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(CTN News) –  Rakesh Jhunjhunwala, a veteran stock market investor and Indian billionaire who was nicknamed India’s version of Warren Buffett by the press trust of India, passed away yesterday in Mumbai city. According to the press trust of India. He was 62 years old when he passed away. Prime Minister Narendra Modi tweet for Rakesh Jhunjhunwala Prime Minister Narendra Modi led tributes for the business magnate Rakesh Jhunjhunwala, whose net worth was estimated at $5.8 billion by Forbes. Modi tweeted, “Rakesh Jhunjhunwala was indomitable. Full of life, witty, and insightful, he left behind an indelible mark on finance,” and expressed his condolences to his family. Local media reported that he was suffering from various health issues at the time of his death, but no cause of death has been released. When he was still in college, Rakesh Jhunjhunwala began investing in the stock market with just 5,000 rupees ($63). His next step was to establish and … [Read more...] about Rakesh Jhunjhunwala, known as India’s Warren Buffett, dies at age 62

Share to Twitter Share to Linkedin Warren Buffett is working with Jeff Bezos and Jamie Dimon on a healthcare non profit. Photograph by Martin Schoeller Three of the biggest and most powerful companies in America are joining forces in a non profit push to cut healthcare costs. On Tuesday, Jeff Bezos's Amazon.com, Warren Buffett's Berkshire Hathaway and Jamie Dimon's JPMorgan Chase , three companies with a collective 1 million-plus workers and a combined market capitalization of over $1.5 trillion, unveiled a non profit healthcare venture targeted at cutting spiraling costs for their employees. The partnership brings together the most powerful players in technology, insurance and finance and they aren't mincing words about the impetus of their endeavor. “The ballooning costs of healthcare act as a hungry tapeworm on the American economy," said Warren Buffett, in a shared press release. Added Bezos, a master of disrupting industries, “hard as … [Read more...] about Healthcare Stocks Plunge As Buffett, Bezos And Dimon Team Up To Fight “Tapeworm” Costs On Economy

- A + A KUALA LUMPUR (Aug 15): Foreign funds extended their buying of Malaysian equities into the fourth week, with a net inflow of RM451.7 million for the week ended Aug 12, some 16.4% higher than the RM388.21 million in the previous week. In its weekly fund flow report on Monday (Aug 15), MIDF Research said the week before started with net buying by foreign funds amounting to RM530,000 last Monday and RM15.8 million last Tuesday. “Despite concerns over US inflation last Wednesday, foreign funds net sold only RM3.8 million. This was the only day of net selling by foreigners. “The bulk of net buying happened at RM232.9 million last Thursday and RM206.2 million last Friday, after the release of lower-than-expected US inflation data and stronger-than-expected Malaysia’s gross domestic product data,” it said. Meanwhile, MIDF said local institutions continued to be net sellers for the fifth week, at a rate of RM573 million, more than double the amount from the … [Read more...] about Foreign buying extends into fourth week with RM451.7m inflow, says MIDF

Share to Twitter Share to Linkedin Topline Amazon plans to buy One Medical parent company 1Life Healthcare—a membership-based healthcare company that offers primary care services—in a deal valued at $3.9 billion, after shares of the health firm plunged more than 70% over the past year, and as Amazon takes another step into the healthcare space more than two years after the Covid-19 pandemic began. Key Facts Amazon will buy One Medical—which offers virtual health care through an application as well as in-person offices in more than a dozen U.S. cities, according to the company’s website —including all of One Medical’s net debt, for $18 a share in cash, the e-commerce giant said . Shares of 1Life surged 68% Thursday morning following the news, after closing at $10.18 a share Wednesday, giving the company a value of nearly $2 billion. Amazon said it saw “lots of opportunity” to “improve the quality” of the health care experience and “give … [Read more...] about Shares Of One Medical Surge 68% After Amazon Agrees To Buy Health Care Company For $3.9 Billion

Market experts on Sunday mourned the demise of ace investor Rakesh Jhunjhunwala and said his strong belief in the country’s growth story and ”unshakeable” confidence in markets made him one of a kind. The 62-year-old Jhunjhunwala passed away on Sunday morning in Mumbai. Condoling his death, Zerodha co-founder Nikhil Kamath tweeted, ”There will never again be someone like you, RIP.” Often referred to as ’India’s Warren Buffett’ and the ’Big Bull’ of Indian markets, Jhunjhunwala’s net worth was USD 5.8 billion (about Rs 46,000 crore), according to Forbes. B Gopkumar – MD and CEO, Axis Securities, said Jhunjhunwala will be missed for the sheer energy he brought to the TV studios. ”His strong belief in India growth story and his bullishness on Indian markets are a tale of legend. He proved to each and everyone that if one stays invested in quality companies for long then wealth generation is almost assured,” he added. Hailing Jhunjhunwala as the biggest believer in the … [Read more...] about Market experts mourn Rakesh Jhunjhunwala’s demise; remember him as believer in India’s story, bullish investor

