<ul class="summary-list"><li>Hong Kong-listed shares of Alibaba climbed 8.7% Monday, marking its sixth trading session of gains.</li><li>The rally comes as billionaire Jack Ma gives up control of Ant Group, the fintech business empire he built decades prior.</li></ul>Shares of Chinese e-commerce giant <a href="https://markets.businessinsider.com/stocks/baba-stock">Alibaba</a> jumped on Monday after cofounder Jack Ma gave up control of his fintech business Ant Group.Hong Kong-listed shares climbed 8.7%, marking Alibaba's sixth consecutive trading session of gains. On the New York Stock Exchange, US-listed shares rallied about 4%. Alibaba confirmed on Saturday <a href="https://www.wsj.com/articles/jack-ma-plans-to-cede-control-of-ant-group-11659002402?mod=article_inline" target="_blank" rel="noopener noreferer" data-type="link">a previous report by the Wall Street Journal</a> that said Ma would cede control of Ant<a href="https://www.wsj.com/articles/jack-ma-cedes-control-of-fintech-giant-ant-group-11673066817" target="_blank" rel="noopener"></a>. While the billionaire did not hold an executive role at the company, he had controlled Ant via an entity in which he held the dominant position, per the Journal. But after a series of shareholding adjustments, he gave up most of his voting rights.Ant, the owner of Alipay, has undergone a regulator-driven reorganization since Beijing nixed its plans for a $37 billion initial public offering in November 2020.At the time, the Shanghai Stock Exchange said the company had "significant issues," and didn't meet the necessary "information disclosure requirements."However, when regulators pulled the plug, it also followed Ma's public criticism of the Chinese government."Without risk, no innovation can happen in this world," he said at a conference in Shanghai in October 2020. The Monday after those comments, state officials summoned Ma and other Alibaba execs to a meeting in Beijing, and Ant's public offering was cancelled the next day.Over the subsequent months, China launched a sweeping tech crackdown that involved new rules related to data, antitrust, and cybersecurity practices. State authorities also came down hard on other Chinese tech firms, including ride-hailing giant Didi. For now, Ant has no plans for an IPO, <a href="https://finance.yahoo.com/news/ant-group-says-no-plan-135430189.html" target="_blank" rel="noopener">telling Reuters</a> that it instead has been "focusing on its business rectification and optimization." Meanwhile, Reuters reported in November that Chinese authorities are set to impose a more than $1 billion fine on the company. As for Ma, he largely disappeared from the public's eye in 2020, and been seen only occasionally. Last week, he <a href="https://www.businessinsider.com/jack-ma-appears-resurface-thailand-gives-up-control-ant-group-2023-1">resurfaced in Thailand</a> hours before Ant Group announced in a <a href="https://www.antgroup.com/en/notices/1" target="_blank" rel="noopener">statement</a> he was giving up control of the company. Local media reported that Ma was at a restaurant with Soopakij Chearavanont, the chair of the Charoen Pokphand Group.

Jack Ma's Alibaba climbs after the the billionaire gives up control of Ant Group

<ul><li>Pushpendra Parmar, who was employed with the Alibaba-backed UCWeb in Gurugram, Haryana between August 2016 and November 2017, has claimed $268,000 in damages. </li><li>Jack Ma and about a dozen individuals or company units have been asked to appear in Gurugram civil court or through a lawyer on July 29.</li><li>In 2014, the CEO of Samsung Electronics was been ordered to appear at a Ghaziabad court in a $1.4-million cheating case.</li></ul> An Indian court has summoned Alibaba's founder Jack Ma after a former employee in India complained that he was wrongfully fired, according to a Reuters report. Pushpendra Parmar, who was employed with the Alibaba-backed UCWeb in Gurugram, Haryana between August 2016 and November 2017, <a href="https://www.linkedin.com/in/nilanjan-sen-815b116/" data-type="tilCustomLink" target="_blank">according to his LinkedIn profile</a>. He has reportedly alleged that his objection to UC News' censoring of content that was critical of China led to his ouster from the company. Parmar has claimed $268,000 in damages. Jack Ma and about a dozen individuals or company units have been asked to appear in Gurugram civil court or through a lawyer on July 29, <a href="https://in.reuters.com/article/alibaba-india/exclusive-alibaba-jack-ma-summoned-by-indian-court-on-former-employees-complaint-idINKCN24R055" data-type="tilCustomLink" target="_blank">said Reuters</a>, adding that UC India did not offer a comment on the ongoing litigation. This is not the first time that the global CEO of a multinational firm has been summoned by an Indian court. In 2014, the CEO of Samsung Electronics was been ordered to appear at a Ghaziabad court in a $1.4-million cheating case. The summons issued to Jack Ma, the world's 17th richest man with a <a href="https://www.forbes.com/profile/jack-ma/#13d9fbcc1ee4" data-type="tilCustomLink" target="_blank">net worth of over $47 billion</a>, have come amidst a diplomatic standoff between India and China. The terms of disengagement at the Ladakh border between India and China are still being negotiated. UC Browser was one of the 89 apps banned by the Indian government last month. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/the-fault-in-our-stars-indias-bid-at-privatizing-space/articleshow/77182064.cms">OPINION| The fault in our stars: India’s bid at privatizing space</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/a-capgemini-executive-explains-how-car-makers-can-get-their-online-strategy-right/articleshow/77181976.cms">A Capgemini executive explains how car makers can get their online strategy right</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/an-fmcg-analyst-shares-a-picture-of-whats-selling-in-rural-india-and-whats-not/articleshow/77180798.cms">An FMCG analyst shares a picture of what's selling in rural India and what's not</a>

