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0857HK YET TO RECOVER TO ITS 2011 S HK PRICE

chartistkao1
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02-Feb-2023 14:25     
 
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 Alert Admin 		adani' s bankers now on hot soup
https://www.adanienterprises.com/-/media/Project/Enterprises/Investors/Investor-Downloads/Annual-Report/AEL-C2C-19-06-21.pdf

chartistkao1      ( Date: 02-Feb-2023 14:18) Posted:

https://www.financialexpress.com/industry/adani-touts-deep-global-bank-ties-here-are-the-banks-adani-has-backing-from/2963919/
 
 


chartistkao1      ( Date: 02-Feb-2023 14:16) Posted:

https://bfsi.economictimes.indiatimes.com/news/banking/adani-has-9-billion-debt-exposure-to-indian-banks-psu-lenders-hold-most/9743903
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chartistkao1
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02-Feb-2023 14:18     
 
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https://www.financialexpress.com/industry/adani-touts-deep-global-bank-ties-here-are-the-banks-adani-has-backing-from/2963919/
 
 


chartistkao1      ( Date: 02-Feb-2023 14:16) Posted:

https://bfsi.economictimes.indiatimes.com/news/banking/adani-has-9-billion-debt-exposure-to-indian-banks-psu-lenders-hold-most/97439038

chartistkao1      ( Date: 02-Feb-2023 14:10) Posted:

Citigroup, Credit Suisse wealth units halt margin loans on Adani securities

Updated
1 Hour Ago
HONG KONG &ndash Credit Suisse and Citigroup wealth units have stopped accepting securities of billionaire Gautam Adani&rsquo s group of companies as collateral for margin loans to its private banking clients, a sign that scrutiny of the Indian tycoon&rsquo s finances is growing after allegations of fraud by short-seller Hindenburg Research.
The Swiss lender&rsquo s private banking arm has assigned a zero lending value for bonds sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai, according to people familiar with the matter. It had previously offered a lending value of about 75 per cent for the Adani Ports notes, one of the people said.
When a private bank cuts lending value to zero, clients typically have to top up with cash or another form of collateral and if they fail to do so, their securities can be liquidated.
Citigroup&rsquo s wealth unit also stopped extending margin loans to its clients against Adani securities, a source with direct knowledge of the matter said. It cut the loan-to-value (LTV) ratio for credit against Adani securities to zero on Thursday, said the source.
Other banks continue to lend against Adani debt.
Bank of Singapore &ndash OCBC Bank&rsquo s private banking unit &ndash is continuing to offer margin loans for up to 70 per cent of the value of Adani dollar bonds, some of the people said.
 
 
&ldquo In determining the LTV that is given to the client, we take into consideration various parameters such as the rating of the bond, duration and concentration, as well as the prevailing market conditions (price, liquidity, volatility),&rdquo said Mr Alexandre Lotfi, Bank of Singapore&rsquo s chief risk officer.
At least two European private banks have kept the level unchanged as of now, with one of those offering lending of between 75 per cent and 80 per cent for Adani Ports and Special Economic Zone dollar bonds, according to the people. A potential trigger for lowering could be any rating downgrade, one of the people said.
The corporate empire of Mr Adani, Asia&rsquo s richest man, was thrown into turmoil after Hindenburg alleged in a report that the group used a web of firms in tax havens to overstate revenue and stock prices. Bonds of the group plumbed record lows after the allegations, though they have since recouped some losses.
Adani Green Energy&rsquo s dollar bonds maturing in 2024 were trading at 74.3 cents on the dollar, down 1.2 cents on the previous day, while the Adani Ports and Special Economic Zone bonds maturing in 2027 fell 2.6 cents to 78 cents on the dollar on Wednesday as at 6.02pm in Hong Kong. The former&rsquo s bonds are rated Ba3 by Moody&rsquo s, while the latter&rsquo s bonds are rated Baa3.

Further losses

Declines in Adani&rsquo s shares resumed on Wednesday, with Adani Enterprises among those plunging. The combined market value slump at the group&rsquo s listed units now exceeds US$92 billion (S$120 billion).
Credit Suisse&rsquo s move &ldquo is souring sentiment again on Adani Group companies&rdquo , said Mr Deven Choksey, managing director at KRChoksey Holdings.
Wealthy clients in Asia often take on leverage against securities to make investments. Banks typically consider the volatility of a security&rsquo s price and its credit rating among factors when determining lending values. Private banks late last year curbed margin funding on bonds of China property developers as that sector ran into turmoil. After Russia invaded Ukraine and sanctions were imposed, some banks cut the amount they would lend their private bank customers against Russian debt.
Credit Suisse, which is undergoing a strategic revamp of its investment bank following a slew of scandals and overhauls, has warned that it faces losses of up to 1.5 billion Swiss francs (S$2.2 billion) for the final three months of 2022, partly due to historic outflows of client funds.
The Adani Group detailed its wide domestic and international banking relationships in its rebuttal of the Hindenburg allegations, where Credit Suisse was listed as a backer. Decisions at the private banking arm are between the firm and its clients and do not impact Credit Suisse&rsquo s other banking relationships with the Adani group of companies. BLOOMBERG, REUTERS
 


