S&P Dow Jones Indices on Tuesday said it will remove Adani Ports and Special Economic Zone from its sustainability index following reports of its business ties with Myanmar's military that has been accused of human rights violations after a coup. The Adani Group firm is building a $290 million port in Yangon. In a statement, S&P Dow Jones Indices said: "Adani Ports and Special Economic Zone will be removed from the Dow Jones Sustainability Indices following a media and stakeholder analysis triggered by recent news events pointing to heightened risks to the company regarding their commercial relationship with Myanmar's military, who are alleged to have committed serious human rights abuses under international law."
Ajay Banga was on Wednesday appointed the next president of the World Bank, becoming the first-ever Indian-American to head the global financial institution which said it looks forward to working with him at a time when it's tackling the toughest development challenges facing developing countries. "The executive directors of the World Bank today selected Ajay Banga as president of the World Bank for a five-year term beginning June 2, 2023," the bank said in a press statement. In February, President Joe Biden announced that the US would be nominating Banga, 63, to lead the World Bank because he is "well equipped" to lead the global institution at "this critical moment in history."
At the World Bank Banga will be replacing David Malpass, a former Trump treasury official, reports axios.com. Malpass had already announced that he will resign by July, months ahead of his term expired. "Ajay is uniquely equipped to lead the World Bank at this critical moment in history," President Biden said in a statement. Banga, 63, currently serves as vice chairman at General Atlantic.
The index is more expensive than it was at 2014-end or when it hit a life-time high in January.
The Supreme Court on Tuesday asked the Centre to clarify its stand on whether it wants to go ahead with its curative petition seeking Rs 7,844 crore as additional funds from successor firms of the US-based Union Carbide Corporation (UCC) for giving compensation to victims of the 1984 Bhopal gas tragedy.
Two firms belonging to the Adani group - India's most valued conglomerate - are part of the Nifty 50 index. The group, however, has no representation in the Sensex. And it could stay this way if a proposed index qualification rule change gets approved. Recently, Asia Index, a joint venture between S&P Dow Jones Indices and BSE responsible for index composition, floated a consultation paper where it proposed that a stock must have a derivative contract to be eligible for inclusion in the flagship 30-share Sensex index.
The Bharatiya Janata Party and the Left Front on Monday slammed the Group of Ministers on the Bhopal gas issue for recommending that the government pick up the tab on payment of compensation to victims."The GoM report has disappointed the people," BJP spokesperson Shahnawaz Hussain said. Communist Party of India - Marxist leader Nilotpal Basu told PTI, "It is unfair that the taxpayer has to pick up the compensation bill."
Asset-weighted returns of large cap funds lagged their benchmark by 273 basis points, ELSS funds by 318 bps and mid- and small-cap funds by 230 bps.
Activists burnt the US flag and logos of Union Carbide and Dow Chemicals - as they have done nothing to end the sufferings of the victims for the last 32 years.
There is little hope of any justice in the Bhopal gas leak case. If the tragedy and the shock its finale has created awaken us to work on newer laws on corporate responsibility and accountability, it would be a gain, writes Kandaswami Subramanian.
All nine Adani stocks saw a rise in their share price in H1FY23, ranging from 6.1% in case of Adani Ports to 102% in case of Adani Power.
From the 30-share pack, Asian Paints, Reliance Industries Limited, Bajaj Finance, Mahindra & Mahindra, Indusind Bank, Bajaj Finserv, Maruti Suzuki, HDFC Bank and UltraTech Cement were the major gainers, jumping up to 5.56 per cent.
The growth premium India enjoyed has largely been lost.
The US Federal Reserve on Wednesday (local time) raised interest rates by 75 basis points (bps) or three-quarters of a percentage point in the boldest move since 1994.
From the 30-share pack, Sun Pharma, TCS, Tech Mahindra, NTPC, Wipro, UltraTech Cement, Dr Reddy's Laboratories and Infosys were the major gainers, jumping up to 3.99 per cent. In contrast, Tata Steel, Nestle, Titan Company, PowerGrid, Reliance Industries Limited and State Bank of India were among the laggards.
Major global indices - the Nasdaq, Bovespa, Seoul Composite, S&P 500, Dow Jones, S&P BSE Sensex, NYSE, DAX, Nikkei and, CAC 40 - have all gained 37 per cent to 75 per cent since their respective March 2020 low.
