Tag: Worth

  • Pakistan bans officials from accepting gifts worth more than USD 300 in light of Toshakhana case

    Pakistan bans officials from accepting gifts worth more than USD 300 in light of Toshakhana case

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    Islamabad: Pakistan has introduced new rules barring the prime minister, ministers and officials from retaining any gift by a foreign government whose value exceeded USD 300 amid entrenched corruption related to state gifts, it emerged on Tuesday.

    The issue made headlines after former premier Imran Khan sold a precious watch given to him by the Saudi crown prince and did not disclose its sale to the Election Commission of Pakistan for which he was disqualified last year and a criminal case was launched. Authorities are in Lahore to arrest Khan in the case.

    The Cabinet formulated a new policy about the Toshakhana (state depository) after an official document showed that between 2002 and 2022 hundreds of expensive gifts had been retained by successive top state functionaries after paying just paltry payments.

    They apparently got the benefit of a rule that allowed them to retain any gift after paying 20 per cent of its value.

    The Toshakhana Procedure for the Acceptance and Disposal of Gifts, 2023′ approved on March 8, includes a fresh set of guidelines that all gifts of more than USD 300 value must be deposited in Toshakhana as state property.

    “Gift(s) valuing up to USD 300 shall be allowed to be retained by the recipient after due payments as per its assessed market value,” the new ruler stated.

    “The gift(s) exceeding this monetary limit shall straightaway become state/Toshakhana property to be deposited and disposed of according to Toshakhana Procedure.”

    The exception to antiques and gifts of historical value that are to be displayed in government buildings.

    The policy says all gifts, irrespective of their price, received by government functionaries must be “reported” and “deposited” in Toshkhana within “30 days of receipt of the gifts” or “30 days from the date of return to Pakistan in case of foreign visit”, otherwise action would be taken.

    However, the new policy has shown leniency toward gifts of perishable items that can be retained “without reporting or depositing” them.

    It has also prohibited any government functionary “except those in BPS 1 to BPS 4” from receiving cash awards as gifts.

    Lower state functionaries like gardeners, watchmen, office boys and peons come under BPS 1 to BPS 4 category.

    “Such gifts may be politely refused. In case, it becomes impossible to refuse without causing offence to the visiting dignitary, the amount shall be immediately deposited in the government treasury and a copy of the treasury challan shall be provided to the Toshakhana Incharge, Cabinet Division.”

    The new policy has also prohibited government functionaries from receiving gifts for their spouses or members of their families. However, if the gift cannot be declined due to any reason, it must be deposited with the Toshakhana immediately.

    “Such gifts received by the president/head of the government for their person or their family members shall be deposited in Toshakhana for determination of assessed market value, retention cost, and further disposal as per Toshakhana Procedure. These instructions do not apply to gifts and donations made to institutions.”

    Animals received as gifts will be transferred to the nearest Remount Veterinary and Farms Corps for early sale or handed over to the Zoological Garden.

    “Gold and Silver bullions shall be sent to the State Bank of Pakistan – Mint,” it said.

    Antiques will be placed in the museums or displayed in official government buildings whereas “vehicles shall be given to the Central Pool of Cars of the Cabinet Division.”

    The policy stated how the value of the gifts would be determined and who should be responsible to report the gifts received by functionaries. The gifts that cannot be retained, donated, or displayed shall be publicly auctioned once or twice a year.

    The Toshakhana department was set up in 1974 to keep the gifts given to rulers, parliamentarians, bureaucrats, and officials by heads of other governments and states and foreign dignitaries.

    Meanwhile, the Lahore High Court hearing a separate case about who benefited from the Toshakhana asked the government to provide the complete list of gifts received by every official since 1947.

    So far, the government has shared a list from 2002 to 2022, showing that every single ruler and various officials since 2002 retained various gifts after paying 20 per cent of their value.

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    ( With inputs from www.siasat.com )

  • Adani’s net worth drops again as stocks bleed today

    Adani’s net worth drops again as stocks bleed today

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    The Adani Group companies’ stocks, which had been on an upward trend for a few trading sessions, saw a dip today, resulting in a drop of USD 1.7 billion in the net worth of its founder and chairman, Gautam Adani.

