Asia richest

Share to Twitter Share to Linkedin Adani Enterprises —controlled by Gautam Adani and his family—is pushing ahead with plans to build India’s largest copper refinery as the world’s second most populous nation seeks to reduce its reliance on metal imports. The conglomerate—which also has interests in airports, edible oils, ports, renewable energy and toll roads—said in a regulatory filing on Sunday that its unit Kutch Copper has raised 60.7 billion rupees ($775 million) in loans from a syndicate of banks led by the State Bank of India. Proceeds will be used to accelerate the construction of a greenfield copper refining plant in Gujarat, Adani’s home state in western India. “Kutch Copper aims to create the capacity for production of refined copper, which plays a vital role in strengthening the nation’s shift towards electric vehicles and renewables,” Vinay Prakash, director of Adani Enterprises said in a statement. “The project has requisite technology … [Read more...] about Asia’s Richest Man, Gautam Adani, Raises $775 Million To Build India’s Largest Copper Refinery

SINGAPORE, June 26 (The Straits Times/ANN): While reducing carbon emissions will help manage the extreme weather conditions that have led to food price spikes in South-East Asia, this transition to a lower carbon future could come with its own costs, one think-tank said. Global forecasting firm Oxford Economics estimated that the costs of producing food could go up by as much as 80 per cent in countries such as Indonesia by 2050, as governments implement measures aimed at achieving net zero. This is if regional authorities do not also introduce initiatives to mitigate the impact to the food supply chain, said Oxford Economics Asian macro consulting head Tom Rogers, during a webinar on Thursday (June 23). The webinar, hosted by Oxford Economics, discussed findings from a study into the impact of climate change on food prices. The study, commissioned by industry body Food Industry Asia and conducted by Oxford Economics, found that heatwaves in Thailand in December 2014 and in … [Read more...] about South-East Asia’s food production costs could go up by 80% in sustainability drive, says Study

Share to Twitter Share to Linkedin Eyewear mogul Leonardo del Vecchio—whose firm owns Ray-Ban, Sunglass Hut and more—died at age 87, with a fortune worth an estimated $25.5 billion and six children from three different relationships. The death of Italy’s second-richest man, Leonardo Del Vecchio , means that his estimated $25.5 billion fortune will now be divided among his heirs. The 87-year-old eyewear mogul leaves behind his second wife, Nicoletta Zampillo, and six children from three different relationships, ranging in age from 18 to 65. All seven are now likely to become billionaires, inheriting Del Vecchio’s Luxembourg-based holding company Delfin and its billions of dollars in assets. One of Italy’s most famous entrepreneurs with a rags-to-riches tale of success, the factory apprentice-turned-eyewear mogul lived in Monaco and held his vast fortune—including ownership of Sunglass Hut, Ray-Ban and Oakley—through Luxembourg-based Delfin. After a … [Read more...] about Here’s How Many Billions The Heirs Of Italy’s Second Richest Man–Who Died Monday–Stand To Inherit

- A + A (June 28): After years of building their foreign-exchange reserves, central banks in Asia are tapping into their stockpiles to bolster their weakening currencies against a rising US dollar. Thai reserves slid to US$221.4 billion as of June 17, in data released late last week. That was the lowest in more than two years. Monthly figures show that Indonesia’s stash is at the smallest since November 2020. Reserves in South Korea and India are at their lowest in more than a year. Malaysia’s stockpile, meanwhile, has fallen the most since 2015. “Some countries would have used their reserves to stabilize their currencies when moves were excessive,” said Rajeev De Mello, a global macro portfolio manager at GAMA Asset Management in Geneva. “They know that they can’t reverse their currencies’ weakness against the USD, but they can smooth the declines.” Learning from the 1997 Asian financial crisis, central banks have been accumulating dollars to help defend their … [Read more...] about Central banks in Asia spend billions to slow currency declines

Share to Twitter Share to Linkedin In Asia, Netflix has been rolling out a steady pipeline of animated series and children’s content. Over the last quarter, the streamer released Sea of Love , its first Thai original for pre-schoolers. This came alongside Mighty Little Bheem: I Love Taj Mahal , the latest installment in the popular Indian animation franchise. In the last week of May, Korean children’s film Larva Pendant landed in Netflix’s Top 10 chart for non-English films globally within a week of its release, receiving 3.09 million viewing hours. The streamer shared that 60% of households which have Netflix watch children and family content every month. “Asia has an extremely large youth audience, both on a relative and absolute basis, so creating shows that are engaging and resonant with kids and families in the region is quite important,” says John Derderian, head of animation series at Netflix. NFLX Japanese anime Rilakkuma’s Theme Park … [Read more...] about How Netflix Is Developing Kids’ Content And Animation From Asia

