16, September 2022
India’s Adani briefly listed as world’s second-richest person 0
Indian industrialist Gautam Adani briefly became the world’s second-richest person on the Forbes real-time billionaire tracker on Friday, weeks after becoming the first Asian to break into the top three.
The self-made billionaire’s net worth surged $4 billion overnight to $154 billion, according to Forbes, ranking him ahead of LVMH’s Bernard Arnault and Amazon’s Jeff Bezos.
Tesla founder Elon Musk remained well out in front with a fortune of more than $270 billion.
Arnault — who at times held the top spot in May 2021 — and Adani traded the number two position during the day as the share prices of their companies fluctuated.
Adani, 60, made his fortune in ports and commodities trading and now operates India’s second-largest conglomerate with interests ranging from coal mining and edible oils to airports and news media.
His ballooning net worth reflects a stratospheric rise in the market capitalisation of his publicly listed companies, as investors back the Adani Group’s aggressive expansion of old and new businesses.
Shares in the flagship Adani Enterprises — of which the billionaire owns 75 percent — have soared more than 2,700 percent since March 2020, and doubled in value in the past six months.
Stock price surges in other group companies including Adani Transmission, Adani Power, Adani Ports and Adani Green Energy catapulted Adani past fellow Indian billionaire Mukesh Ambani this year.
Analyst estimates indicated the market capitalisation of Adani’s seven listed companies also briefly overtook those of the Tata group on Friday morning, making the Adani Group India’s largest conglomerate.
Born in the city of Ahmedabad in the western state of Gujarat to a middle-class family, Adani dropped out of college to work in the diamond industry before starting his export business in 1988.
In 1995, he won a contract to build and operate a commercial shipping port at Mundra in Gujarat, which has since grown to become India’s largest port.
At the same time, Adani expanded into thermal power generation and coal mining in India and overseas.
In recent years, the conglomerate has forayed into petrochemicals, cement, data centres and copper refining, in addition to establishing a renewable energy business with ambitious targets.
Recent investments in Indian news media and a bid for 5G airwaves this year have raised speculation that the billionaire’s empire could soon impinge on sectors dominated by Ambani’s Reliance Industries.
But Adani’s rapid expansion into capital-intensive businesses has also raised financial alarms, with Fitch Group’s CreditSights last week reiterating that they “remain concerned over the Adani Group’s leverage”.
Source: AFP
16, September 2022
Back-to-School: Southern Cameroons lockdown campaign is raging against Yaoundé 0
The entire Southern Cameroons territory has been shutdown ever since the government in Yaoundé announced its so-called back-to-school policy. Businesses and government offices remained close as Ambazonians continue to reject the current political status quo with French Cameroun.
An estimated three million Southern Cameroonians have stayed indoors in numerous towns and villages throughout Southern Cameroons and amid a brutal crackdown by Cameroon government army soldiers, the back-to-school lockdown has resulted in the deaths of several people.
“The Ambazonian Interim Government and the people of Southern Cameroons are proving that they have the will to resist and experience in developing networks and taking it upon themselves not to allow the French Cameroun regime to continue to dictate and dominate the political life in Southern Cameroons,” Dabney Yerima, the Vice President of the Ambazonia Interim Government told journalists recently in Den Hague, Holland.
Since top Cameroon army general Bouba Dobékréo announced he will crush the Southern Cameroons uprising within months, Southern Cameroons restoration groups have carried out a series of deadly ambushes against the Cameroon government military which have been on a bigger scale than anything yet seen since the start of the conflict five years ago. And now, the resistance is being spiced with acts of civil disobedience to denounce French Cameroun’s military presence and atrocious activities in Southern Cameroons.
Five years into the conflict, Southern Cameroons restoration groups have again imposed a successful lockdown in both the South West and the North West regions. Southern Cameroonians have remained defiant and unified on one thing, which is the complete rejection of Biya, Yaoundé and French Cameroun.
Cameroon Concord News London Bureau Chief Isong Asu thinks the unity among Southern Cameroonians today in Ground Zero is growing stronger again and that the complete implementation of the Big Rubbergun Project will be a turning point to mark the beginning of the end of Biya French Cameroun rule in Southern Cameroons.
Members of a ‘think-and-do-tank’ in the UK with strong ties to the Ambazonia Interim Government have urged Vice President Dabney Yerima to mobilize resources for all Amba fighters in Ground Zero.
Anger has been rising since the appointment of General Bouba Dobékréo and it is now further growing as the military creates more victims. Many Southern Cameroons families too have not recovered from atrocities committed by Amba fighters.
Despite violent repression from the Cameroon government military and the paramilitary Rapid Intervention Battalion Forces (BIR), the Southern Cameroons lockdown is raging on against the Biya Francophone regime in Yaoundé.
Francophone army soldiers have kept up their heavy-handed response and launched sweeping arrests of hundreds of Southern Cameroonians and Ambazonia activists. There are reports of the Cameroon government military going house to house in Kumbo in Bui Division detaining Southern Cameroonians.
Ghost towns and lockdowns have been successful in Southern Cameroons in the past; but this time around they are the two most effective tools the Ambazonia Interim Government has!
The 2022 back-to-school lockdown has taken root in Southern Cameroons with a wide array of participating Ambazonia groups and restoration forces.
In the entire Southern Cameroons, the majority of government and educational institutions have stopped working, and several businesses and banks have remained closed as many people responded to the lockdown calls.
Demands include the complete release of all Southern Cameroons detainees including President Sisiku Ayuk Tabe and an end to French Cameroun occupation of the Ambazonia homeland.
Lockdown is an extreme form of peaceful protest in Southern Cameroons to tell those in power in Yaoundé that, if they want to rule, Ambazonians won’t cooperate and they will squeeze French Cameroun economic and political interest in Southern Cameroons dry until their demands are met.
However, the campaign, besides hurting the political and military leadership in Yaoundé, affects Southern Cameroonians in their livelihoods, though many are willing to pay such a price for the greater good down the line.
By Soter Tarh Agbaw-Ebai