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Gautam Adani crosses ‘wall of China’, again threat to Mukesh Ambani’s empire

The net worth of Gautam Adani, India and Asia’s second-largest rich and chairman of Adani Group, has once again started growing rapidly…

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Gautam Adani crosses 'wall of China', again threat to Mukesh Ambani's empire

The net worth of Gautam Adani, India and Asia’s second-largest rich and chairman of Adani Group, has once again started growing rapidly. With this, he is fast moving forward in the list of the world’s rich. According to the Bloomberg Billionaires Index, Adani is currently at number 14 with a net worth of $ 67.1 billion. Earlier on June 14, $ 77 billion was reached and he had become a threat to Asia’s richest man Mukesh Ambani. But after this, his net worth declined due to the fall in the shares of Adani Group and he slipped to 25th place in the list of rich.

Adani Group shares rise

Shares of two companies of Adani Group touched the upper circuit of 5 percent on the BSE on Monday. Adani Transmission’s stock has climbed 67 percent in the last month. Shares of other Adani Group companies also rose today. Adani Power shares 4.98 percent, Group’s flagship company Adani Enterprises shares 0.40 percent, Adani Ports and Special Economic Zone shares 0.17 percent, Adani Green Energy (Adani Green Energy) shares rose 0.85 percent. This boosted Adani’s net worth by $1.93 billion.

Shares fell due to media reports

Shares of Gautam Adani companies had reached a 52-week high three months ago. But due to a report in the media, the shares of Adani Group had fallen. It was claimed in this report that the National Securities Depository Ltd has frozen the accounts of three foreign funds. He holds more than Rs 43,500 crore worth of shares in 4 companies of the Adani Group. Adani Group, however, denied this report.

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Ambani ranked 12th

Mukesh Ambani, the biggest rich in Asia and India and the chairman of Reliance Industries, has long been ranked 12th in the list of the world’s rich. According to the Bloomberg Billionaires Index, his net worth is $87.5 billion. His net worth has increased by $10.8 billion this year. Shares of Reliance had gained 1.94 percent on Monday. The company’s stock had reached a record level of Rs 2,369 on 16 September 2020. With this, Ambani’s net worth had reached 90 billion dollars and he came in fourth place in the list of the world’s rich. But after that the fall in the shares of the company reduced his net worth and he was out of the top 10.

Who is between Ambani and Adani?

Ambani is at number 12 and Adani at number 14 in the list of the world’s rich. Gautam Adani has again become number two in Asia, leaving behind China’s Zhong Shanshan. Adani’s net worth has increased by $33.3 billion this year. On the other hand, Zhong Shanshan’s net worth has decreased by $ 12.6 billion this year and has slipped to number 16 in the list of the rich. Amancio Ortega of Spain is now left between Ambani and Adani. He is at number 13 with a net worth of $74.1 billion.

Musk on top

According to the Bloomberg Billionaires Index, Tesla CEO Elon Musk is the world’s richest man with a net worth of $198 billion. Amazon’s Jeff Bezos is also second in this list with a net worth of $ 198 billion. Bernard Arnault ($162 billion), French businessman and chairman of the world’s largest luxury goods company LVMH Moët Hennessy, is third on the list. Microsoft co-founder Bill Gates ($152 billion) is at number four.

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9 of America in top 10

American media giant and Facebook CEO Mark Zuckerberg is at fifth place with a net worth of $141 billion. American computer scientist and Internet entrepreneur Larry Page sixth with $129 billion, Google co-founder Sergey Brin seventh with $124 billion, American businessman and investor Steve Ballmer at $108 billion. With a net worth of $104 billion, noted investor Warren Buffett is at the ninth position and Larry Ellison is at the tenth position with a net worth of $103 billion. 9 out of the top 10 rich people in the world are from America.

Manvendra Chaudhary, with over 5 years of professional experience as CEO of Unique News and Megalent Marketing, shares insights on life, business, and health for your success.