The faster-than-expected rise in interest rates by the US Federal Reserve (US Fed) shook global financial markets in early 2022. And now the ongoing war between Russia and Ukraine has lifted commodity prices, with Brent crude oil hitting a 14-year high of $139 a barrel in intraday trade. All these developments have sent the equity markets across the world into a tailspin.
'We continue to believe that the global economy will narrowly avoid a recession, despite expecting the US, Canada, and most of Europe to fall into recession at some point over the next year or so.'
In China, the toll stood at around 3,250 and in Italy it was 3,405.
As the year-long countdown begins for the 2012 London Olympics, organisers have been hit by the first major controversy around the mega sporting event, with activists of Bhopal gas disaster planning protests against Dow Chemical Company, one of the official sponsors.
Celebrated former captain Rahul Dravid is all but certain to to be the Indian cricket team's next head coach after he formally applied for the high-profile position on Tuesday.
The Union Carbide Corporation gave a compensation of $470 million (Rs 715 crore) after the toxic gas leak from the Union Carbide factory on the intervening night of December 2-3, 1984, killed over 3,000 people and affected 1.02 lakh others.
The systems have been taken offline to prevent the spread of attacks, but Journal officials have not found any damage to the graphics, the newspaper said citing people at the Wall Street Journal familiar with the matter.
The S&P and Dow dipped the most in a day since September 28.
Post partnership with S&P, the exchange is looking at launching a slew of international products, too.
But Trump is about to announce his candidacy for president in 2024. And it is not clear if Florida Governor Ron DeSantis, the present hero of disenchanted Republicans, or Biden, who says he might seek re-election (but will decide in 2023), can checkmate Trump, notes Shreekant Sambrani.
Amid growing chorus against Dow Chemicals's association with the upcoming London Olympics, a group of para-athletes urged the government to boycott the event unless the contentious company was dropped as a sponsor.
Under tremendous pressure from India to drop Dow Chemicals as London Olympics sponsors, the Games' organising committee chief Sebastian Coe said they are ready to meet the activists protesting against the company because of the 1984 Bhopal gas tragedy.
United States-based Union Carbide Corporation has filed a petition in the Supreme Court demanding early hearing on the government's curative petition in the Bhopal gas disaster case, saying delays are being used to besmirch the reputation of its parent firm, Dow Chemicals. UCC, a wholly-owned subsidiary of The Dow Chemical Company, in the petition sought a fixed timetable for hearing and early disposal of the curative petition filed by the Union government in December 2010.
Rupert Murdoch-promoted News Corporation on Monday said it will invest $100-million in the next 12-months to start six regional channels under the Star brand in India.
Media baron Rupert Murdoch plans to invest $100 million within a year to launch 6 regional channels under Star brand in India.
The Dow has never lost more than 800 points in a day.
Sports Minister Ajay Maken, on Monday, said that the International Olympic Committee should keep the sentiments of Bhopal Gas tragedy victims in mind and drop Dow Chemicals as sponsors of next year's London Olympics.
Clarifying that the government has not asked athletes to boycott the London Olympics over the Dow Chemicals sponsorship, Sports Minister Ajay Maken said that the matter has been pursued at a diplomatic level with the host nation.
The Indian Olympic Association are not considering boycotting the London Olympics despite local demands to do so over a Games sponsorship deal with Dow Chemical, the IOA's acting president said on Monday.
Sports Minister Ajay Maken on Wednesday said the government has not yet thought of pulling the Indian athletes out of London Olympics due to row over Dow Chemicals' sponsorship.
The Rupert Murdoch-owned News Corporation has announced that it has struck a deal to buy Dow Jones & Company -- publishers of the prestigious financial daily The Wall Street Journal -- for $5 billion.
A strengthening dollar is considered good for Dow components. The top 30 companies of the world have operations around the world and payables in dollar. Thus, a strengthening dollar is hence considered positive for Dow blue chips.
Tech Mahindra was the top laggard in the Sensex pack, followed by Tata Steel, Mahindra and Mahindra, HCL Tech, Infosys, SBI and Bajaj Finance.
The market's sensitivity to the US Fed's balance sheet changes makes it vulnerable to the possible tapering of the bond buying programme and the resulting stagnation or even shrinkage in the balance sheet.