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chartistkao1
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02-Feb-2023 14:16     
 
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 Alert Admin 		https://bfsi.economictimes.indiatimes.com/news/banking/adani-has-9-billion-debt-exposure-to-indian-banks-psu-lenders-hold-most/97439038

chartistkao1      ( Date: 02-Feb-2023 14:10) Posted:

Citigroup, Credit Suisse wealth units halt margin loans on Adani securities

Updated
1 Hour Ago
HONG KONG &ndash Credit Suisse and Citigroup wealth units have stopped accepting securities of billionaire Gautam Adani&rsquo s group of companies as collateral for margin loans to its private banking clients, a sign that scrutiny of the Indian tycoon&rsquo s finances is growing after allegations of fraud by short-seller Hindenburg Research.
The Swiss lender&rsquo s private banking arm has assigned a zero lending value for bonds sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai, according to people familiar with the matter. It had previously offered a lending value of about 75 per cent for the Adani Ports notes, one of the people said.
When a private bank cuts lending value to zero, clients typically have to top up with cash or another form of collateral and if they fail to do so, their securities can be liquidated.
Citigroup&rsquo s wealth unit also stopped extending margin loans to its clients against Adani securities, a source with direct knowledge of the matter said. It cut the loan-to-value (LTV) ratio for credit against Adani securities to zero on Thursday, said the source.
Other banks continue to lend against Adani debt.
Bank of Singapore &ndash OCBC Bank&rsquo s private banking unit &ndash is continuing to offer margin loans for up to 70 per cent of the value of Adani dollar bonds, some of the people said.
 
 
&ldquo In determining the LTV that is given to the client, we take into consideration various parameters such as the rating of the bond, duration and concentration, as well as the prevailing market conditions (price, liquidity, volatility),&rdquo said Mr Alexandre Lotfi, Bank of Singapore&rsquo s chief risk officer.
At least two European private banks have kept the level unchanged as of now, with one of those offering lending of between 75 per cent and 80 per cent for Adani Ports and Special Economic Zone dollar bonds, according to the people. A potential trigger for lowering could be any rating downgrade, one of the people said.
The corporate empire of Mr Adani, Asia&rsquo s richest man, was thrown into turmoil after Hindenburg alleged in a report that the group used a web of firms in tax havens to overstate revenue and stock prices. Bonds of the group plumbed record lows after the allegations, though they have since recouped some losses.
Adani Green Energy&rsquo s dollar bonds maturing in 2024 were trading at 74.3 cents on the dollar, down 1.2 cents on the previous day, while the Adani Ports and Special Economic Zone bonds maturing in 2027 fell 2.6 cents to 78 cents on the dollar on Wednesday as at 6.02pm in Hong Kong. The former&rsquo s bonds are rated Ba3 by Moody&rsquo s, while the latter&rsquo s bonds are rated Baa3.

Further losses

Declines in Adani&rsquo s shares resumed on Wednesday, with Adani Enterprises among those plunging. The combined market value slump at the group&rsquo s listed units now exceeds US$92 billion (S$120 billion).
Credit Suisse&rsquo s move &ldquo is souring sentiment again on Adani Group companies&rdquo , said Mr Deven Choksey, managing director at KRChoksey Holdings.
Wealthy clients in Asia often take on leverage against securities to make investments. Banks typically consider the volatility of a security&rsquo s price and its credit rating among factors when determining lending values. Private banks late last year curbed margin funding on bonds of China property developers as that sector ran into turmoil. After Russia invaded Ukraine and sanctions were imposed, some banks cut the amount they would lend their private bank customers against Russian debt.
Credit Suisse, which is undergoing a strategic revamp of its investment bank following a slew of scandals and overhauls, has warned that it faces losses of up to 1.5 billion Swiss francs (S$2.2 billion) for the final three months of 2022, partly due to historic outflows of client funds.
The Adani Group detailed its wide domestic and international banking relationships in its rebuttal of the Hindenburg allegations, where Credit Suisse was listed as a backer. Decisions at the private banking arm are between the firm and its clients and do not impact Credit Suisse&rsquo s other banking relationships with the Adani group of companies. BLOOMBERG, REUTERS
 


chartistkao1      ( Date: 02-Feb-2023 10:20) Posted:

funds will flow again from india to hk' s market and then to china' s ,arket after US' s blinker visit to china
https://www.nseindia.com/get-quotes/equity?symbol=ADANIENT
 
https://edition.cnn.com/2023/02/01/business/adani-share-issue-scrapped/index.html
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chartistkao1
Supreme
02-Feb-2023 14:10     
 
chartistkao1 About Contact  Quote this Post!  
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 Alert Admin

