Billionaires: Gautam Adani will raise $2.5bn from a renewables deal with Total

Indian billionaire Gautam Adani is raising $2.5bn from a deal that includes the sale of a minority stake in his renewables business to french energy giant Total, a transaction that may help the tycoon cut group debt. Paris-based Total will acquire 20 per cent of Adani Green Energy and a board seat as well as a 50 per cent stake in a portfolio of...

Bitcoin soars past $33,000, its highest ever

Bitcoin has been flirting with the $30,000 mark for weeks, and finally passed that record-setting level Saturday. The virtual currency is now valued at above $33,000, an all-time high. Bitcoin (XBT) has tripled in value during 2020, growing steadily even ...

Leaders of Vaccine Rollout Deliver World-Beating Market Gains

The race to deliver the jab to the world’s populations has so far been led by a handful of smaller nations, and now they’re outpacing some of the wealthiest countries in the eyes of traders too. The fastest Covid-19 vaccination rollouts globally, in Israel and the United Arab Emirates, are propelling their equities to the top of the world in...

Bezos, Musk Smash Records as World’s Richest Added $1.8 Trillion

Billionaires have always traveled in a different orbit than the rest of us. Nicer things, more power, rocket-launching stations. But 2020 threw that gulf into stark relief. While much of the world grappled with soaring unemployment and plunging growth, the 0.001% benefited from unprecedented wealth creation. The world’s 500 richest people adde...

RBI Proposes Multilayer System and Stricter Norms for NBFCs

The Reserve Bank of India (RBI) proposed a four-layered structure for non-banking finance companies (NBFCs) and new norms to strengthen their governance and operations. The RBI, in a discussion paper, proposed to differentiate between NBFCs depending upon the layer they belong to, such as base and middle. “To sum up, regulatory and supervisory...

UAE’s ADNOC Distribution plans $10m deal for 15 Saudi service stations

Abu Dhabi’s ADNOC Distribution announced on Thursday that it plans to acquire 15 service stations in the eastern region of Saudi Arabia. The deal is valued at 36.7 million dirhams ($10 million) and is subject to regulatory approval, WAM, the UAE state news agency, said. “Expanding our presence in Saudi Arabia is an important milestone for ou...

Tesla Delivers 499,550 Vehicles in 2020, Just Shy of Target

Tesla Inc. delivered a record number of cars worldwide in the fourth quarter of 2020, but fell just shy of a goal for 500,000 units for the full year. The electric-car maker delivered 180,570 vehicles in the last three months of the year, eclipsing its prior all-time high of 139,300 in the ...

Fiat and PSA's against-all-odds merger nears the finish line

Fiat Chrysler Automobiles NV and PSA Group are poised to get shareholders' sign-off on a combination that's endured two years of extraordinary drama, marked by on-again off-again talks, the transformation of their industry and a global pandemic. At two separate meetings Monday, investors will be asked to approve a merger that will form Stellanti...

Tata grabs bigger slice of AirAsia and India's airline industry

Tata Group has increased its stake in AirAsia India as it looks to increase its share of India's airline industry. On Tuesday  the company announced it would increase its holdings in the Indian-based joint venture with AirAsia from 51% to 84%. AirAsia, owned by Malaysian tycoon Tony Fernandes, has been scaling back its operations during the Cov...

Warner Bros. Guarantees Filmmakers a Payday for HBO Max Movies

Warner Bros. has come up with a new plan to compensate filmmakers during the pandemic: treat every movie like a box-office smash. After shocking Hollywood with its decision to release all its new movies this year on HBO Max, the studio has adjusted terms of its deals with partners to gua...

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