    His net worth has fallen down significantly causing him to slip to the 25th position on the list of the world’s billionaires. It was USD 119 billion when Hindenburg released a report against the group and now it has dropped to USD 45.5.

    Adani Power, Adani Transmission, NDTV, Adani Total Gas Limited stocks lock in lower circuits

    Adani Power, Adani Transmission, NDTV and Adani Total Gas Limited’s shares are locked in lower circuits, while other Adani companies’ stocks, including Adani Enterprises, Adani Green, Adani Port, ACC, and Ambuja Cement are trading in the red.

    All the Adani stocks are trading in red affecting Gautam Adani’s net worth. The situation is closely being monitored by investors, market analysts, and financial experts.

    adani stocks March14
    Stocks of Adani Group companies at 11:15 am today

    Top loser on billionaire list

    Today, Adani once again emerged as the top loser. In one day today, the billionaire lost USD 1.7 billion i.e., 3.66 percent of his net worth.

    Today’s top five winners

    NameCurrent net worth (in billion USD)Change in net worth (in million USD)Change in net worth (in percentage)Country
    Colin Zheng Huang32.1+1900+6.35China
    Jeff Bezos115.7+1700+1.48US
    Steve Ballmer82.1+1300+1.67US
    Ma Huateng36.5+1200+3.50China
    Qin Yinglin20+1100+5.96China

    Today’s top five losers

    NameCurrent net worth (in billion USD)Change in net worth (in million USD)Change in net worth (in percentage)Country
    Bernard Arnault205.9-5400-2.54US
    Robin Zeng31.6-1800-5.46Hong Kong
    Gautam Adani45.6-1600-3.40India
    Francois Pinault38.8-1300-3.24France
    Wei Jianjun13.3-1200-8.21China

    India’s richest person Mukesh Ambani falls out of top 10 billionaire

    Meanwhile, the chairman of India’s Reliance Industries Limited (RIL) Mukesh Ambani continues to hold the title of both India’s richest person and Asia’s wealthiest person. Currently, he is holding the 9th position in the world’s billionaire list.

    The current top 10 billionaire list features eight Americans, one from France, and one from Mexico. French businessman Bernard Arnault tops the list with a net worth of $192 billion.

    Though Ambani is out of the world’s 100-billion club, his company has expanded in the telecoms and digital space. With his continued success in business, it remains to be seen whether Ambani will make a comeback to the top five billionaire list and 100-billion club in the future.

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    ( With inputs from www.siasat.com )

  • UAE sends telecommunication equipment worth Rs 44 cr to quake-hit Turkey

    UAE sends telecommunication equipment worth Rs 44 cr to quake-hit Turkey

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    Abu Dhabi: The United Arab Emirates (UAE) announced on Friday the dispatch of digital equipment worth 20 million Dirhams (Rs 44,63,50,200) to support the operating stations of the damaged telephone networks in the earthquake areas in Turkey, the Emirates News Agency (WAM) reported.

    Etisalat by e& technology and investment group had sent communications equipment as a humanitarian initiative to the telecommunications sector in Turkey to contribute to rebuilding the sector’s infrastructure in the earthquake-affected areas.

    The move comes as an extension of the UAE campaigns aimed at supporting relief efforts in the earthquake areas in Turkey and Syria.

    The equipment includes— more than 4,000 radio and digital units to restart the affected mobile network stations, which supports the infrastructure of the telecommunications sector in Turkey and helps restore services affected by this crisis.

    Etisalat group announced, in February 2023, that it provided free calls from its network in the Emirates to both Syria and Turkey as part of its humanitarian response in the face of the effects of the earthquake disaster.

    On Thursday, March 9, the UAE Ministry of Defense announced that it had flown 209 cargo planes, carrying 5,848 tons of relief aid, as part of “Operation Gallant Knight 2”, and provided treatment to about 4,000 cases in its field hospital in Gaziantep, southern Turkey.

    On February 6, a double earthquake hit southern Turkey and northern Syria, the first measuring 7.7 degrees and the second 7.6 degrees, followed by thousands of violent aftershocks, killing tens of thousands, mostly in southern Turkey, in addition to massive destruction.

    Since the earthquake occurred, Arab countries and peoples, especially the Arab Gulf states, rushed to provide support and relief to those affected.

