MUDDY WATERS NEWS
Digit IPO: tempering tech valuations & other top startup stories this week
This is Pratik Bhakta in Bengaluru. Insurance startup Digit, by valuing itself at a discount of 25% to its last known private market valuation, seems to have stuck its neck out. And it’s a move that’s certainly got everyone talking.
Fairfax refutes charges that Digit was falsely shown to be profitable in 2021
Toronto-listed Fairfax’s shares have recouped all losses after a short seller report on 8 February alleged asset value manipulation by the company
Less than 20 companies in US have our kind of track record, says Prem Watsa of Fairfax Financial
Muddy Waters has alleged that Fairfax was “The GE of Canada” and not the Berkshire Hathaway that it was touted to be in a report on 8 february that sent Fairfax’s shares tumbling 12% . Its shares had pared half the losses in early trading in Toronto on 12 February. Muddy Waters reference to GE has to do with the company settling $200 million in penalties from US stock market regulator in 2020 for alleged accounting violations.
Muddy Waters shorts Canada's Fairfax Financial, alleges asset value manipulation
Fairfax currently has a short interest of 0.65% of free float worth C$203.81 million ($151.36 million), with short sellers having made over C$21 million in paper profits so far today, according to data from Ortex. The Canadian company's insurance business has struggled to remain profitable even after the hurricane-related catastrophes in 2017, Muddy Waters wrote in a research note.
Japan: Earthquakes death toll at least 55; thousands of buildings damaged
Damage was so great that it could not immediately be assessed. Japanese media reports said tens of thousands of homes were destroyed.
G20: Chinese President Xi Jinping may skip summit, premier Li Qiang likely to attend mega event
China is considering sending Premier Li Qiang to the G20 Summit in India amid uncertainty over President Xi Jinping's attendance. Russia is also sending its foreign minister, while Mexico and Oman are delegating their economy minister and deputy PM, respectively. India has recently lodged a protest with China over the release of a map claiming Indian territory.
The end of Sharad Pawar or the beginning of another Pawar play?
The political landscape in Maharashtra has been marked by uncertainty and turmoil in recent years, with leaders and parties constantly shifting alliances. The BJP's failed attempt to form a government with its opponent, the NCP, followed by the emergence of the Maha Vikas Aghadi (MVA) alliance, and now Ajit Pawar's return to the Shinde-Fadnavis government have left NCP leader Sharad Pawar vulnerable. Despite these challenges, Pawar, a crafty and experienced politician, should not be underestimated as he has a history of making strategic moves and could still revive his party.
China's view of its Galwan misadventure: Hiding truth and muddying waters
The Chinese state propaganda machinery, with the support of its jingoistic netizens on social media, portrayed the violent clashes that took place on June 15, 2020, as a tool for PLA's troop recruitment from among the youth. In the weeks leading up to the anniversary, Twitter accounts suspected to be connected to Chinese and Pakiststates were seen spreading graphic images and videos which sought to depict the Indian Army in a poor light and the PLA as the superior force.
What is eDNA that lingers in water, even your cup of tea and can be pulled from thin air?
It has been clear for decades that fragments of our DNA cover the planet like litter.
For bear stock pickers, 2023 is full of rich pickings
Some $321 billion worth of U.S. and European speculative-grade debt is due for refinancing over the next 12-14 months. Defaults may double in 2023, if interest rates and corporate borrowing costs rise further, S&P Global Ratings reckons.
Kerala bride chooses potholed road for photoshoot, video goes viral
A video clip of her wedding shoot showed the bride dressed in a beautiful red saree and ornaments pick her way among the many potholes filled with muddy water.
Wales has secret weapon against wildfires and climate change. Read details
Peat lands restoration project aims to slow down carbon released into the atmosphere. A lower level of carbon is a crucial factor in preventing wildfires. Against an annual restoration target of 650 hectares, the authorities have already achieved over 1000 hectares.
Kerala man bathes in muddy water in unique protest against potholed roads
Hamza Porali, a social activist in Kerala's Malappuram district took his protest against potholed roads to unusual lengths.
Second 'black box' found in China Eastern plane crash
Firefighters taking part in the search found the flight data recorder on a mountain slope about 40 meters (130 feet) from the point of impact and 1.5 meters (5 feet) underground, state media said.
Columbia Law Professor Joshua Mitts is the latest short target of Carson Block
Carson Block, the founder of research organization Muddy Waters, is widely known for his public attacks against companies he suspects indulged in frauds. Presently Carson Block is making efforts to discredit the Columbia Law Professor whose research work is guiding a federal investigation of the Block and some other short-sellers.
Donald Trump intensifies fracking assault on Joe Biden in Pennsylvania
Trump's fracking play comes as polls show the president is struggling to overtake Biden in Pennsylvania and is in need of a boost from the rural and exurban white voters who helped him to a narrow victory in Pennsylvania in 2016.
Hospital operator NMC ousts CEO after finding irregularities
CEO Prasanth Manghat will be succeeded on an interim basis by Michael Davis.
BR Shetty resigns from ailing NMC Health
“The resignation of senior board members should be viewed positively,” said Abdulla Nahlawi.
Fact or fiction? Experts say spotting fake news on Facebook is not that easy
In 2016, Facebook incorporated fact-checking into its platform.
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