Citigroup, Credit Suisse wealth units halt margin loans on Adani securities

Updated
1 Hour Ago
HONG KONG &ndash Credit Suisse and Citigroup wealth units have stopped accepting securities of billionaire Gautam Adani&rsquo s group of companies as collateral for margin loans to its private banking clients, a sign that scrutiny of the Indian tycoon&rsquo s finances is growing after allegations of fraud by short-seller Hindenburg Research.
The Swiss lender&rsquo s private banking arm has assigned a zero lending value for bonds sold by Adani Ports and Special Economic Zone, Adani Green Energy and Adani Electricity Mumbai, according to people familiar with the matter. It had previously offered a lending value of about 75 per cent for the Adani Ports notes, one of the people said.
When a private bank cuts lending value to zero, clients typically have to top up with cash or another form of collateral and if they fail to do so, their securities can be liquidated.
Citigroup&rsquo s wealth unit also stopped extending margin loans to its clients against Adani securities, a source with direct knowledge of the matter said. It cut the loan-to-value (LTV) ratio for credit against Adani securities to zero on Thursday, said the source.
Other banks continue to lend against Adani debt.
Bank of Singapore &ndash OCBC Bank&rsquo s private banking unit &ndash is continuing to offer margin loans for up to 70 per cent of the value of Adani dollar bonds, some of the people said.
 
 
&ldquo In determining the LTV that is given to the client, we take into consideration various parameters such as the rating of the bond, duration and concentration, as well as the prevailing market conditions (price, liquidity, volatility),&rdquo said Mr Alexandre Lotfi, Bank of Singapore&rsquo s chief risk officer.
At least two European private banks have kept the level unchanged as of now, with one of those offering lending of between 75 per cent and 80 per cent for Adani Ports and Special Economic Zone dollar bonds, according to the people. A potential trigger for lowering could be any rating downgrade, one of the people said.
The corporate empire of Mr Adani, Asia&rsquo s richest man, was thrown into turmoil after Hindenburg alleged in a report that the group used a web of firms in tax havens to overstate revenue and stock prices. Bonds of the group plumbed record lows after the allegations, though they have since recouped some losses.
Adani Green Energy&rsquo s dollar bonds maturing in 2024 were trading at 74.3 cents on the dollar, down 1.2 cents on the previous day, while the Adani Ports and Special Economic Zone bonds maturing in 2027 fell 2.6 cents to 78 cents on the dollar on Wednesday as at 6.02pm in Hong Kong. The former&rsquo s bonds are rated Ba3 by Moody&rsquo s, while the latter&rsquo s bonds are rated Baa3.

Further losses

Declines in Adani&rsquo s shares resumed on Wednesday, with Adani Enterprises among those plunging. The combined market value slump at the group&rsquo s listed units now exceeds US$92 billion (S$120 billion).
Credit Suisse&rsquo s move &ldquo is souring sentiment again on Adani Group companies&rdquo , said Mr Deven Choksey, managing director at KRChoksey Holdings.
Wealthy clients in Asia often take on leverage against securities to make investments. Banks typically consider the volatility of a security&rsquo s price and its credit rating among factors when determining lending values. Private banks late last year curbed margin funding on bonds of China property developers as that sector ran into turmoil. After Russia invaded Ukraine and sanctions were imposed, some banks cut the amount they would lend their private bank customers against Russian debt.
Credit Suisse, which is undergoing a strategic revamp of its investment bank following a slew of scandals and overhauls, has warned that it faces losses of up to 1.5 billion Swiss francs (S$2.2 billion) for the final three months of 2022, partly due to historic outflows of client funds.
The Adani Group detailed its wide domestic and international banking relationships in its rebuttal of the Hindenburg allegations, where Credit Suisse was listed as a backer. Decisions at the private banking arm are between the firm and its clients and do not impact Credit Suisse&rsquo s other banking relationships with the Adani group of companies. BLOOMBERG, REUTERS
 


chartistkao1      ( Date: 02-Feb-2023 10:20) Posted:

funds will flow again from india to hk' s market and then to china' s ,arket after US' s blinker visit to china
https://www.nseindia.com/get-quotes/equity?symbol=ADANIENT
 
https://edition.cnn.com/2023/02/01/business/adani-share-issue-scrapped/index.html


chartistkao1      ( Date: 01-Feb-2023 14:36) Posted:

印 度 版 的 许 家 印
Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T& Cs and Copyright Policy. Email [email protected] to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.
https://www.ft.com/content/ba4f4249-c445-4369-a8fb-e7b0b0c13055