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    #UAE #sends #telecommunication #equipment #worth #quakehit #Turkey

    ( With inputs from www.siasat.com )

  • UAE: Arab couple arrested for stealing Mercedes Benz worth Rs 11 lakh

    UAE: Arab couple arrested for stealing Mercedes Benz worth Rs 11 lakh

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    An Arab couple in the United Arab Emirates (UAE) has been sentenced to six months for stealing a Mercedes Benz car worth 50,000 Dirhams (Rs 11,16,971), local media reported.

    According to the case filed by the victim, the woman resident of Ras Al Khaimah was considered the main defendant in the case because she posed as a car buyer.

    In the details, the victim posted his car up for sale on social media, and the woman reached out to him expressing interest. He agreed to sell the car for 50,000 Dirhams.

    As per a report by Khaleej Times, the victim drove from Dubai to Ras Al Khaimah at a coffee shop after the woman said she transferred the money and added that it takes about three hours for the money to reflect in his bank account.

    Meanwhile, the woman took the car key on the table and left, saying she wanted to check the car.

    As per media reports, the victim said that after a while, her husband also asked him for an excuse to go to the restroom, but he didn’t return. And when he went out to look for the couple, couldn’t find them and his car.

    He tried calling them but the phones were switched off.

    He then filed a complaint at the police station and the Public Prosecutor referred the case to the Ras Al Khaimah Day Court after examining the case.

    It is reported that, that the couple did not appear before the court and a criminal sentence was issued against them for a period of six months.

    The final verdict in the case has not yet been issued.

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    #UAE #Arab #couple #arrested #stealing #Mercedes #Benz #worth #lakh

    ( With inputs from www.siasat.com )

  • Adani Group prepays debt worth Rs 7,374 crore

    Adani Group prepays debt worth Rs 7,374 crore

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    Chennai: The Adani Group on Tuesday said debts, backed by the shares of listed companies, have been prepaid to the tune of Rs 7,374 crore (approx $902 million).

    The embattled group said the debts were paid ahead of the latest maturity in April 2025.

    The group said with the repayment to various international banks and Indian financial institutions, the following Adani listed company shares shall be released – 155 million shares of Adani Ports & Special Economic Zone Ltd, representing 11.8 per cent of the promoters’ holding, 31 million shares of Adani Enterprises Ltd (4 per cent of promoters’ holding), 36 million shares of Adani Transmission Ltd (4.5 per cent of promoters’ holding), and 11 million shares of Adani Green Energy Ltd (1.2 per cent of promoters’ holding.

    Along with the repayments done earlier in the month of February, Adani has prepaid $2,016 million of share-backed financing, which is consistent with promoters’ commitment to prepay all share-backed financing before March 31, 2023.

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    #Adani #Group #prepays #debt #worth #crore

    ( With inputs from www.siasat.com )

  • Hyderabad: Gold worth Rs 33 lakhs seized from airport; three arrested

    Hyderabad: Gold worth Rs 33 lakhs seized from airport; three arrested

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    Hyderabad: The Central Industrial Security Force (CISF) team at the Rajiv Gandhi International Airport apprehended three persons and seized 600 grams of gold in the early hours of Sunday.

    The three persons are identified as M Ashfaque Ahmed, 37, Mohammed Shaikh Abdulla, 31, and Naina Mohammed, 49.

    According to the CISF official, the three accused were arrested based on profiling and behaviour detection. They had arrived from Dubai on an Indigo and later an Air India flight.

    “On inquiry, their WhatsApp chats and voice messages were checked. We checked their bags and found four iron spare parts of odd weight. Upon opening the spare parts, 596 grams of gold worth Rs. 33,73,360/- was found,” police said.

    The three accused along with the seized gold were handed over to the Customs officials.

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    #Hyderabad #Gold #worth #lakhs #seized #airport #arrested

    ( With inputs from www.siasat.com )

  • Adani’s net worth spikes as AEL stocks surge by over 40 pc in five days

    Adani’s net worth spikes as AEL stocks surge by over 40 pc in five days

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    Adani Group stocks, especially Adani Enterprises Limited (AEL) stocks, witnessed a surge in value, resulting in Gautam Adani’s net worth surging by nearly 13%. Adani is now the 26th richest person globally.