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Ontario Sunshine List 2024 Reveals Why People Can’t Afford To Buy A Home

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Ontario’s Sunshine List Reveals Why People Can’t Afford To Buy A Home

Ontario Sunshine List is released every year and it reveals the salaries of public sector workers who take home a salary in excess of $100,000. This year the list features 300,570 names which is 30,000 higher than last year of public sector employees with salaries over $100,000. The Ontario Sunshine list also features five employees working at the Ontario Power Generation who are among the top 10 earners with the province’s highest salary nearing $2 million.

Ontario had passed the Public Sector Salary Disclosure Act in 1996 under the Mike Harris government and the stated aim of the act was to make the government more transparent and accountable. The $100,000 limit was a big deal then.

However the $100,000 in 1996 in relative terms in 2024 will be equivalent to $180,564.97. If you remove 300,570 people on this year’s Ontario Sunshine List for that salary threshold there you drop 279,781 names. In other words there will be many people who will not be able to own a house without help from family or an inheritance.

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In a nutshell it means that employees who take home a six figure salary package will still feel the pinch of Canada’s affordability crisis. The soaring inflation and rising cost of living a $100,000 salary doesn’t guarantee financial security in many parts of the country.

Also, to maintain the $100,000 threshold today, the province should have adjusted it to $55,381.73 in 1996. Ontario has fixed a threshold of $100,000, while the threshold varies in other provinces. Alberta, for example, has set a threshold of $125,888 for government employees and $150,219 for people in public sector bodies.

Not much information is available for the federal government, but a Canadian Taxpayers Federation access-to-information request revealed that 110,593 employees in the federal public service earned $100,000 or more in 2023.

There are a couple of options for Ontario and other governments with non-indexing disclosure requirements. Resetting the threshold to a number that makes more sense today and then continuing to index the threshold going forward seems feasible.

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We also don’t need to reveal the names of all individuals. The government could report aggregated salary ranges by job title rather than disclosing specific names below a second, lower threshold. This would maintain government accountability and transparency by still disclosing who the highest earners are.

As it stands, we have a list that publishes the names and salaries of potentially hundreds of thousands of people who could not afford to buy a house. This doesn’t seem aligned with the original intent of the disclosure act.

Some features of the Ontario Sunshine List 2024 are as follows:

  • The highest paid employee took a pay check of $1.9M
  • Public sector employees were paid salaries in excess of $100K
  • The Ontario Sunset list top position is held by Kenneth Hartwick, CEO of the electricity Crown Corporation with a salary of $1.93 million followed by chief strategy officer Dominique Miniere $1.2 million and chief projects officer Michael Martelli drawing $1 million as salary.
  • Public sector workers were paid counting in Bill 124 compensation
  • 2024 budget revealed that Ontario deficit will triple
  • CEOs of the Hospital for Sick Children and the University Health Network figured in the top 10 list and each drew a salary of $850,000 each while CEO of the provincial transit agency, Metrolinx drew a salary of $838,097.
  • 17 professors or associate professors at the University of Toronto drew a salary in excess of $500,000

Caroline Mulroney, president of the Treasury Board, stated in a release,

“The largest year-over-year increases were in the hospitals, municipalities, and services, and post-secondary sectors, which together represented approximately 80 percent of the growth of the list.”

Also Read: Hims & Hers CEO Andrew Dudum Says Wants to Hire Student Protesters Backlash Underway

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Hims & Hers CEO Andrew Dudum Says Wants to Hire Student Protesters Backlash Underway

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Hims & Hers CEO Andrew Dudum Says Wants Hire Student Protesters Backlash Underway

Andrew Dudum, CEO and founder of Telemedicine Company Hims & Hers is facing flak on the social media after his reported statement that he wants to hire students and protestors who are taking part in the protest in support of Palestinians in Universities across the US.

A number of tech sector founders has also condemned his statements.

Dudum had posted on X,

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“If you’re currently protesting against the genocide of the Palestinian people and for your university’s divestment from Israel, keep going. It’s working. There are plenty of companies and CEOs eager to hire you, regardless of university discipline.”

He also posted a link to a page showing open positions at Hims & Hers.

X users have expressed their disapproval and have even called for a boycott Hims & Hers, and others said they are selling their stock in the company.

