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Adani market losses snowball to $100 billion on stock sale suspended

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NEW DELHI, Feb 2 (Reuters) – Shares of Indian group Adani fell on Thursday after market turmoil forced the conglomerate to scrap a crucial $2.5 billion share offering, deepening its market losses to over $100 billion and raising concerns about the potential systemic impact. The withdrawal from the sale of Adani Enterprises (ADEL.NS) shares marked …

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Adani drops $2.5bn share sale in blow to Indian tycoon

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NEW DELHI, Feb 1 (Reuters) – Gautam Adani’s flagship company on Wednesday called off its $2.5 billion share sale in a dramatic reversal as the rout sparked by criticism from a U.S. short seller erased billions more of the value of the Indian tycoon’s shares. The withdrawal of the Adani Enterprises (ADEL.NS) stock offering marks …

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Gautam Adani loses Asia’s richest crown as stock rout worsens to $84bn

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BENGALURU, Feb 1 (Reuters) – Indian tycoon Gautam Adani lost his title as Asia’s richest person on Wednesday as the rout of his conglomerate’s biggest companies worsened to $84 billion following a a report on short sellers. A Hindenburg Research report last week alleged the group’s misuse of offshore tax havens and stock manipulation, as …

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US stops granting export licenses to Chinese Huawei – sources

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Jan 30 (Reuters) – The Biden administration has stopped approving licenses allowing U.S. companies to export most items to China’s Huawei, according to three people familiar with the matter. Huawei has faced U.S. export restrictions on items for 5G and other technologies for several years, but U.S. Commerce Department officials have granted licenses to some …

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US seeks Tesla driver assistance documents; the company increases its investment forecast

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WASHINGTON, Jan 31 (Reuters) – Tesla Inc (TSLA.O) disclosed on Tuesday that the U.S. Justice Department had sought documents related to its self-driving (FSD) and Autopilot assistance systems as the regulatory scrutiny intensifies. The automaker said in a filing that it “has received requests from the DOJ for documents related to Tesla’s Autopilot and FSD …

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Crucial sale of Adani shares 85% subscribed as institutions inject funds

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MUMBAI, Jan 31 (Reuters) – Indian billionaire Gautam Adani’s $2.5 billion share sale edged closer to full subscription on Tuesday as investors pumped in after a tumultuous week for his group in during which its shares were ravaged by a scathing report on short sellers. The secondary sale of shares in flagship Adani Enterprises (ADEL.NS) …

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Adani hits back at Hindenburg, says he made all the revelations

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Adani publishes 413-page rebuttal to Hindenburg report US short seller’s report sparked drop in Adani shares Adani says he follows laws and necessary disclosures CFO Adani confident $2.5 billion share sale will succeed NEW DELHI, Jan 30 (Reuters) – India’s Adani Group issued a detailed response on Sunday to a Hindenburg Research report that sparked …

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Electric vehicle maker Lucid rushes Saudi PIF report to buy remaining stake

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Jan 27 (Reuters) – Shares of Lucid Group (LCID.O) jumped 43% on Friday, trimming gains after doubling down on market speculation that Saudi Arabia’s Public Investment Fund (PIF) wanted buy the electric vehicle manufacturer. The speculation stemmed from an “uncooked” alert attributed to deals website Betaville, using its term for market gossip. Lucid was the …

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Microsoft cloud outage hits users around the world

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Outage affects Microsoft Azure cloud platform for hours Several Microsoft services, including Teams and Outlook hit Microsoft says most customers now have service restored Shares down 3.2% Jan 25 (Reuters) – Microsoft Corp (MSFT.O) said on Wednesday it had recovered all of its cloud services after a network outage took down its Azure cloud platform …

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Hindenburg shorts India’s Adani Group, flags debt and accounting issues

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BENGALURU, Jan 25 (Reuters) – Hindenburg Research said on Wednesday it holds short positions in Indian group Adani, accusing the conglomerate of extensive and abusive use of entities based in offshore tax havens and raising concerns about the level high debt. The report, which comes days before a $2.5 billion share offering by flagship Adani …

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