India produced 179 more super-rich people this year led by Adani Group's Gautam Adani who amassed a whopping wealth of Rs 365,700 crore or more than Rs 1,000 crore daily, and the number of such individuals has crossed the 1,000-mark. Geographically, five more cities are home to super-rich taking the total number of super-rich cities to 119 and these 1,007 individuals cumulatively added 51 per cent more wealth in 2021. The average wealth increased by 25 per cent this year that also saw the livelihoods of thousands of people being hit by the coronavirus pandemic.
With the threat of a third Covid-19 wave looming large, companies are scrambling to protect employees and keep operations safe--from a no-jab-no-entry-at-workplace policy to ramping up vaccination, it's an all-out effort to prevent the scale of devastation seen in the first two waves. At least two top steel companies--Tata Steel and ArcelorMittal Nippon Steel India (AM/NS India)--are pushing for vaccination certificates for entry into work premises. AM/NS India, a joint venture between world's leading steelmaker, ArcelorMittal, and Japan's Nippon Steel, is set to make vaccination the certificate a requirement from July 1.
Walmart CEO Douglas McMillon came first in the CEOWORLD magazine's global ranking of the best chief executives across all industries for 2019.
The sale of the NPA account is to happen through e-auction on January 30, as per the bid invite.
The world's largest cruise ship Harmony of the Seas, is all set for its maiden voyage.
Prime Minister Manmohan Singh and Congress president Sonia Gandhi have been named among the top 20 most powerful persons in the world by Forbes magazine in its annual power rankings which placed United States President Barack Obama as number one for a second year in a row.
The panel also recommended deduction of bank guarantee of four mines, including one given jointly to the world's largest steel producer ArcelorMittal and GVK Powers, an official statement said.
Meeting in the midst of a raging controversy, an inter-ministerial group on coal blocks on Monday skirted a decision on cancelling allotments of 58 mines, but firmed up the guidelines for forfeiting of bank guarantees for failure to develop them.
It will not shut down two blast furnaces at the Florange facility which will retain 650 workers whose jobs were under threat.
Once Bhushan Steel is into its fold, Tata Steel will increase its capacity from 12.7 million tonnes per annum (mtpa) to 18.3 mtpa
The steel magnate, however, said that with the measures that the Indian government has announced in last couple of months, the confidence is starting to build up.
Air Asia is partnering with Tata Sons and little known Arun Bhatia for their India entry.
French government is up in arms against Lakshmi Mittal after 629 workers lost their jobs on closure of two furnaces of ArcelorMittal. Things have got so bad that President Holland has threatened to temporary nationalise ArcelorMittal. In France, people consider him as a big-bad mega-rich Indian who came to lay off workers and drive French steel industry to ruin.
Former Indian American Goldman Sachs director Rajat Gupta is facing trial in one of the most high profile cases of insider trading in the US that will likely see investment guru Warren Buffet and Arcelor Mittal Chairman Lakshmi Mittal as potential witnesses.
Mittal confirmed ArcelorMittal's partnership with ONGC not over, even as there are few projects they are discussing.
Indian CEOs are to be now offered the choice of outsourcing all or part of their managerial responsibilities for a specified period.
Total number of billionaires, this year, has increased to a record 1,210 from 1,011 last year. Though America has the 33 per cent of the mega-rich, Asia-Pacific region has surged forward and overtook Europe for the first time.
The government on Monday said it would decide next month the fate of captive coal blocks lying idle with 82 companies, including ArcelorMittal, Tata Steel and NTPC, who have been issued notices for not developing them within the stipulated time.
Lakshmi Mittal, India-born chairman and chief executive officer of the world's largest steel producer, ArcelorMittal, said despite the expanding steel making capacity in India, the country is set to face a massive shortfall in supply in the coming decades.
It is raining mega investment in Orissa, but none of the big ticket projects have made any headway.
When the world was upended by the Covid-19 pandemic, metals got its shine back. In the last two years, infrastructure spending by major economies spurred demand, energy transition and intermittent supply disruptions fuelled a scorching rally in metals after a downturn during the first Covid wave. Now, Russia's war on Ukraine is ensuring that elevated prices stay the course.