The company’s latest report on the global network trend forecast that 5G subscriptions will reach 4.4 billion by the end of 2027, 48 percent of all mobile subscriptions worldwide, up from 7.6 percent last year. The report cited the availability of 5G devices, 5G service prices falling faster than 4G did, and China’s aggressive 5G deployments. The number of 5G subscriptions totaled 620 million in the first quarter this year, up by 70 million compared to the previous quarter. “The global 5G subscriptions are expected to break 1 billion this year,” said Park Byoung-seong, a senior consultant of Ericsson-LG, during an online press briefing on the report. That is two years faster than the 4G uptake, which Park explained took 6 years to hit the 1-billion milestone. The 5G adoption was the highest in the North American and Northeast Asian regions. North America had the highest 5G penetration with 28 percent of the mobile subscriptions being 5G, and the number is projected to hit 98 … [Read more...] about 70 percent of northeast Asia to be 5G connected by 2027

Share to Twitter Share to Linkedin As seven of the world’s wealthiest nations meet, it has been revealed that billions of dollars in aid for the poorest countries are being rerouted into climate finance, with G7 nations appearing to indulge in what amounts to a form of creative accounting with regard to their international commitments. A new report from the charity CARE shows that, rather than providing additional money to help developing nations respond to climate change as promised under international agreements, wealthy states like the U.S., Canada and France are consistently overreporting the amount of money they’re providing, while diverting money meant for other development programs. In total, CARE found that an estimated $103 billion of climate finance reported by G7 nations has simply been siphoned straight out of development aid budgets, including funds intended for health, education, gender equality and poverty alleviation. Between 2011 and … [Read more...] about As G7 Meets, The World’s Richest Nations Water Down Aid And Climate Finance

Russian President Vladimir Putin (File Photo) Vladimir Putin will visit two small former Soviet states in central Asia this week, Russian state television reported on Sunday, in what would be the Russian leader's first known trip abroad since ordering the invasion of Ukraine. Russia's Feb. 24 invasion has killed thousands of people, displaced millions more and led to severe financial sanctions from the West, which Putin says are a reason to build stronger trade ties with other powers such as China, India and Iran. Pavel Zarubin, the Kremlin correspondent of the Rossiya 1 state television station, said Putin would visit Tajikistan and Turkmenistan and then meet Indonesian President Joko Widodo for talks in Moscow. In Dushanbe, Putin will meet Tajik President Imomali Rakhmon, a close Russian ally and the longest-serving ruler of a former Soviet state. In Ashgabat, he will attend a summit of Caspian nations including the leaders of Azerbaijan, Kazakhstan, Iran and … [Read more...] about Russia’s Vladimir Putin to make first foreign trips since launching Ukraine war

BEIJING (China Daily/Asia News Network): China's latest commitment to expanding high-level opening-up is expected to reassure foreign investors of the nation's promise to relentlessly open its door wider and share development dividends with the rest of the world despite the rising tide of protectionism in some countries. In a virtual keynote speech to the opening ceremony of the BRICS Business Forum held on Wednesday, President Xi Jinping said that China will continue to pursue opening-up of higher standards, develop new systems for a higher-standard open economy, foster a business environment that is based on market principles, governed by law and up to international standards. Xi encouraged businesses to invest and develop in China, enhance trade and economic cooperation, and share development opportunities. In an article published on Wednesday in People's Daily, He Lifeng, head of the National Development and Reform Commission, wrote that Xi Jinping Thought on Socialist … [Read more...] about China vows to open its door wider to world

- A + A BANGKOK (June 27): A tightening of Thai monetary policy will be conducted so it does not disrupt the recovery of Southeast Asia's second-largest economy, central bank officials said on Monday, reinforcing market expectations of interest rate hikes later this year. Thailand's economy will continue growing this year and next, driven by domestic demand and tourism, and could beat forecasts despite a risk that inflation will be higher than expected, Bank of Thailand (BOT) officials told an analysts' meeting. The BOT will try to prevent the economy from overheating, which would cause demand-driven inflation, by gradually shifting from the current very accommodative policy, assistant governor Piti Disyatat told the meeting. The BOT's task was to help the economy take off smoothly, he said. "It's a challenge for monetary policy to release the accelerator pedal appropriately and timely so that the recovery has good momentum," Piti said, referring to the current … [Read more...] about Thai central bank says policy tightening will not disrupt economy recovery