Benjamin Parkin in New Delhi 5 HOURS AGO 17 Print this page A decade ago Gautam Adani outlined the strategy behind the rapid rise of his business empire: leverage one company to fund another&rsquo s expansion. &ldquo Either you sit on the pile of cash or you continue to grow,&rdquo he told the Financial Times. &ldquo There is no other way you can do it.&rdquo It is a method that has served the Indian entrepreneur well as his Adani Group scaled up and diversified in industries from ports to power. He has become one of the world&rsquo s richest people in the process, with a fortune of more than $100bn by the start of this year. The pace of borrowing has only increased as Adani laid out ever more ambitious pushes into areas such as 5G and green hydrogen, with the group&rsquo s debt doubling to about $30bn in the past four years. But the 60-year-old is under unprecedented scrutiny following share price plunges in his listed businesses after US short seller Hindenburg Research last week accused the group of years of stock manipulation and accounting fraud &mdash while criticising what it said was &ldquo extreme leverage&rdquo . Adani Group fiercely denies Hindenburg&rsquo s allegations and the characterisation of its debt, and says it is deleveraging, reducing group debt ratios even as total liabilities rise. On Tuesday it passed an important test of investor faith as flagship business Adani Enterprises succeeded with a $2.4bn equity sale. Yet analysts and investors say the group&rsquo s billions of dollars in planned spending may mean it will have to borrow even more. &ldquo By traditional metrics they are definitely overleveraged,&rdquo said Brian Freitas, founder of Auckland-based Periscope Analytics. &ldquo The question is whether their underlying businesses can grow fast enough to service the debt.&rdquo People walk past a billboard with a logo of Adani Electricity in Mumbai © Divyakant Solanki/EPA-EFE/Shutterstock A sprawling conglomerate with seven listed companies and more unlisted ones, many of Adani&rsquo s most ambitious plans are concentrated in Adani Enterprises. The division serves as an incubator for young Adani businesses such as airports, in which the group had no experience before buying six in 2019, or creating what it says will be &ldquo the world&rsquo s largest green hydrogen ecosystem&rdquo . Adani Enterprises had a net debt-to-ebitda ratio of 10 times as of the financial year ended March 2022, according to calculations by Fitch company CreditSights, one of the highest in the conglomerate. But it requires further spending to meet its targets, with plans to more than double annual capital expenditure to Rs400bn ($5bn) both this year and next. However, no company captures the scale of the group&rsquo s ambition more than Adani Green Energy, which was founded in 2015 with the aim of becoming one of the world&rsquo s largest providers of renewable energy. After early losses, Adani Green broke even and turned a profit of Rs4.9bn in the 2022 financial year. But its net debt has risen fivefold over a steady equity base, rising from Rs108bn in 2019 to Rs513bn last year, with net debt at 14.9 times ebitda, according to CreditSights. To allay concern about its debt, the Adani group has turned to global investors to pump equity into its companies, including with this week&rsquo s share sale. France&rsquo s TotalEnergies has since 2019 invested more than $7bn into Adani&rsquo s gas, renewables and green hydrogen businesses, while the United Arab Emirates&rsquo International Holding Company last year invested $2bn across Adani Enterprises, Adani Green and Adani Transmission. Recommended ExplainerAdani Group Hindenburg vs Adani: claim and counterclaim Yet Adani will need more money than it can source through equity alone if it is to finance its ambitious plans, leaving limited scope for deleveraging, according to CreditSights. While Adani traditionally borrowed from state-owned banks and other lenders in India, it said Adani had tapped global banks and bondholders attracted by its fast growth and the reliable cash flows generated by its established infrastructure businesses. Adani Green raised $750mn in green bonds last year and in December announced a $200mn yen-denominated refinancing facility with MUFG Bank and Sumitomo Mitsui Banking Corporation acting as principal lenders. Adani Enterprises also borrowed about $1bn from international lenders including Apollo, Barclays and Standard Chartered to expand its airport business. Brokerage CLSA said debt at Adani&rsquo s five largest companies had doubled to Rs2.1tn ($26bn) since 2019. Adani Group&rsquo s chief financial officer, Jugeshinder Singh, said on Monday total debt across the conglomerate was $30bn. But the debt accumulation has attracted scrutiny from some analysts and investors who say the pace of growth has little parallel in India. Rival conglomerate Reliance Industries, for example, launched a deleveraging drive in 2020 to eliminate all its net debt of more than $20bn by raising equity from global investors including Facebook, KKR and Mubadala. &ldquo It&rsquo s a concern to shareholders when a conglomerate leverages itself into other areas where the expertise is not there,&rdquo said Sharmila Gopinath, specialist adviser to the Asian Corporate Governance Association. &ldquo How long is it going to take to come up to speed with a business like that?&rdquo Adani disputes that it is overleveraged, saying in a response to Hindenburg on Sunday that &ldquo leverage ratios of Adani Portfolio companies continue to be healthy and are in line with the industry benchmarks of the respective sectors&rdquo . It also disputes CreditSights&rsquo calculations of its net debt-to-ebitda ratio, putting Adani Enterprises at 4.9 times and Adani Green at 10.3 times. It says group-level net leverage has halved since 2013, while the percentage of pledged shares held by Adani or his associates in the group&rsquo s listed companies have also fallen as share prices surged. Adani has a proven ability at scaling up new ventures and executing ambitious projects. But Nitin Mangal, an independent analyst, estimates that the group will need to raise about Rs1tn in equity over the next two years to finance its capex plans and continue tapping debt markets. Adani told the Financial Times in December that he expected further investments from &ldquo many sovereigns&rdquo . Following Adani Enterprises&rsquo share sale, Mangal said that the group would need to keep up the momentum to match its widening aspirations. &ldquo They have a lot of ambitious growth plans going forward,&rdquo Mangal said. &ldquo They won&rsquo t be able to survive only on debt. They have to keep more equity to keep things going on.&rdquo Event details and information Financing sustainabl
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chartistkao1
Supreme
02-Feb-2023 10:20     
 