An Indian court has summoned Jack Ma for wrongfully firing an Indian employee

<ul><li>The Shanghai Stock Exchange has suspended <keyword id="9541717" type="UNKNOWN" weightage="20" keywordseo="Ant-Group">Ant Group</keyword>’s IPO before its listing on November 5. </li><li>The Chinese fintech giant’s listing was set to be the biggest ever overshadowing Saudi Aramco ($29.4 billion) and its own sister company <keyword id="302749" type="COMPANY" weightage="20" keywordseo="Alibaba">Alibaba</keyword> ($25 billion). </li><li>On Monday (November 3), Ma and Ant’s senior executives had been summoned by the Chinese regulators. </li></ul>A huge blow for Ant Group and <keyword id="424838" type="PERSON" weightage="20" keywordseo="Jack-Ma">Jack Ma</keyword> as his $34 billion initial public offering (IPO) has hit a hurdle with the <a href="http://www.sse.com.cn/disclosure/announcement/general/c/c_20201103_5253315.shtml">Shanghai Stock Exchange</a> suspending its listing. The world’s biggest IPO Ant was scheduled for a dual listing on November 5 — on Shanghai and Hong Kong bourses. Alibaba shares plunged by almost 10% in Hong Kong after the news of Ant Group's IPO suspension while founder of the group Jack Ma lost over $3 billion in his net worth. The Shanghai Stock Exchange has cited changes in the regulatory environment as the reason behind this sudden suspension. This move comes after China’s regulators <a href="https://www.ndtv.com/business/jack-ma-gets-warning-from-china-days-before-ants-trading-debut-report-2320003">warned </a>Ma and his company that the listing would mean the group would be subject to scrutiny and could face new curbs to its expansion. On Monday (November 3), Ma, the founder of the Chinese e-commerce giant Alibaba and Ant’s senior executives had been summoned by the Chinese regulators. “Recently, it happened that your company’s actual controller, chairman and general manager were jointly conducted supervisory interviews by relevant departments, and your company also reported on major issues such as changes in the financial technology regulatory environment. This major event may cause your company to fail to meet the issuance and listing conditions or information disclosure requirements,” said the Shanghai Stock Exchange. “Views regarding the health and stability of the financial sector were exchanged,” the <a href="https://www.nytimes.com/2020/11/03/technology/ant-ipo-jack-ma-summoned.html?smtyp=cur&amp;smid=tw-nytimes">New York Times</a> quoted the Ant Group’s statement. The company also said that it is “committed to implementing the meeting opinions in depth.” The Ant Group has also said that the investors would be refunded “application monies” relating to the IPO. The exchange said that the suspension was in accordance with Article 26 of the "Administrative Measures for the Registration and Administration of Initial Public Offerings on the Science and Technology Innovation Board (for Trial Implementation)" and Article 60 of the "Shanghai Stock Exchange Rules for the Review of Stock Issuance and Listing". Shares listed on the Shanghai exchange were set to be <a href="https://www.businessinsider.in/stock-market/news/jack-mas-ant-group-aims-to-raise-34-5-billion-in-largest-ipo-of-all-time/articleshow/78875029.cms">priced </a>at 68.8 yuan ($10.27). The Chinese fintech giant’s listing was set to be the biggest ever overshadowing Saudi Aramco ($29.4 billion) and its own sister company Alibaba ($25 billion). Earlier known as Ant Financial, Ant Group is the fintech arm of the Alibaba Group. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/trump-vs-biden-impact-of-us-elections-on-india-sensex-nifty-trade-stock-market/articleshow/79021347.cms">Here’s what the result of the US elections could mean for Indian stock market</a> <a href="https://www.businessinsider.in/policy/foreign-policy/news/donald-trump-vs-joe-biden-us-election-result-and-relations-with-india-and-pm-modi/articleshow/79022098.cms">If Joe Biden wins, he’ll be the third US president to deal with Modi — Here’s how that could play out</a>

