INVESTMENT TYCOON
Meet Ion Tiriac, the billionaire sportsman worth four times more than Cristiano Ronaldo
A little-known Romanian tennis player-cum-billionaire Ion Tiriac who also represented his country in ice hockey is worth four times more than former Real Madrid star and Portugal's ace striker Cristiano Ronaldo. This piece of information has created a frenzy among fans of both tennis and football, who are now intensely discussing about this billionaire personality.
Indian financiers’ debt lures buyers on widest spread since 2020
Investors are wary of funding strains affecting the rapid economic growth in India, despite enticing opportunities in shadow lender bonds. The concern lies in the widening spreads and the potential hurdles that could impede the country's impressive growth trajectory.
Stairs made of cash? Dubai tycoon wows girlfriend with unusual gift, vid goes viral
The person in question is Sergey Kosenko, an entrepreneur and social media influencer. Hailing from Moscow, Kosenko has garnered an impressive 7.2 million followers on Instagram. His posts frequently offer glimpses into his relationship with his girlfriend, candid moments with his child, and his travel adventures.
India bankers brace for IPO surge as election uncertainty lifts
About $3.9 billion has been raised in India via IPOs so far this year, more than double the same period in 2023, and a tally that’s higher than the combined amount raised in South Korea and Hong Kong, according to data compiled by Bloomberg.
This French Open star is richer than Federer, Nadal and Djokovic combined. Know her net worth
Emma Navarro, currently ranked 23 in the WTA, is not a household name in tennis yet but she has raised eyebrows after her net worth was found to be more than some of the tennis greats in today's era.
View: India dealing with a British legacy problem for 200 years
India's managing agencies, a system for separating control from ownership, were outlawed in 1970. However, the vestiges of this old system continue to thrive in the form of company promoters who exercise control over boards. Promoters, typically founders, are named in annual returns and are required to hold at least 20% of the post-public-issue capital. Problematic promoters, such as Subhash Chandra and Shivinder Singh, have caused losses for their companies. To protect public shareholders, a novel idea is to outsource governance to board service providers.
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Vibrant Gujarat summit: Gautam Adani to invest $24 billion in Gujarat in five years
The Adani Group's chairman, Gautam Adani, stated on Wednesday at the Vibrant Gujarat summit that the company plans to invest Rs 2 lakh crore ($24 billion) in the green and renewable energy sectors in the state of Gujarat over the course of the next five years. The Vibrant Gujarat summit kicked off on Wednesday.
Ratan Tata slams deepfake video that features him giving ‘risk-free’ investment advice
After Alia Bhatt, Priyanka Chopra and Rashmika Mandana, business baron Ratan Tata becomes the latest victim of deepfake tech.
Tycoon Sunil Mittal’s Uganda IPO flops as investors prefer bonds
Airtel said it managed to raise 211.4 billion shillings ($56 million) after selling 54.5% of the 8 billion shares on offer. Retail investors bought just 0.3% of the IPO. Shares were unchanged at 100 shillings on its debut on Tuesday.
Many countries want to replicate India’s digital public infra model: Telecom tycoons
Akash Ambani, chairman, Reliance Jio, Sunil Mittal, chairman, Bharti Enterprises, and Kumar Mangalam Birla, chairman, Aditya Birla Group (the co-parent of Vodafone Idea), also told delegates at Asia’s biggest technology event, the India Mobile Congress, that they will double down on investments to ensure broader rollout of 5G in the country.
'Pickleball is the moment': Lil Wayne invests in Texas Ranchers, will join as strategic advisor
Grammy-winning artist Lil Wayne has become a strategic advisor and investor for the Austin-based pickleball team, the Texas Ranchers. Lil Wayne joins a group of famous owners, including golfer Scottie Scheffler and country music artist Zach Bryan. The team aims to align its branding strategy with popular culture and recognition.
Another Chinese business head goes missing, copper tycoon believed to be detained by police
Executives at Maike Metals International Co., one of China's largest copper trading houses, have lost contact with the company's founder, He Jinbi, and believe that he has been detained by police for questioning. He's detention comes after Maike's liquidity crisis last year, which led to legal action by creditors. Maike, which was responsible for a quarter of China's copper imports, has been absent from the market, impacting liquidity in China's copper trade.
The mystery behind disappearing business tycoons in China
China's business tycoons are increasingly at risk as the government cracks down on powerful magnates who fail to align with the Communist Party's agenda. The latest case is that of Hui Ka Yan, founder of Evergrande, which is struggling with over $300 billion in liabilities. Hui has been placed under police surveillance and is being investigated over suspected illegal activities. This trend of disappearing business executives has become common in recent years, with high-profile figures such as Jack Ma and Ren Zhiqiang also vanishing.
TotalEnergies in talks to invest in Adani Green’s projects, sources say
The deal would increase Total’s presence in the fast-growing Indian energy market, while giving Adani Green more means to develop new renewable energy projects. It would also see Total deepen its ties with Adani Green, which it’s already the second largest shareholder of with a 19.75% stake, according to data compiled by Bloomberg.
Mamata Banerjee to visit Spain, Dubai in September to seek investments: Official
In 2021, the Centre had not granted Banerjee permission to visit Rome, where she was scheduled to attend a world peace conference.