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 Alert Admin 		funds will flow again from india to hk' s market and then to china' s ,arket after US' s blinker visit to china
https://www.nseindia.com/get-quotes/equity?symbol=ADANIENT
 
https://edition.cnn.com/2023/02/01/business/adani-share-issue-scrapped/index.html


chartistkao1      ( Date: 01-Feb-2023 14:36) Posted:

印 度 版 的 许 家 印
Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T& Cs and Copyright Policy. Email [email protected] to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.
https://www.ft.com/content/ba4f4249-c445-4369-a8fb-e7b0b0c13055

Benjamin Parkin in New Delhi 5 HOURS AGO 17 Print this page A decade ago Gautam Adani outlined the strategy behind the rapid rise of his business empire: leverage one company to fund another&rsquo s expansion. &ldquo Either you sit on the pile of cash or you continue to grow,&rdquo he told the Financial Times. &ldquo There is no other way you can do it.&rdquo It is a method that has served the Indian entrepreneur well as his Adani Group scaled up and diversified in industries from ports to power. He has become one of the world&rsquo s richest people in the process, with a fortune of more than $100bn by the start of this year. The pace of borrowing has only increased as Adani laid out ever more ambitious pushes into areas such as 5G and green hydrogen, with the group&rsquo s debt doubling to about $30bn in the past four years. But the 60-year-old is under unprecedented scrutiny following share price plunges in his listed businesses after US short seller Hindenburg Research last week accused the group of years of stock manipulation and accounting fraud &mdash while criticising what it said was &ldquo extreme leverage&rdquo . Adani Group fiercely denies Hindenburg&rsquo s allegations and the characterisation of its debt, and says it is deleveraging, reducing group debt ratios even as total liabilities rise. On Tuesday it passed an important test of investor faith as flagship business Adani Enterprises succeeded with a $2.4bn equity sale. Yet analysts and investors say the group&rsquo s billions of dollars in planned spending may mean it will have to borrow even more. &ldquo By traditional metrics they are definitely overleveraged,&rdquo said Brian Freitas, founder of Auckland-based Periscope Analytics. &ldquo The question is whether their underlying businesses can grow fast enough to service the debt.&rdquo People walk past a billboard with a logo of Adani Electricity in Mumbai © Divyakant Solanki/EPA-EFE/Shutterstock A sprawling conglomerate with seven listed companies and more unlisted ones, many of Adani&rsquo s most ambitious plans are concentrated in Adani Enterprises. The division serves as an incubator for young Adani businesses such as airports, in which the group had no experience before buying six in 2019, or creating what it says will be &ldquo the world&rsquo s largest green hydrogen ecosystem&rdquo . Adani Enterprises had a net debt-to-ebitda ratio of 10 times as of the financial year ended March 2022, according to calculations by Fitch company CreditSights, one of the highest in the conglomerate. But it requires further spending to meet its targets, with plans to more than double annual capital expenditure to Rs400bn ($5bn) both this year and next. However, no company captures the scale of the group&rsquo s ambition more than Adani Green Energy, which was founded in 2015 with the aim of becoming one of the world&rsquo s largest providers of renewable energy. After early losses, Adani Green broke even and turned a profit of Rs4.9bn in the 2022 financial year. But its net debt has risen fivefold over a steady equity base, rising from Rs108bn in 2019 to Rs513bn last year, with net debt at 14.9 times ebitda, according to CreditSights. To allay concern about its debt, the Adani group has turned to global investors to pump equity into its companies, including with this week&rsquo s share sale. France&rsquo s TotalEnergies has since 2019 invested more than $7bn into Adani&rsquo s gas, renewables and green hydrogen businesses, while the United Arab Emirates&rsquo International Holding Company last year invested $2bn across Adani Enterprises, Adani Green and Adani Transmission. Recommended ExplainerAdani Group Hindenburg vs Adani: claim and counterclaim Yet Adani will need more money than it can source through equity alone if it is to finance its ambitious plans, leaving limited scope for deleveraging, according to CreditSights. While Adani traditionally borrowed from state-owned banks and other lenders in India, it said Adani had tapped global banks and bondholders attracted by its fast growth and the reliable cash flows generated by its established infrastructure businesses. Adani Green raised $750mn in green bonds last year and in December announced a $200mn yen-denominated refinancing facility with MUFG Bank and Sumitomo Mitsui Banking Corporation acting as principal lenders. Adani Enterprises also borrowed about $1bn from international lenders including Apollo, Barclays and Standard Chartered to expand its airport business. Brokerage CLSA said debt at Adani&rsquo s five largest companies had doubled to Rs2.1tn ($26bn) since 2019. Adani Group&rsquo s chief financial officer, Jugeshinder Singh, said on Monday total debt across the conglomerate was $30bn. But the debt accumulation has attracted scrutiny from some analysts and investors who say the pace of growth has little parallel in India. Rival conglomerate Reliance Industries, for example, launched a deleveraging drive in 2020 to eliminate all its net debt of more than $20bn by raising equity from global investors including Facebook, KKR and Mubadala. &ldquo It&rsquo s a concern to shareholders when a conglomerate leverages itself into other areas where the expertise is not there,&rdquo said Sharmila Gopinath, specialist adviser to the Asian Corporate Governance Association. &ldquo How long is it going to take to come up to speed with a business like that?&rdquo Adani disputes that it is overleveraged, saying in a response to Hindenburg on Sunday that &ldquo leverage ratios of Adani Portfolio companies continue to be healthy and are in line with the industry benchmarks of the respective sectors&rdquo . It also disputes CreditSights&rsquo calculations of its net debt-to-ebitda ratio, putting Adani Enterprises at 4.9 times and Adani Green at 10.3 times. It says group-level net leverage has halved since 2013, while the percentage of pledged shares held by Adani or his associates in the group&rsquo s listed companies have also fallen as share prices surged. Adani has a proven ability at scaling up new ventures and executing ambitious projects. But Nitin Mangal, an independent analyst, estimates that the group will need to raise about Rs1tn in equity over the next two years to finance its capex plans and continue tapping debt markets. Adani told the Financial Times in December that he expected further investments from &ldquo many sovereigns&rdquo . Following Adani Enterprises&rsquo share sale, Mangal said that the group would need to keep up the momentum to match its widening aspirations. &ldquo They have a lot of ambitious growth plans going forward,&rdquo Mangal said. &ldquo They won&rsquo t be able to survive only on debt. They have to keep more equity to keep things going on.&rdquo Event details and information Financing sustainable