China suspends Jack Ma’s $34 billion Ant Group listing — Alibaba shares plunge, Ma loses over $3 billion

<ul class="summary-list"><li><keyword id="302749" type="COMPANY" weightage="60" keywordseo="Alibaba">Alibaba</keyword> founder <keyword id="424838" type="PERSON" weightage="60" keywordseo="Jack-Ma">Jack Ma</keyword> and <keyword id="163404" type="COMPANY" weightage="60" keywordseo="Softbank">Softbank</keyword> CEO <keyword id="357983" type="PERSON" weightage="60" keywordseo="Masayoshi-Son">Masayoshi Son</keyword> send each other drawings to keep in touch.</li><li>Their friendship stretches back years, and both have served on the board of each other's companies.</li><li>Son said they've kept in contact amid Ma's Ant Group IPO bust and subsequent rumored disappearance.</li></ul>Alibaba founder Jack Ma and Softbank CEO Masayoshi Son send each other drawings as a way to keep in touch, Son said on an <a href="https://seekingalpha.com/article/4404301-softbank-group-corp-s-sftby-ceo-masayoshi-son-on-q3-2020-results-earnings-call-transcript">earnings call</a>on Monday.Son said they've kept tabs on each other as <a href="https://www.businessinsider.com/jack-ma-not-missing-alibaba-china-2021-1">reports have swirled surrounding Ma's rumored public disappearance</a> in recent months.He said their correspondence doesn't always involve business - Ma "likes to draw" and has sent Son "many drawings," the Softbank CEO said on the call. He said he responds to them with some bedtime artwork. "Thirty minutes or so, before I go to bed, I draw some drawings ...[and] show him," Son said.Ma and Son have kept a tight friendship over the years, <a href="https://www.businessinsider.com/jack-ma-steps-down-softbank-17-billion-loss-2020-5">with Son describing him</a> as "my friend and comrade in my life." He also said he and Ma would meet "face-to-face every month to have dinner" before the COVID-19 pandemic set in.Both have served on the board of each other's companies. Ma was a director at the Japanese investing giant for 13 years until <a href="https://www.businessinsider.com/jack-ma-steps-down-softbank-17-billion-loss-2020-5">he resigned last summer without explanation.</a>Son <a href="https://www.businessinsider.com/softbanks-son-leaves-alibaba-board-following-mas-departure-2020-6">left Alibaba's board in June 2020 as well</a> following Ma's departure. "It's not that there were disagreements," Son said in a general shareholder's meeting. "It is just a happy ending."Softbank poured $20 million into Alibaba in 2000, an investment that reaped major rewards for the firm. Softbank is Alibaba's largest shareholder, <a href="https://www.investopedia.com/articles/investing/111114/top-five-alibaba-shareholders.asp#:~:text=1.,it%20was%20a%20young%20startup.">holding a 25% stake</a> in the company, and <a href="https://www.bloomberg.com/news/articles/2020-07-17/softbank-quietly-sells-another-2-2-billion-of-its-alibaba-stake">sold a little over $2 billion</a> of that in June.Ma has had a tumultuous few months following the bust of his company <a href="https://www.businessinsider.com/what-happened-ant-group-ipo-jack-ma-alipay-2020-11">Ant Group's would-be record-breaking $37 billion IPO in November.</a> After publicly scoffing at <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>'s banking rules, officials summoned Ma to a regulatory meeting and introduced new micro-lending rules that disqualified Ant for a dual listing. China ended up pulling the IPO altogether.The country has since ordered Ant to <a href="https://www.businessinsider.com/china-orders-ant-group-change-business-return-payment-origins-2020-12">"return to its payment origins,"</a> and the fintech firm is currently w<a href="https://www.reuters.com/article/us-china-ant-group/ant-group-reaches-deal-with-china-regulators-on-restructuring-source-idUSKBN2A313Z">orking on a restructuring plan with China.</a>Read more: <a href="https://www.businessinsider.com/alibaba-antitrust-cloud-amazon-microsoft-google-big-tech-analyst-2020-12?r=kc-sub">China's antitrust probe into Alibaba could be an opportunity for other cloud players - including Amazon, Microsoft, and Google - to swoop in</a>China's <keyword id="15935" type="PERSON" weightage="60" keywordseo="Tech-companies">tech companies</keyword> at large have seen a tighter crackdown since last fall. <a href="https://www.businessinsider.com/alibaba-ceo-daniel-zhang-china-rules-timely-necessary-2020-11">The country announced new rules in November</a> that could prevent internet companies from holding too much market power. The regulations were designed to set stricter anti-competitive behavior guidelines.China announced in December that it was <a href="https://www.businessinsider.com/alibaba-antitrust-jack-ma-ant-group-beijing-regulators-2020-12">launching an antitrust investigation into Alibaba</a> over alleged monopolistic business practices.