View: Indian tycoons Ambani and Adani won't step on each other's toes
Indian billionaire Gautam Adani is recasting his conglomerate and focusing on core infrastructure business, instead of engaging in direct competition with his biggest rival Mukesh Ambani. Adani, who is grappling with governance issues and allegations of manipulation and undisclosed transactions, has sold his consumer finance franchise to Bain Capital, and reportedly exploring the sale of his $2.6bn stake in Adani Wilmar.
Indian tycoon Pankaj Oswal buys one of world's costliest houses
Indian-origin billionaire Pankaj Oswal and his wife Radhika Oswal have recently acquired one of the most expensive residences in the world, situated in Switzerland. This luxurious home, called Villa Vari, was purchased for a staggering amount of Rs 1,649 crore.
Suits & Sayings: Spring returns for multimillionaire; fintech CEO's last-moment salary revision plan when new hires dropping off; steel tycoon to host board of US-based investment bank at his Lutyen's Delhi mansion
The strange case of a brother battling his younger sister and her husband for a company that’s worth barely a fraction of his personal fortune has raised eyebrows.
Scrutiny of Indian tycoons deals a blow to PM Modi’s privatisation drive
India's much-touted privatization drive, aimed at solving public finances, has been slow, with only one major sale since 2014. Seven listed companies are marked for privatization, but the market capitalization of these firms is currently at about $25bn. While Indian officials are scaling back their expectations, a tough financial climate has affected India's tycoons who could buy assets in the privatization programme.
Asia's richest tycoon Mukesh Ambani gung-ho on RIL. His investors? Not so much.
Despite investing $10 billion in clean power and fuel and committing to green technologies for future growth, Asia's richest man, Mukesh Ambani, has failed to convince the stock market. Shares of Reliance Industries, Ambani's flagship company, are valued at 24 times profit, a sharp decline from last year's P/E multiple of 37. While Reliance is experiencing growth across business lines and its March-quarter profit beat estimates, green technologies aren't getting the attention they deserve.
Delhi court orders putting Gopal Ansal on trial in cheating case
Real estate mogul Gopal Ansal is to stand trial "on charges of cheating, forgery and criminal conspiracy", according to a Delhi court. The allegations relate to Ansal allegedly defrauding a private company and its owners in 1991 in the name of investment in a building at Connaught Place. Judge Yashdeep Chahal ordered the framing of charges against Ansal for his alleged involvement in cheating and forgery, but confirmed his co-accused, Sushil Ansal, should be discharged. Gopal Ansal has previously been the subject of criminal charges relating to a fire at the Uphaar cinema in New Delhi that killed 59 people in 1997.
Suits & Sayings: Pharma-tycoon celebrates birthday in Thailand; techpreneur attends Dior’s Mumbai fashion show with her columnist father; PE firm boss pranks subordinates by pretending to join rival company on April Fool’s Day
ET’s weekly roundup of the wackiest whispers and murmurs in corporate corridors & policy parlours.
Billionaire mining tycoon Anil Agarwal fights to clear Vedanta’s debt
Agarwal is facing one of his toughest acts yet. The tycoon’s Vedanta Resources Ltd. has close to $2 billion of bonds to settle in 2024 — half of which is due in January. Short of that, his London-headquartered company risks getting cut deeper into junk and losing crucial access to funding. That’s bad news for one of India’s richest men, who has long dreamed of competing against Glencore Plc and BHP Billiton as the world’s dominant natural resources supplier.
Tycoon Piramal, TPG weighing exit from Shriram General
Piramal and TPG are jointly working with an adviser on divesting a combined 30% stake in the holding company of Shriram General Insurance Ltd. Shriram General Insurance Holdings could be valued at more than $2 billion in a transaction. Considerations are at an early stage and details may still change
Billionaire mining tycoon Anil Agarwal fights to clear debt
Anil Agarwal's Vedanta Resources is facing one of its toughest challenges yet with close to $2bn of bonds due for settlement in 2024, and half due in January. Risking being cut deeper into junk status and losing funding, Vedanta is looking to raise cash at a time when India's business elite is under increased scrutiny.
Adani isn't the only Indian tycoon in trouble; there's another storm brewing
The next few weeks will be crucial for fundraising. If it fails, the issuer’s B- credit rating, already deep in the junk-bond category, could come under pressure, S&P said this month. Adani’s net debt pile of $24 billion may be three times as large as Agarwal’s, but his bonds are still rated at the lowest rung of investment grade.
Chinese business tycoons, executives who disappeared from public view
China Renaissance said late on Thursday it had been unable to contact founder Bao Fan, a disclosure that sent its stock down as much as 50% a day after and has rattled investor nerves over whether this might indicate a wider crackdown.
Gautam Adani: The Indian tycoon weathering stock market panic
On New Year's Day in 1998, Adani and an associate were reportedly kidnapped by gunmen demanding a $1.5 million ransom, before being later released at an unknown location.
These two business tycoons bought Adani shares amid short seller fight
The participation by some of India’s biggest corporate names, some with potentially rival business interests, comes as the Hindenburg Research allegations against Adani are seen by some domestically as threatening the country’s economy at large.
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