chartistkao1      ( Date: 01-Feb-2023 13:59) Posted:

https://www.outlookindia.com/international/saudia-arabia-comes-to-rescue-of-cash-strapped-pakistan-extends-usd-3-billion-deposit-term-news-241942
 
https://saudigazette.com.sa/article/627474/SAUDI-ARABIA/Saudi-foreign-reserve-assets-drop-SR1575-billion-to-SR174-trillion-in-October
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chartistkao1
Supreme
01-Feb-2023 14:36     
 
chartistkao1 About Contact  Quote this Post!  
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 Alert Admin 		印 度 版 的 许 家 印
Please use the sharing tools found via the share button at the top or side of articles. Copying articles to share with others is a breach of FT.com T& Cs and Copyright Policy. Email [email protected] to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found here.
https://www.ft.com/content/ba4f4249-c445-4369-a8fb-e7b0b0c13055

Benjamin Parkin in New Delhi 5 HOURS AGO 17 Print this page A decade ago Gautam Adani outlined the strategy behind the rapid rise of his business empire: leverage one company to fund another&rsquo s expansion. &ldquo Either you sit on the pile of cash or you continue to grow,&rdquo he told the Financial Times. &ldquo There is no other way you can do it.&rdquo It is a method that has served the Indian entrepreneur well as his Adani Group scaled up and diversified in industries from ports to power. He has become one of the world&rsquo s richest people in the process, with a fortune of more than $100bn by the start of this year. The pace of borrowing has only increased as Adani laid out ever more ambitious pushes into areas such as 5G and green hydrogen, with the group&rsquo s debt doubling to about $30bn in the past four years. But the 60-year-old is under unprecedented scrutiny following share price plunges in his listed businesses after US short seller Hindenburg Research last week accused the group of years of stock manipulation and accounting fraud &mdash while criticising what it said was &ldquo extreme leverage&rdquo . Adani Group fiercely denies Hindenburg&rsquo s allegations and the characterisation of its debt, and says it is deleveraging, reducing group debt ratios even as total liabilities rise. On Tuesday it passed an important test of investor faith as flagship business Adani Enterprises succeeded with a $2.4bn equity sale. Yet analysts and investors say the group&rsquo s billions of dollars in planned spending may mean it will have to borrow even more. &ldquo By traditional metrics they are definitely overleveraged,&rdquo said Brian Freitas, founder of Auckland-based Periscope Analytics. &ldquo The question is whether their underlying businesses can grow fast enough to service the debt.&rdquo People walk past a billboard with a logo of Adani Electricity in Mumbai © Divyakant Solanki/EPA-EFE/Shutterstock A sprawling conglomerate with seven listed companies and more unlisted ones, many of Adani&rsquo s most ambitious plans are concentrated in Adani Enterprises. The division serves as an incubator for young Adani businesses such as airports, in which the group had no experience before buying six in 2019, or creating what it says will be &ldquo the world&rsquo s largest green hydrogen ecosystem&rdquo . Adani Enterprises had a net debt-to-ebitda ratio of 10 times as of the financial year ended March 2022, according to calculations by Fitch company CreditSights, one of the highest in the conglomerate. But it requires further spending to meet its targets, with plans to more than double annual capital expenditure to Rs400bn ($5bn) both this year and next. However, no company captures the scale of the group&rsquo s ambition more than Adani Green Energy, which was founded in 2015 with the aim of becoming one of the world&rsquo s largest providers of renewable energy. After early losses, Adani Green broke even and turned a profit of Rs4.9bn in the 2022 financial year. But its net debt has risen fivefold over a steady equity base, rising from Rs108bn in 2019 to Rs513bn last