Softbank CEO Masayoshi Son says he and Alibaba's Jack Ma send each other drawings to keep in touch

<ul><li><keyword id="9541717" type="UNKNOWN" weightage="60" keywordseo="Ant-Group">Ant Group</keyword>'s highly IPO could be delayed up to six months, <a href="https://www.ft.com/content/35a95455-338a-4ede-bab3-fd0f098ac268">the Financial Times reported Thursday. </a></li><li>A lengthy delay could reduce the Chinese fintech company's valuation as regulatory pressure increases from the Chinese government.</li><li>Ant Group was set to go public this week in a record $35 billion IPO that would have been dual listed on the Hong Kong and Shanghai exchanges.</li><li><a href="https://www.businessinsider.com/?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>General investors may have to wait up to 6 months to own a piece of Ant Group as regulatory pressure from Beijing ramps up, <a href="https://www.ft.com/content/35a95455-338a-4ede-bab3-fd0f098ac268">according to a report from the Financial Times,</a>potentially further delaying its initial public offering. The Chinese fintech — which was set to go public this week in what would have been the largest IPO in history — could also see a reduced valuation as investor anxiety about what regulatory scrutiny the company may be exposed to is digested by investors, the FT reported, citing people directly involved in the deal.Ant Group's planned dual listing on the Hong Kong and Shanghai exchanges <a href="https://markets.businessinsider.com/news/stocks/ant-group-ipo-suspended-shanghai-hong-kong-china-regulators-2020-11-1029758861?utm_source=markets&amp;utm_medium=ingestgest">was suspended on Tuesday,</a> a day after founder <keyword id="424838" type="PERSON" weightage="60" keywordseo="Jack-Ma">Jack Ma</keyword> was summoned to meet with Chinese regulators.<a href="https://www.reuters.com/article/us-ant-group-ipo/shanghai-stock-exchange-suspends-ant-groups-a-share-ipo-idUSKBN27J1OS" target="_blank" rel="noopener">According to Reuters,</a> regulators told Ma and two Ant Group executives that Ant's "lucrative online lending business would face tighter government scrutiny."Read More: <a href="https://www.businessinsider.com/successful-trading-rules-5-broken-down-by-legend-gil-blake-2020-11?r=gr-sub" target="_blank" rel="noopener noreferrer">Legendary trader Gil Blake famously raked in 20-plus percent returns for 12 consecutive years. He shares his 5 'basic steps to becoming a successful trader.'</a>Lawyers involved in the listing of Ant's shares said the company would have to submit a new IPO prospectus and respond to regulators demands, which could take at least six months, according to the Financial Times."The key thing is these new regulation changes," one person with direct knowledge of the deal said, according to the Financial Times.The IPO was estimated to raise about $35 billion in proceeds for the company, and <a href="https://markets.businessinsider.com/news/stocks/ant-group-record-ipo-attracts-trillions-retail-investor-bids-alibaba-2020-10-1029746289#:~:text=Ant%20Group's%20historic%20%2435%20billion,in%20Hong%20Kong%20and%20Shanghai.">it attracted $3 trillion in retail bids.</a>

Ant Group's IPO could be delayed more than 6 months amid regulatory pressure that may slash its valuation, report says