Cofounder of Palantir Technologies as well as the managing partner of early stage venture capital firm 8VC Joe Lonsdale responded on X and said

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“Real moral courage doesn’t involve joining a mindless mob, chanting anti   U.S. and other woke pablum, following instructions not to debate or discuss your positions at all yet being indignantly righteous, while large numbers in the mob chant for violence and block Jewish students.”

While Hims & Hers spokesperson said Dudum were not available for comments, old posts by Dudum have been unearthed which puts in context his actions. Days before the horrific attack by Hamas’ terrorist against Israel on October 7, Dudum had posted –

 “In pursuit for peace: Our leaders need to embrace nuance.”

Dudum further explained that he is a Palestinian American and had roots in and family in the West Bank and Gaza and said Hims & Hers’ values are based on a respect for human dignity and life.

Dudum wrote

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“It is upon those values that I believe all leaders and CEOs should use their platform today to call for an immediate cease   fire. To actively recognize Israel’s right to defense and also recognize the means and manner in which they are responding violates international law. I ask us to find nuance, and share our voice today to help save innocent lives.”

Deadly protests have hit U.S. college campuses through last month and protest encampments have sprung across more than 40 colleges nationwide.

Police crackdown is on and there have been more than 1,900 arrests or detainments following a wave of activism at universities across the country.

Hims & Hers is a Telemedicine Company that links consumers with licensed healthcare professionals, enabling access to high-quality care for conditions related to sexual health, mental health, and more. It also offers its own range of products and is in a partnership with Los Angeles-based Hustle & Co. on media relations.

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Also Read: Brazil Dam Collapse Amid Heavy Rainfall and Flood; Watch Video Here

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More Trouble For Microsoft, OpenAI: Eight US Newspaper Publishers File Lawsuit For Copyright Infringement

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More Trouble For Microsoft, OpenAI: Eight US Newspaper Publishers File Lawsuit For Copyright Infringement

Trouble for Microsoft and OpenAI over copyright infringement is not coming to an end, as they face several lawsuits for violating copyrights.

On Tuesday, eight US newspaper publishers sued Microsoft for illegally reusing articles in AI products.

The 98-page long lawsuit further accused the tech companies of attributing erroneous information to the publishers.

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The eight newspapers that have filed the lawsuits include the New York Daily News and the Chicago Tribune.

They allege that OpenAI’s ChatGPT used their copyrighted articles to perfect its language models without permission.

The lawsuit was filed in a New York federal court on Tuesday. The publishers claim that OpenAI’s large language models, GPT-2 and GPT-3, were perfected using datasets containing text from their newspapers.

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The language models are designed to produce text based on human inputs and reproduce copies of the publishers’ works. Microsoft has been indicted for using newspapers for its Bing search index but seldom provided links to the original articles. Four months ago, The New York Times also filed a lawsuit against OpenAI, accusing the tech giant of using data from its past content. It also asked for consent for usage, criticizing the use of full article excerpts in chatbot responses.

The latest lawsuit filed by the eight news outlets also demanded consent and fair value for using their content to perfect the AI language models. The lawsuit alleged that the AI tools literally regurgitate their content without directing users to the content source.

The lawsuit filings stated, “This lawsuit arises from defendants purloining millions of the publishers’ copyrighted articles without permission and without payment to fuel the commercialization of their generative artificial intelligence products, including ChatGPT and (Microsoft’s) Copilot.”

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The eight newspapers that instituted the lawsuits are as follows:

  • The New York Daily News and The Chicago Tribune, both owned by Alden Global Capital
  • The Orlando Sentinel
  • The Sun Sentinel
  • The San Jose Mercury News
  • The Denver Post
  • The Orange County Register
  • The St. Paul Pioneer Press

OpenAI’s Response

OpenAI did not directly respond to the accusations but stated that it takes great care to support the news and media outlets. It also stated it is in continuous partnerships and conversations with various news outlets around the world to explore new opportunities, discuss problems, and seek out solutions.

Microsoft also stated that OpenAI has entered into fruitful partnerships with a number of publishers, which includes The Financial Times, The Associated Press, Spanish conglomerate Prisa Media, and Germany’s Axel Springer.

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