year, with net debt at 14.9 times ebitda, according to CreditSights. To allay concern about its debt, the Adani group has turned to global investors to pump equity into its companies, including with this week&rsquo s share sale. France&rsquo s TotalEnergies has since 2019 invested more than $7bn into Adani&rsquo s gas, renewables and green hydrogen businesses, while the United Arab Emirates&rsquo International Holding Company last year invested $2bn across Adani Enterprises, Adani Green and Adani Transmission. Recommended ExplainerAdani Group Hindenburg vs Adani: claim and counterclaim Yet Adani will need more money than it can source through equity alone if it is to finance its ambitious plans, leaving limited scope for deleveraging, according to CreditSights. While Adani traditionally borrowed from state-owned banks and other lenders in India, it said Adani had tapped global banks and bondholders attracted by its fast growth and the reliable cash flows generated by its established infrastructure businesses. Adani Green raised $750mn in green bonds last year and in December announced a $200mn yen-denominated refinancing facility with MUFG Bank and Sumitomo Mitsui Banking Corporation acting as principal lenders. Adani Enterprises also borrowed about $1bn from international lenders including Apollo, Barclays and Standard Chartered to expand its airport business. Brokerage CLSA said debt at Adani&rsquo s five largest companies had doubled to Rs2.1tn ($26bn) since 2019. Adani Group&rsquo s chief financial officer, Jugeshinder Singh, said on Monday total debt across the conglomerate was $30bn. But the debt accumulation has attracted scrutiny from some analysts and investors who say the pace of growth has little parallel in India. Rival conglomerate Reliance Industries, for example, launched a deleveraging drive in 2020 to eliminate all its net debt of more than $20bn by raising equity from global investors including Facebook, KKR and Mubadala. &ldquo It&rsquo s a concern to shareholders when a conglomerate leverages itself into other areas where the expertise is not there,&rdquo said Sharmila Gopinath, specialist adviser to the Asian Corporate Governance Association. &ldquo How long is it going to take to come up to speed with a business like that?&rdquo Adani disputes that it is overleveraged, saying in a response to Hindenburg on Sunday that &ldquo leverage ratios of Adani Portfolio companies continue to be healthy and are in line with the industry benchmarks of the respective sectors&rdquo . It also disputes CreditSights&rsquo calculations of its net debt-to-ebitda ratio, putting Adani Enterprises at 4.9 times and Adani Green at 10.3 times. It says group-level net leverage has halved since 2013, while the percentage of pledged shares held by Adani or his associates in the group&rsquo s listed companies have also fallen as share prices surged. Adani has a proven ability at scaling up new ventures and executing ambitious projects. But Nitin Mangal, an independent analyst, estimates that the group will need to raise about Rs1tn in equity over the next two years to finance its capex plans and continue tapping debt markets. Adani told the Financial Times in December that he expected further investments from &ldquo many sovereigns&rdquo . Following Adani Enterprises&rsquo share sale, Mangal said that the group would need to keep up the momentum to match its widening aspirations. &ldquo They have a lot of ambitious growth plans going forward,&rdquo Mangal said. &ldquo They won&rsquo t be able to survive only on debt. They have to keep more equity to keep things going on.&rdquo Event details and information Financing sustainable

chartistkao1      ( Date: 01-Feb-2023 13:59) Posted:

https://www.outlookindia.com/international/saudia-arabia-comes-to-rescue-of-cash-strapped-pakistan-extends-usd-3-billion-deposit-term-news-241942
 
https://saudigazette.com.sa/article/627474/SAUDI-ARABIA/Saudi-foreign-reserve-assets-drop-SR1575-billion-to-SR174-trillion-in-October