    Adani Enterprises stocks witnessed the highest surge of over 13 percent and are still trading in the green. This surge in AEL stocks has pushed Adani up in the billionaire list, making him the top winner for the third day in a row.

    Adani’s net worth jump as yield-hungry investors rush into Adani stocks

    After a recent slump, Adani Group stocks are on the rise again, with all Adani stocks currently trading in the green.

    Adani Enterprises Limited (AEL), Adani Green, Adani Power, Adani Transmission, Adani Ports, ACC, Ambuja Cements, NDTV, and Adani Total Gas Limited stocks have seen an uptick.

    While Adani Green, Adani Power, Adani Transmission, NDTV and Adani Total Gas are locked in their upper circuits, stocks of Adani Enterprises, Adani Ports, ACC, and Ambuja Cement witnessed a huge rise in their values.

    photo1677829197
    Stocks of Adani Group companies at 1 pm today

    The positive movement in Adani stocks comes after days of decline, and it has impacted Gautam Adani’s net worth. Investors are currently watching the market closely for further changes in Adani stock values.

    Adani Enterprises Limited stocks surge by over 40 pc

    Adani Enterprises Limited (AEL) stocks have skyrocketed by over 40 percent in the last five days, reaching Rs 1819 today from Rs 1298 on February 27.

    Market experts predict that the AEL stocks may reach Rs 1900 based on technical analysis. However, this is subject to the bulls maintaining support at Rs 1400.

    Any further surge in AEL stocks will result in a rise in Gautam Adani’s net worth, as it is one of the crucial companies in the Adani Group.

    Reason for jump in Adani group stock prices

    As per media reports, United States boutique investment firm GQG Partners has bought shares worth USD 1.87 billion in four Adani group companies.

    GQG reportedly took a 3.4 percent stake in Adani Enterprises for around 662 million, 4.1 percent in Adani Ports for USD 640 million, 2.5 percent in Adani Transmission for USD 230 million, and a 3.5 percent stake in Adani Green Energy for USD 340 million

    As the decision of GQG marks the first major investment in the Adani group since a short-seller’s critical report resulted in a stock rout, it boosted investors’ confidence in the group thereby leading to jump in the values of Adani stocks.

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    #Adanis #net #worth #spikes #AEL #stocks #surge #days

    ( With inputs from www.siasat.com )

  • Messi buys 35 gold iPhones worth a staggering Rs 1.7cr. Know why

    Messi buys 35 gold iPhones worth a staggering Rs 1.7cr. Know why

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    Buenos Aires: Star footballer and captain of Argentina national team Lionel Messi has decided to make his teammates and staff happy by giving them gold Iphones. He has commissioned gold iPhones for every member of the FIFA World Cup 2022 winning Argentinan squad and also the staff to make the win more historical and memorable.

    Reports suggest that Messi has ordered 35 gold iphones worth Rs 1.73 crores and got them delivered to his Parisian apartment. Every 24-carat mobile device has the player’s names, squad numbers and also Argentina’s logo engraved on it.

    IDesign Gold CEO, Ben told The Sun privy to the developments that Messi wanted a special gift for all the players and staff to celebrate the historical win.

    He is quoted in the report,“Lionel is not only the Goat but he’s one of IDESIGN GOLD’s most loyal customers and got in touch with us a couple of months after the World Cup final. He said he wanted a special gift for all the players and staff to celebrate the amazing win but didn’t want the usual gift of watches. So, I suggested gold iPhones inscribed with their names and he loved the idea.”

    Lionel Messi won his first world cup trophy as captain while Argentina won their third title after defeating France in penalties in the final match of FIFA WC Qatar 2022.

    FIFA World Cup 2022 Winnings Argentina Squad:

    Emi Martinez, Franco Armani, Geronimo Rulli, Marcos Acuna, Juan Foyth, Lisandro Martinez, Nicolas Tagliafico, Cristian Romero, Nicolas Otamendi, Nahuel Molina, Gonzalo Montiel, German Pezzella, Angel Di Maria, Leandro Paredes, Rodrigo De Paul, Alexis Mac Allister, Enzo Fernandez, Exequiel Palacios, Guido Rodriguez, Lionel Messi, Lautaro Martinez, Paulo Dybala, Angel Correa, Julian Alvarez, Thiago Almada, Alejandro Gomez. 