<ul><li><keyword id="424838" type="PERSON" weightage="60" keywordseo="Jack-Ma">Jack Ma</keyword> lost about $3 billion of his wealth on Tuesday after it was revealed that the <keyword id="9821805" type="UNKNOWN" weightage="60" keywordseo="Ant-Group-IPO">Ant Group IPO</keyword> would be delayed.</li><li>Regulators in Shanghai and Hong Kong have suspended the highly anticipated IPO, which attracted $3 trillion in bids and was set to be the largest IPO in history.</li><li>Shares of <keyword id="302749" type="COMPANY" weightage="60" keywordseo="Alibaba">Alibaba</keyword>, which owns one third of <keyword id="9541717" type="UNKNOWN" weightage="60" keywordseo="Ant-Group">Ant Group</keyword>, fell as much as 10% on Tuesday. </li><li>Ma owns 4.2% of Alibaba, which is worth more than $775 billion. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>Jack Ma's net worth fell by about $3 billion on Tuesday, according to <a href="https://www.bloomberg.com/news/articles/2020-11-03/jack-ma-s-fortune-slumps-3-billion-after-ant-group-ipo-freeze?srnd=markets-vp&amp;sref=LspfQlRvQlRv">Bloomberg's Billionaire Index,</a> after the <a href="https://markets.businessinsider.com/news/stocks/ant-group-ipo-suspended-shanghai-hong-kong-china-regulators-2020-11-1029758861">delayed Ant Group IPO</a> sent shares of Alibaba down by as much as 10%.<a href="https://markets.businessinsider.com/stocks/baba-stock">Alibaba</a> owns 33% of Ant Group, and Jack Ma owns 4.2% of Alibaba, which has a market capitalization of about $775.5 billion. Ant Group was set to go public via a dual listing on the Hong Kong and Shanghai exchanges this week in what was expected to be the largest IPO in history. Ant Group was set to raise nearly $35 billion in proceeds from the offering.The deal was set to be so big that <a href="https://markets.businessinsider.com/news/stocks/ant-group-record-ipo-attracts-trillions-retail-investor-bids-alibaba-2020-10-1029746289#">it attracted $3 trillion in bids,</a> or roughly 872 times the exchange's supply of shares.Read more: <a href="https://www.businessinsider.com/stock-market-crash-fear-gauge-signals-meltdown-after-2020-election-2020-10?R=gr-sub" target="_blank" rel="noopener noreferrer">Wall Street's fear gauge is warning that the upcoming election could trigger a prolonged period of stock-market chaos — one that's much worse than the aftermath of 2016</a>The suspension of the Ant Group IPO came one day after Ma and two top executives of Ant Group were summoned to meet with Chinese regulators. <a href="https://www.reuters.com/article/us-ant-group-ipo/shanghai-stock-exchange-suspends-ant-groups-a-share-ipo-idUSKBN27J1OS">According to Reuters,</a> regulators told the trio that Ant's "lucrative online lending business would face tighter government scrutiny."Still, even with today's drop in shares of Alibaba, Ma is still worth about $54 billion, according to Bloomberg.

Jack Ma sees $3 billion erased from his net worth as Alibaba shares tank following Ant Group IPO delay

<ul class="summary-list"><li><keyword id="9541717" type="UNKNOWN" weightage="60" keywordseo="Ant-Group">Ant Group</keyword>'s initial public offering was suspended in <keyword id="6368000" type="LOCATION" weightage="60" keywordseo="shanghai">Shanghai</keyword> and Hong Kong on Tuesday, a day after Chinese <keyword id="81822" type="COMPANY" weightage="60" keywordseo="regulators">regulators</keyword> met with <keyword id="424838" type="PERSON" weightage="60" keywordseo="Jack-Ma">Jack Ma</keyword> and top executives.</li><li>The Shanghai exchange said supervisory interviews and a change in the financial-technology regulatory environment meant that Ant "may no longer meet the conditions for offering and listing, or the requirements for information disclosure."</li><li>Ant was planning on a dual listing in Shanghai and Hong Kong on Thursday.</li><li>Alibaba shares plunged nearly 10% on Tuesday.</li></ul>Ant Group's initial public offering <a href="http://www.sse.com.cn/disclosure/announcement/general/c/c_20201103_5253315.shtml">was suspended</a> on the Shanghai and Hong Kong stock exchanges on Tuesday, a day after <a href="http://www.csrc.gov.cn/pub/newsite/zjhxwfb/xwdd/202011/t20201102_385514.html">Chinese regulators summoned</a> its billionaire cofounder, Jack Ma, and two top executives.<a href="https://www.reuters.com/article/us-ant-group-ipo/shanghai-stock-exchange-suspends-ant-groups-a-share-ipo-idUSKBN27J1OS">Reuters reported</a> that regulators told Ma, Eric Jing, Ant's executive chairman, and CEO Simon Hu that Ant's "lucrative online lending business would face tighter government scrutiny."The <a href="http://english.sse.com.cn/news/newsrelease/c/5253317.shtml">Shanghai exchange said</a> supervisory interviews and changes in the financial-technology regulatory environment might cause Ant to fall short of the listing requirement about information disclosure.Read more: <a href="https://www.businessinsider.com/stock-market-crash-fear-gauge-signals-meltdown-after-2020-election-2020-10" target="_blank" rel="noopener noreferrer">Wall Street's fear gauge is warning that the upcoming election could trigger a prolonged period of stock-market chaos — one that's much worse than the aftermath of 2016</a>"Due to the material matters reported, your company may no longer meet the conditions for offering and listing, or the requirements for information disclosure," it said in a statement.Ant <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2020/1103/2020110302285.pdf">disclosed on Tuesday</a> that it would also suspend its listing on the Hong Kong Stock Exchange. "Further details relating to the suspension of the H Share listing and the refund of the application monies will be made as soon as possible," Ant said in a statement.Ant was planning on a dual listing in Shanghai and Hong Kong on Thursday. The financial-services company received over <a href="https://markets.businessinsider.com/news/stocks/ant-group-record-ipo-attracts-trillions-retail-investor-bids-alibaba-2020-10-1029746289#">$3 trillion in orders from retail investors</a> across its dual listings. Roughly 19.1 trillion yuan ($2.9 trillion) worth of bids was raised in the Shanghai portion of the IPO, according to regulatory filings. The sum was 872 times the exchange's supply of shares.The listing, which sought to raise $34.5 billion and would have valued Ant at over $313 billion, was expected to break the IPO-proceedings record set by Saudi Aramco last year.Shares of Ant's parent group, <a href="https://markets.businessinsider.com/stocks/baba-stock">Alibaba</a>, plunged nearly 10% on Tuesday.Read more: <a href="https://www.businessinsider.com/stocks-to-buy-and-avoid-in-3-election-outcomes-stifel-2020-10" target="_blank" rel="noopener noreferrer">Stifel asked its analysts to identify stocks most likely to be positively or negatively affected by the election results. Here are the dozens of stocks to buy or avoid in each of the 3 outcomes.</a>