chartistkao1      ( Date: 31-Jan-2023 16:02) Posted:

https://hk.on.cc/hk/bkn/cnt/finance/20230128/bkn-20230128100006195-0128_00842_001.htm
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https://saudigazette.com.sa/article/627474/SAUDI-ARABIA/Saudi-foreign-reserve-assets-drop-SR1575-billion-to-SR174-trillion-in-October


chartistkao1      ( Date: 31-Jan-2023 16:02) Posted:

https://hk.on.cc/hk/bkn/cnt/finance/20230128/bkn-20230128100006195-0128_00842_001.html

chartistkao1      ( Date: 29-Jan-2023 11:53) Posted:

https://links.sgx.com/FileOpen/Anno_27Jan2023.ashx?App=Announcement& FileID=74496
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https://links.sgx.com/FileOpen/Anno_27Jan2023.ashx?App=Announcement& FileID=744960

chartistkao1      ( Date: 27-Jan-2023 16:54) Posted:

https://www.olevod.com/index.php/vod/play/id/42762/sid/1/nid/1.html
 
who win rule the world in tech,fimamce,miltary and influence in next 30 years
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https://www.olevod.com/index.php/vod/play/id/42762/sid/1/nid/1.html
 
who win rule the world in tech,fimamce,miltary and influence in next 30 years


chartistkao1      ( Date: 27-Jan-2023 13:57) Posted:

https://www.youtube.com/watch?v=asFNw4FtMJc
 
https://www.globaltimes.cn/page/202207/1270560.shtml
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who win rule the world in tech,fimamce,miltary and influence in next 30 years


chartistkao1      ( Date: 27-Jan-2023 13:57) Posted:

https://www.youtube.com/watch?v=asFNw4FtMJc
 
https://www.globaltimes.cn/page/202207/1270560.shtml


chartistkao1      ( Date: 27-Jan-2023 13:53) Posted:

https://www.youtube.com/watch?v=ROJuYKAiRc
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chartistkao1      ( Date: 27-Jan-2023 13:53) Posted:

https://www.youtube.com/watch?v=ROJuYKAiRcQ

chartistkao1      ( Date: 27-Jan-2023 13:06) Posted:

us debt ceiling drama in 2023
https://www.barrons.com/articles/cnooc-is-chinas-best-oil-stock-amid-crude-slump-144921525
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chartistkao1      ( Date: 27-Jan-2023 13:06) Posted:

us debt ceiling drama in 2023
https://www.barrons.com/articles/cnooc-is-chinas-best-oil-stock-amid-crude-slump-1449215250

chartistkao1      ( Date: 27-Jan-2023 13:02) Posted:

usd us sgd and usd vs oil price usd vs fed rate hikes
https://blogs.worldbank.org/developmenttalk/what-triggered-oil-price-plunge-2014-2016-and-why-it-failed-deliver-economic-impetus-eight-chart
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chartistkao1      ( Date: 27-Jan-2023 13:02) Posted:

usd us sgd and usd vs oil price usd vs fed rate hikes
https://blogs.worldbank.org/developmenttalk/what-triggered-oil-price-plunge-2014-2016-and-why-it-failed-deliver-economic-impetus-eight-charts

chartistkao1      ( Date: 27-Jan-2023 12:04) Posted:

https://financialtribune.com/articles/world-economy/75267/petrochina-suffers-800b-in-market-value-los
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chartistkao1      ( Date: 27-Jan-2023 12:04) Posted:

https://financialtribune.com/articles/world-economy/75267/petrochina-suffers-800b-in-market-value-loss

chartistkao1      ( Date: 27-Jan-2023 12:01) Posted:

https://financialpost.com/commodities/energy/petrochina-mulls-canada-oilsands-asset-swap-to-ride-out-low-oi
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chartistkao1      ( Date: 27-Jan-2023 12:01) Posted:

https://financialpost.com/commodities/energy/petrochina-mulls-canada-oilsands-asset-swap-to-ride-out-low-oil

chartistkao1      ( Date: 27-Jan-2023 10:03) Posted:

https://seekingalpha.com/news/1248022-petrochina-resumes-trading-in-hong-kong-shares-minus-4_4-percent
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chartistkao1      ( Date: 27-Jan-2023 10:03) Posted:

https://seekingalpha.com/news/1248022-petrochina-resumes-trading-in-hong-kong-shares-minus-4_4-percent
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chartistkao1      ( Date: 27-Jan-2023 11:53) Posted:

will the petrochina hk and china share continue to slump after 2023
http://www.chinadaily.com.cn/business/2015-10/30/content_22325932.htm

chartistkao1      ( Date: 27-Jan-2023 10:03) Posted:

https://seekingalpha.com/news/1248022-petrochina-resumes-trading-in-hong-kong-shares-minus-4_4-percent
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https://seekingalpha.com/news/1248022-petrochina-resumes-trading-in-hong-kong-shares-minus-4_4-percent
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