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    #Messi #buys #gold #iPhones #worth #staggering #1.7cr

    ( With inputs from www.siasat.com )

  • Hyderabad: Woman steals gold worth Rs 1.8L at memorial service; arrested

    Hyderabad: Woman steals gold worth Rs 1.8L at memorial service; arrested

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    Hyderabad: Bahadurpura Police arrested a 40-year-old habitual thief and seized gold ornaments weighing about 66 grams worth Rs 1.8 lakh.

    On February 16, police received a complaint from Asma Begum, a resident of Bahadurpura that gold ornaments went missing from her house.

    She informed the police that a memorial service had been organised in memory of her late father-in-law at 7 pm on February 12, post which she learnt that the gold ornaments were missing.

    She informed the police that she was suspicious of Zaheda Begum, who attended the memorial service without invitation.

    According to the police, acting upon information that a suspicious woman was roaming near Gulzar House, Charminar, they apprehended Zaheda Begum and found the stolen property, and gold ornaments in her possession.

    Upon interrogation regarding the property, she confessed to having stolen the gold ornaments from the house of Asma Begum.

    Zaheda Begum was found to have been booked previously under theft charges by Sanathnagar police.

    She has been produced in court and taken into judicial custody.

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    ( With inputs from www.siasat.com )

  • From loser to top winner: Adani’s net worth spikes as stocks rise sharply

    From loser to top winner: Adani’s net worth spikes as stocks rise sharply

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    Gautam Adani once again began climbing up on the world’s billionaire list as his net worth spiked following the sharp rise in his companies’ stocks. Today, he emerged as the top winner on the world’s rich list.

    The businessman who recently slipped out of the world’s top 35 billionaires list is currently at the 32nd spot. His current net worth is USD 37 billion.

    As of now, all of the Adani Group stocks are trading in green. The highest surge is seen in Adani Enterprises shares which are up by over 12 percent.

    All Adani Group companies’ stocks trade in green

    The stocks of Adani Group companies that were bleeding for the past few days due to the Hindenburg research report are now witnessing a reversal as all of them are trading in green.

    Apart from Adani Enterprises, Adani Green, Adani Power, Adani Transmission, and NDTV stocks are seeing a more than four percent hike.

    The stocks of other Adani Companies such as Adani Ports, ACC, Ambuja Cements, Adani Total Gas Limited are also trading in green.

    Adani Total Gas shares rise

    Adani Total Gas stocks that were locked in its lower circuit in the past 23 out of 24 sessions are finally trading in green.

    It was the most hardly hit company following the report against the Adani group. Till yesterday, it lost 82.5 percent in 24 sessions.

    After being locked in its lower circuit for many sessions, today it is trading in green. It jumped by over three percent.

    photo1677648446
    Stocks of Adani Group companies at 11 am today

    From top loser to winner in the billionaire list

    Adani who has emerged as the top loser sees rise in net worth today. In one day today, his net worth surged by USD 2.2 billion.

    Today’s top five winners

    NameCurrent net worth (in billion USD)Change in net worth (in million USD)Change in net worth (in percentage)Country
    Gautam Adani37+3700+11.08India
    Mark Zuckerberg62.8+3090+3.09US
    Ma Huateng38.4+1300+3.49China
    Andrew Forrest20.3+991+5.13Australia
    Robin Zeng34+944+2.86Hong Kong

    Today’s top five losers

    NameCurrent net worth (in billion USD)Change in net worth (in million USD)Change in net worth (in percentage)Country
    Bernard Arnault206-1500-0.7France
    Mukesh Ambani82.9-1200-1.46India
    Elon Musk196.5-1200-0.63US
    Larry Ellison112.3-692-0.61US
    Mikhail Fridman13.5-639-4.52Russia

    Reason for rebound in Adani group stock prices

    Adani Group’s stocks rebounded on Tuesday after reports surfaced that Gautam Adani plans to repay or prepay share-backed loans worth USD 690 million to USD 790 million by the end of March.

    The move aims to improve the conglomerate’s credit profile.

    Earlier, despite the group’s denial of all allegations made by Hindenburg Research, a massive dip in stocks’ values was witnessed.

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    ( With inputs from www.siasat.com )