Ant Group's record $34.5 billion IPO suspended in Shanghai and Hong Kong a day after Jack Ma met with Chinese regulators

New Delhi, The ED has summoned <keyword id="1408828" type="COMPANY" weightage="20" keywordseo="Varsha-Raut">Varsha Raut</keyword>, wife of <keyword id="6358821" type="ORGANIZATION" weightage="20" keywordseo="shiv-sena">Shiv Sena</keyword> MP <keyword id="6355496" type="PERSON" weightage="20" keywordseo="Sanjay-Raut">Sanjay Raut</keyword>, for questioning in the PMC Bank money laundering case on December 29, officials said on Sunday. Varsha Raut has been asked to appear before the federal agency in Mumbai. This is the third summons issued to her after she skipped the earlier two on health grounds, they said. The summons for questioning has been issued to her under the provisions of the Prevention of Money Laundering Act (PMLA). The ED wants to question Varsha Raut with regard to "receipt" of some funds that were allegedly siphoned from the bank, official sources claimed. The ED had filed a PMLA case to probe the alleged loan fraud in the Punjab and Maharashtra Co-operative (PMC) Bank in October last year against the <keyword id="638887" type="DOMAIN" weightage="20" keywordseo="Housing-Development-Infrastructure-Ltd">Housing Development Infrastructure Ltd</keyword> (HDIL), its promoters Rakesh Kumar Wadhawan and his son Sarang Wadhawan, its former chairman Waryam Singh and ex-managing director Joy Thomas. The agency took cognisance of a Mumbai Police Economic Offences Wing FIR against them for allegedly causing "wrongful loss, prima facie to the tune of ₹4,355 crore to PMC Bank, and corresponding gains to themselves". The Shiv Sena, which is part of Maharashtra's ruling alliance Maha Vikas Aghadi (MVA) along with the NCP and the Congress, had earlier alleged that central probe agencies have been targeting them unfairly. Former BJP leader Eknath Khadse, who recently joined Sharad Pawar's Nationalist Congress Party (NCP), has also been summoned by the ED for questioning on December 30 in Mumbai in connection with a money laundering case linked to a land deal in Pune's Bhosri area. SEE ALSO: <a href="https://www.businessinsider.in/science/environment/news/top-10-most-expensive-natural-disasters-of-2020-in-the-world/slidelist/79986294.cms">Cyclone Amphan was the most expensive cyclone of 2020 and the fourth most expensive natural disaster overall</a> <a href="https://www.businessinsider.in/business/corporates/news/jack-ma-ant-group-asked-to-overhaul-its-business-model-by-china-central-bank/articleshow/79987683.cms">China's central bank wants Jack Ma's Ant Group to overhaul its business model</a> <a href="https://www.businessinsider.in/science/space/news/indian-space-startup-skyroot-aerospace-successfully-test-fires-first-solid-rocket-propulsion-stage-demonstrator-called-kalam-5/articleshow/79988975.cms">India’s first-ever privately designed and developed rocket is a step closer to becoming a reality in 2021</a>

Shiv Sena MP Sanjay Raut's wife summoned for questioning in PMC Bank money laundering case

