March 2020

Rakesh Jhunjhunwala’s wealth catches Coronavirus; big bull loses Rs 603 crore in his favourite stock The butchery that equity markets witnessed on Thursday left investors poorer by more than Rs 12 lakh crore in market capitalisation of BSE-listed firms. S&P BSE Sensex tanked 3,100 points to trade at 32,589 points while the broader NSE Nifty-50 index plunged 900 points trading below at 9,557 mark. Amidst the massacre, even the big bull of Indian equity markets, Rakesh Jhunjhunwala likely saw his wealth depreciate. The billionaire investor lost Rs 603 crore from his much-adored  Titan Company Limited in just one trading session. According to the information available...

Fortunate that BJP opened doors for me: Jyotiraditya Scindia BHOPAL: Former Congress leader Jyotiraditya Scindia on Thursday said he considers himself fortunate that the BJP accepted him in the party and assured party workers that he will work wholeheartedly for them. Speaking at the state BJP office, Scindia also said the one thing he was bringing to the table was hard work. “I am feeling fortunate to join the BJP. Party president JP Nadda, Prime Minister Narendra Modi and home minister Amit Shah opened the doors of this party for me,” Scindia said. “I have brought only one thing with...

Rajinikanth unveils blueprint, says ‘can’t imagine being CM’; no political party for now Chennai: Will the suspense over Rajinikanth’s political debut be over today? This was the question on everybody’s minds when it was announced that the south Indian superstar is likely to hold a press conference Thursday morning.  Thalaivar (Tamil for boss)– as Rajinikanth is fondly known, while addressing a huge gathering in Chennai today laid out a general model on which his political party will be based. He did not, however, announce a launch date or the name of his party -which continues to be on paper as of now.  Source:...

Tom Hanks, Wife Test Positive for Coronavirus in Australia Oscar-winning actor Tom Hanks and his actress wife, Rita Wilson, have tested positive for the new coronavirus while in Australia for a movie shoot. The couple sought medical help after experiencing body aches and fatigue, among other symptoms, the “Forrest Gump” star, 63, tweeted. “We Hanks’ will be tested, observed, and isolated as long as public health requires,” Hanks said in his Twitter post. “Not much more to it than a one-day-at-a-time approach, no? We’ll keep the world posted and updated.” Source: Bloomberg

Harvey Weinstein sentenced to 23 years in prison, voices sympathy for men in #MeToo era Former movie producer Harvey Weinstein was sentenced to 23 years in prison on Wednesday for his sexual assault and rape convictions last month after delivering a rambling statement to the court expressing sympathy for men accused in the #MeToo movement while saying he is trying to be a better person. The sentence was handed down in Manhattan criminal court by Justice James Burke. A jury on Feb. 24 found Weinstein – once one of Hollywood’s most powerful figures – guilty of sexually assaulting former production...

Technically, we will be in recession in most parts of the globe, including India: Mark Mobius At a time when markets are seeing a bloodbath across the globe, what do you think has led to the accelerated selloff today? Was it Trump’s comment, his mishandling of the situation or is it genuine panic about the virus and its escalation? Initially, Trump tried to downplay the issue for a good reason. He did not want to spread panic but when no payroll tax cut was announced, that was a disappointment to the US markets. The US market leads everybody nowadays because...

Coronavirus confirmed as pandemic by World Health Organization WHO chief Dr Tedros Adhanom Ghebreyesus said the number of cases outside China had increased 13-fold in two weeks. He said he was “deeply concerned” by “alarming levels of inaction”. A pandemic is a disease that is spreading in multiple countries around the world at the same time. Hours later Italy said all shops except food shops and pharmacies would close. Announcing the toughest lockdown seen yet in Europe, Prime Minister Giuseppe Conte said bars, hairdressers, restaurants and cafes that could not guarantee a metre’s distance between customers and non-essential company departments...

President for Life: Russia Parliament Passes Reforms Allowing Putin to Stay in Power Till 2036 Moscow: Russia’s lower house on Wednesday passed constitutional reforms in their final reading that include the possibility of President Vladimir Putin extending his rule for another two terms. A total of 383 State Duma lawmakers voted in favour of the package of constitutional amendments, with 43 abstentions and none against. The measures must now be approved by the upper house Federation Council and be put to a public vote scheduled for April 22. Putin announced the package of reforms in January, then repeatedly denied they were...

Chancellor Angela Merkel says two-thirds of Germans may get coronavirus Germany will spend what it takes to tackle the coronavirus which is likely to infect up to 70 percent of the population in Europe’s largest economy, Chancellor Angela Merkel said on March 11. “We will do what we need to get through this. And then at the end we will look at what that means for our budget,” she told reporters, seeming to distance herself from Germany’s policy of no new borrowing. Though conceding she did not know how the crisis would develop, Merkel said the risk was huge. Source:...

Alibaba’s Jack Ma Overtakes Reliance’s Mukesh Ambani As Asia’s Richest Man The fear of coronavirus outbreak, coupled with the collapse in oil prices and market breakdown has hurt Reliance Industries chairman Mukesh Ambani’s net worth. India’s richest man slipped to the second spot in the Asia rankings, after losing close to $5.8 Bn from his net worth on Monday (March 9). According to the Bloomberg Billionaires Index, Alibaba’s Jack Ma as Asia’s richest man. The list now shows the Alibaba founder with a $45.7 Bn fortune, almost $3.4 Bn more than Ambani’s latest net worth. Source: INC42