The Union government has threatened to cancel coal block allocations of as many as 17 companies for failure to develop those allotted to them years before. These include big companies such as Tata Iron and Steel, Sterlite Energy, GMR Energy, ArcelorMittal India, Reliance Energy, GVK Power, Lanco Group and Rungta Mines.
According to data available on the website of World Steel Organisation, only eight steelmakers produced over 20 million tonne (mt) steel in 2009 with ArcelorMittal, leading at 77.5 mt.
According to the Asian Rich List 2010, brought out by Eastern Eye, a publication of the Asian Media & Marketing Group, 59-year-old Mittal is followed by the Hinduja brothers -- Srichand and Gopichand -- with estimated wealth of 8 billion pounds, Anil Agarwal of mining group Vedanta Resources with 4 billion pounds, Sir Anwar Pervez of Bestways with 715 million pounds and industrialist Swraj Paul of Caparo with 510 million pounds.
In the Asian region, Japanese benchmark Nikkei 225 and Hong Kong's Hang Seng jumped in the range of 3-4 per cent. The gains in Asian markets, except India, followed the overnight rally on the Wall Street triggered by hopes of a new leadership at the White House. European stocks, however, slipped into red after a flurry of disappointing corporate announcements, including steel maker ArcelorMittal cutting its full-year forecast.
Tata Group ranks 13th, Reliance Industries 15th and Infosys 26th. Tata Group and Reliance Industries have been ranked ahead of American industrial conglomerate General Electric (17), German car manufacturer BMW (20), Japanese auto firm Honda Motor (22) and telecom major AT&T (23), among others. However, while the Tata Group slipped in ranking from the sixth place in 2008, Reliance Industries has improved on its previous year's 19th rank. Infosys was not in the list in 2008.
Steel giant ArcelorMittal's chief financial officer Aditya Mittal is ranked fourth in the Fortune magazine's list of 40 rising business stars under 40.
An analysis of the financial performance of nine leading global companies during January-June 2009 showed that only three of them registered profits, with SAIL's profit being the highest.
Emerging multinationals with new business models can pose a disruptive threat to Western companies.
Most economists say the impact on inflation could be substantial, considering that steel prices rose by over 9 per cent in the past year.
Notwithstanding the presence of global steel giants like ArcelorMittal and Posco in the country, domestic steel firms are still "better placed" to grow in the lucrative Indian steel market, global research firm Macquarie says.
The main reason for the move is the volatility in prices and inconsistent supplies for value-added grades.
In an interview to the Financial Times in Tokyo, Mittal has said that his new strategy was to have a number of smaller steelmaking hubs in different parts of the country each capable of making a few million tonnes of steel a year.
China had earlier this month announced up to 9 per cent rebate on exports of steel products to boost the shipment and production of the commodity. The Indian steel industry, along with its global counterparts, had taken strong exception to it and demanded import-restricting measures be imposed urgently.
Steel magnate L N Mittal on Thursday proposed setting up a Rs 30,000 crore (Rs 300 billion) integrated steel plant in Karnataka when he called on the southern state's Chief Minister B S Yeddyyurappa.
Goldman Sachs had late last month announced appointment of Mittal, estimated to have a net worth of over $50 billion and CEO of the world's largest steelmaker ArcelorMittal, as an independent director effective June 28. Mittal will serve on the Audit, Compensation and Corporate Governance and Nominating Committees of the Board and would take the Goldman Sachs' board strength to 13 directors, including 10 independent directors.
Only three Indian businessmen feature in Forbes magazine's first-ever World's Most Powerful People list: Reliance Industries chairman Mukesh Ambani, ArcelorMittal chairman Lakshmi N Mittal, and Tata Group chairman Ratan Tata.
According to the Rich List, Mittal remains at the top of the list despite the value of his stake in Arcelor Mittal SA having come down to more than half in the past year.
Standard Chartered, the UK-based emerging markets bank, and ArcelorMittal, the world's largest steel company, are considering listing in India using a domestic depositary receipt programme. The proposed listings are still at an exploratory stage.
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