The Truth About Marissa Mayer: An Unauthorized Biography

Tata Steel is reportedly in talks with the UK government and has offered up to 50 per cent stake in Port Talbot steelworks in Wales for around 900 million pounds or $1.15 billion. According to a report by <keyword id="106434" type="COMPANY" weightage="20" keywordseo="Sky-News">Sky News</keyword>, Tata Steel has presented proposals to the UK government in recent weeks aimed at securing a state investment for its UK operations. The development comes at a time when the steel industry including the <keyword id="9648143" type="UNKNOWN" weightage="20" keywordseo="company-reels">company reels</keyword> under the <keyword id="458580" type="PERSON" weightage="20" keywordseo="financial-woes">financial woes</keyword> brought about by the Covid-19 pandemic. The report added, "the talks are at a tentative, rather than concrete stage, and the structure of any deal, as well as the size of any financial contributions, remain far from being finalised." Tata Steel spokesperson, however, said that the company does not comment on speculations. Tata Steel has two integrated (blast furnace-based) steelmaking sites in Europe -- one in Port Talbot in south Wales and the other in Ijmuiden in the Netherlands. The company has been going through a financial stress of late. The auditors of Tata Steel had raised concerns regarding the 'material uncertainty' of its European arm due to the Covid-19 pandemic's severe impact on its financials, in the company's January -March quarter earnings. The auditors, in their notes for the fourth quarter earnings, said <keyword id="112901" type="COMPANY" weightage="20" keywordseo="Tata-Steel-Europe">Tata Steel Europe</keyword> (TSE), a wholly-owned subsidiary of Tata Steel, had assessed the potential impact of the downturn in steel demand due to the Covid-19 pandemic on its future business outlook. During the January-March quarter, Tata Steel Europe, however, reported nearly Rs 65 crore operating profit. SEE ALSO: <a href="https://www.businessinsider.in/thelife/personalities/an-indian-court-has-summoned-jack-ma-for-wrongfully-firing-an-indian-employee/articleshow/77183378.cms" data-type="tilCustomLink">An Indian court has summoned Jack Ma for wrongfully firing an Indian employee</a> <a href="https://www.businessinsider.in/tech/apps/news/google-reportedly-spying-in-facebook-instagram-and-tiktok-users-on-android/articleshow/77162970.cms" data-type="tilCustomLink">Google reportedly spying on Facebook, Instagram and TikTok users on Android</a>

