offset by a drop in North American sales in the third quarter

Rugby Australia will investigate whether it spent too much money on the World Cup amid concerns that hundreds of thousands of dollars were used for executive accommodation and sponsorship events.

The gap between the U.S. and European economies is widening, with growth and inflation on different trajectories as the fallout from the war in Ukraine weighs on Europe’s prospects. The European Union’s statistics agency Tuesday said the combined gross domestic product of the eurozone’s 20 members fell by an annualized 0.4% in the three months through September, having increased by 0.6% in the previous quarter.

PwC has picked the head of its international advisory business, Mohamed Kande, to be its next chairman, putting the big four accounting firm in the hands of a consulting partner for the first time.

Greenbushes, Australia’s largest hard rock lithium mine, may be forced to reduce productionas prices for the key battery metal collapse on lower Chinese electric vehicle sales.

visa dynamics between India and Canada. To fully understand this development, it's crucial to consider historical trends. Historically, the U.S. has been the top choice for Indian students seeking global education. However, recent events and geopolitical shifts have led many to explore alternatives. Canada, with its welcoming immigration policy and top-notch educational institutions, has emerged as a compelling option. Nearly 20% of Indian students now prefer Canada as a destination for higher education after the United States, reshaping the landscape of international educational opportunities for Indian scholars. This shift underscores the evolving preferences and choices of Indian students, impacting the global education landscape. Are you immigration ready? Find out

Investors face a growing risk that climate change will result in a sudden loss of value, with existing portfolio models often falling short, according to an analysis by Markus Müller, chief investment officer for ESG at Deutsche Bank.

FTX founder Sam Bankman-Fried began testimony in his own fraud trial on Thursday, defending himself from accusations of intentionally defrauding his exchange’s customers.

UN warned Friday that «many more will die» in Gaza from catastrophic shortages after nearly three weeks of bombardment by Israel in response to Hamas staging the deadliest attack in its history. As the conflict raged into its 21st day, the Israeli army said its soldiers backed by fighter jets and drones mounted a land incursion into the Gaza Strip, as it prepares for a ground offensive. Concern is growing about regional fallout from the conflict, with the United States warning Iran against escalation while striking facilities in Syria it says were used by Iran's Islamic Revolutionary Guard Corps and others. Israel has heavily bombarded Gaza since Hamas gunmen stormed across the border on October 7, killing 1,400 people, mostly civilians, kidnapping more than 220 others, according to Israeli officials. The health ministry in the Hamas-run Gaza Strip says the strikes have killed more than 7,000 people, mainly civilians and many of them children, leading to growing calls for protection of innocents caught up in the conflict. «People in Gaza are dying, they are not only dying from bombs and strikes, soon many more will die from the consequences of (the) siege imposed on the Gaza Strip,» Philippe Lazzarini, head of the UN agency for Palestinian refugees (UNRWA), told reporters in Jerusalem. Israel has cut supplies of food, water and power to Gaza, notably blocking all deliveries of fuel saying it would be exploited by Hamas to manufacture weapons and explosives. «Basic services are crumbling, medicine is running out, food and water are running out, the streets of Gaza have started overflowing with sewage,» he said of the devastated territory where around 45 percent of all housing has been damaged or destroyed,

Corporate Travel Management is evacuating people from Israel under a contract with the UK government and private sector clients.

JPMorgan Chase & Co. chief executive Jamie Dimon said the fact that central banks got financial forecasting “100 per cent dead wrong” about 18 months ago should prompt some humility about the outlook for next year.

Newly released documents show that Correctional Service Canada stopped Paul Bernardo from having his lawyer make a statement to the media as controversy swirled around the notorious killer’s transfer to a medium-security prison.

investors cannot hide behind overseas insurance firms and cells and sub-funds of offshore pooled vehicles which step in as foreign portfolio investors (FPIs) to surreptitiously own shares and manipulate stocks of companies listed in India. A standard operating procedure (SOP) finalised by custodians of FPIs and the Securities and Exchange Board of India (Sebi) over the weekend has laid down the ground rules to stop the misuse of such overseas investment entities, two persons familiar with the subject told ET. The SOP comes in the wake of the new disclosure regulations that would compel any FPI breaching certain investment limits to reveal the identities of every individual behind the entities which have put money in the fund or have control over it. The rigorous disclosure rules will be triggered on an FPI whose exposure to equities in India crosses ₹25,000 crore, or which has invested 50% of its India assets under management in stocks of companies belonging to a single corporate group. The regulations, which will come into effect from November 1, are a fallout of the fiasco caused by the American short-seller Hindenburg which alleged the Adani group of price manipulation and accounting fraud. However, certain FPI entities — depending on their ownership, constitution and purposes — are exempted from the disclosure regulations as long as they fulfil and demonstrate some criteria.