Tata Steel offers British government 50% stake in Wales plant

The entire world will be watching the <keyword id="6356435" type="ORGANIZATION" weightage="20" keywordseo="US-Federal-reserve">US Federal Reserve</keyword> this week and how much money <keyword id="1727754" type="PERSON" weightage="20" keywordseo="Jerome-Powell">Jerome Powell</keyword> is willing to prop up the American economy, which is expected to contract 4.6% this year, according to Goldman Sachs. The best outcome, according to ING, will be a signal that the Fed will allow US inflation to shoot over the preset 2% target. But, there may already be inflation just not where you are looking Aside from gold, there are a handful of stocks raking up most of the money in many markets across the world. The combined market value of the three iconic companies, Apple, Microsoft, and Amazon, was already bigger than the entire German economy⁠— the fourth largest in the world⁠— at the start of the year. Now, they are even bigger. <table style="width: 373pt;"> <colgroup></colgroup><col /> <col /> <col /> <tbody><tr> <td class="xl63" style="height:15.0pt;width:149pt">Stock</td> <td class="xl63" style="border-left-width: initial; border-left-style: none; width: 143pt;">Market capitalisation</td> <td class="xl63" style="border-left-width: initial; border-left-style: none; width: 81pt;">2020 gains</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;"> Apple</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">$1.6 trillion</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">23.30%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Microsoft</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">$1.52 trillion</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">25.30%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Amazon</td> <td class="xl63" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">$1.5 trillion</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">58.50%</td> </tr></tbody></table> “I think we actually have high inflation, but due to these side effects it is showing up in stock prices instead of consumer prices,” financial market expert John Mauldin wrote in a report on July 24. The concentration of gains has gotten worse since the pandemic began Mauldin pointed out that the likes of Microsoft, Apple, Amazon, Google, Netflix, and Adobe are part of ten stocks that have gained 35% or more this year, whereas the remaining 490 stocks in the S&amp;P 500 are down 10% or more. He calls this ‘inflation’, a term that usually denotes rising in prices of consumer items. “If the concept of reversion to the mean holds, either their sales are getting ready to explode, or their stock prices are going to fall. Or some combination,” he said. Something similar is happening in India. The gains in Reliance Industries⁠— which is now the world’s second-largest energy company after Exxon⁠— in the last six months is over 46%. The benchmark Sensex is still in the red for the said period. There are only 14 stocks in the benchmark Nifty50 index that are in the green for the year, the remaining 36 are in the red. Only half of those have seen gains of over 20% since the beginning of 2020, two of those are drug makers Dr Reddy’s Laboratories and Cipla. The broader indices have a lot more red than green. <table style="width: 373pt;"> <colgroup></colgroup><col /> <col /> <col /> <tbody><tr> <td class="xl67" style="height:15.0pt;width:149pt">Stock</td> <td class="xl67" style="border-left-width: initial; border-left-style: none; width: 143pt;">Market capitalisation</td> <td class="xl67" style="border-left-width: initial; border-left-style: none; width: 81pt;">2020 gains</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Reliance Industries</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹14.4 trillion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">44.08%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Dr Reddy's Labs</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;"> ₹669.2 billion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">39.08%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Cipla</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹527.9 billion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">36.88%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Infosys</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹3.97 trillion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">27.48%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Britannia</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹911.9 billion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">25.41%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Bharti Airtel</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹3.02 trillion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">21.35%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">HCL Tech</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹1.8 trillion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">20.52%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Nestle India</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹1.6 trillion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">17.42%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Hindustan Unilever</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹5.17 trillion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">14.54%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">Mahindra &amp; Mahindra</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">₹705.29 billion</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">11.84%</td> </tr></tbody></table> What pushed so much money into so few stocks? In a world gripped by crisis, risk aversion is the norm. Therefore, investors like to take shelter in big companies, market leaders in their own space, and well-diversified conglomerates where at least one wing makes money when many others don’t. One of the reasons why RIL — which has businesses from oil refining to telecom to retail to now, e-commerce⁠— was able to raise over $20 billion from global investors like Facebook, Google, and Intel to name a few at the peak of the pandemic. There will be more funds raised for the retail vertical now, Asia's richest man Mukesh Ambani recently promised. It’s not just the feeling of safety in familiarity and size According to Mauldin, the current bull market is a kind of perfect cash flow storm. <ul><li>Legions of new investors using stimulus money to buy whatever makes them feel good </li><li>Bored gamblers looking for action, </li><li>Large institutions brimming with Fed liquidity </li><li>Traders of all sizes, small investors to monster hedge funds, chasing momentum—a perfect witches’ brew </li></ul>"...all in the context of ultra-low interest rates that make cash and fixed-income holdings unattractive. You could not have designed a better perfect storm in which to create a market mania, and that’s exactly what we have,” he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/markets/news/icici-bank-share-price-falls-alongside-sbi-hdfc-bank-kotak-mahindra-bank-and-other-banking-stocks/articleshow/77191098.cms">The fall in ICICI Bank shares reflects the market’s dislike banking stocks this week</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-has-been-sued-in-australia-for-alleged-misuse-of-personal-data/articleshow/77190288.cms">Google has been sued in Australia for alleged misuse of personal data</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-has-been-sued-in-australia-for-alleged-misuse-of-personal-data/articleshow/77190288.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/an-indian-court-has-summoned-jack-ma-for-wrongfully-firing-an-indian-employee/articleshow/77183378.cms">An Indian court has summoned Jack Ma for wrongfully firing an Indian employee</a>

You Searched For "jack ma summoned" and got 11 results

Jack Ma's Alibaba climbs after the the billionaire gives up control of Ant Group

Phil Rosen

An Indian court has summoned Jack Ma for wrongfully firing an Indian employee

BI India Bureau

China suspends Jack Ma’s $34 billion Ant Group listing — Alibaba shares plunge, Ma loses over $3 billion

Sanchita Dash

Softbank CEO Masayoshi Son says he and Alibaba's Jack Ma send each other drawings to keep in touch

Katie Canales

Ant Group's IPO could be delayed more than 6 months amid regulatory pressure that may slash its valuation, report says

Matthew Fox

Jack Ma sees $3 billion erased from his net worth as Alibaba shares tank following Ant Group IPO delay

Matthew Fox

Ant Group's record $34.5 billion IPO suspended in Shanghai and Hong Kong a day after Jack Ma met with Chinese regulators

Shalini Nagarajan

Shiv Sena MP Sanjay Raut's wife summoned for questioning in PMC Bank money laundering case

PTI

The Truth About Marissa Mayer: An Unauthorized Biography

Nicholas Carlson

Tata Steel offers British government 50% stake in Wales plant

IANS

A market expert sees ‘a perfect storm’ brewing in Amazon, Apple and Microsoft shares⁠

Sriram Iyer