Rakesh Jhunjhunwala, known as India’s Warren Buffett, had a keen interest in stocks since college. Tata Group has been a very large part of Rakesh Jhunjhunwala's portfolio. The billionaire investor had earlier said that the market is still underestimating the profitability and returns the group would deliver and predicted Tata Motors to be the surprise outperformer in the group. The 62-year-old died early on Sunday morning because of kidney ailment. He was brought dead at Breach Candy hospital in Mumbai at 6:45 am on Sunday, according to TV channel CNN IBN. Speaking to ET Now last year, Rakesh Jhunjhunwala said that it was a coincidence that the Tata Group forms a significant part of his portfolio. “It is a coincidence. I buy shares of companies… But, ever since Mr Chandra (N Chandrasekaran, chairperson) took over and I understood him and what he’s trying to do, I got extremely bullish. And I think… the first stage is always uncertain. Now that we’ve passed that stage, … [Read more...] about Rakesh Jhunjhunwala on Tata Group: ‘The house of Tatas is blessed by God’

Rakesh Jhunjhunwala, known as India’s Warren Buffett, had a keen interest in stocks since college. Ace investor Rakesh Jhunjhunwala has passed away aged 62. As the country mourns him, we look back on an interview of his from February, where he spoke about those he looked up to. At an event of the Confederation of Indian Industry, Rakesh Jhunjhunwala had said his first role model was his father. “My father gave me my morals, my thoughts, my guts, encouragement, curiosity,” he had said. Rakesh Jhunjhunwala had said his second role model was house of Tatas, the salt-to-airline conglomerate. For tenacity and courage, he said he looked up to former British Prime Minister Winston Churchill. “I think for tenacity and sheer guts, Churchill. For the tenacity with which he saved the world in World War II, and for trading I would say George Soros (American billionaire investor),” he had said. Close RIP Rakesh Jhunjhunwala: Latest updates on the life and times … [Read more...] about Remembering Rakesh Jhunjhunwala: The veteran investor’s role models

- A + A (Aug 15): Saudi billionaire Prince Alwaleed Bin Talal invested more than US$500 million in Russian firms in the days around Moscow’s invasion of Ukraine. Prince Alwaleed’s investment firm, Kingdom Holding Co., acquired depositary receipts issued by Gazprom PSJC, Lukoil PJSC and Rosneft PJSC in February, according to a stock exchange filing. Russia invaded Ukraine on Feb. 24. No specific dates for the investments were given, and the Saudi firm didn’t respond to questions about whether it still owned them. The value of all those depositary receipts dropped rapidly after the war began, when trading in Moscow was halted and western sanctions were imposed on Russia. Alwaleed, whose grandfather was the founder of modern Saudi Arabia, is one of the country’s richest men and most high profile international investors. More recently he has been eclipsed by the kingdom’s sovereign wealth fund, chaired by his cousin, Crown Prince Mohammed bin Salman, which acquired a … [Read more...] about Saudi billionaire made US$500 million Russia bet near war’s onset

Rakesh Jhunjhunwala, ace investor, has died age 62. (Image credit: Screengrab from video tweeted by @CommerceGuruu) Veteran investor Rakesh Jhunjhunwala's death has led to an outpouring of grief, with many remembering the happier times of his life. Rakesh Jhunjhunwala died on the morning of August 14 in Mumbai due to a cardiac arrest. He was 62. Social media filled up with tributes for the ace investor, known as the Warren Buffett of India. Among those posts was a video of him dancing to the hit Bollywood track "Kajra re" while confined to wheelchair. Jhunjhunwala had been dealing with a kidney ailment and ischemic heart disease. After his passing, his admirers are looking back on the happy video and praising his zest for life. I don't want to remember this day as a sad day Close Yes, RJ passed away but this will clip will always be there in my heart which shows how happy he was. pic.twitter.com/jpaOhFrLvN — Keshav Arora (@CommerceGuruu) August 14, … [Read more...] about RIP Rakesh Jhunjhunwala: Video of ace investor dancing in wheelchair makes admirers emotional

ANOTHER INFLATION EXPLOSION… CNBC: Inflation rose 9.1% in June, even more than expected, as price pressures intensify Shoppers paid sharply higher prices for a variety of goods in June as inflation kept its hold on a slowing U.S. economy, the Bureau of Labor Statistics reported Wednesday. The consumer price index, a broad measure of everyday goods and services, soared 9.1% from a year ago, above the 8.8% Dow Jones estimate. That marked another month of the fastest pace for inflation going back to December 1981. Excluding volatile food and energy prices, so-called core CPI increased 5.9%, compared to the 5.7% estimate. On a monthly basis, headline CPI rose 1.3% and core CPI was up 0.7%, compared to respective estimates of 1.1% and 0.5%. Taken together, the numbers seemed to counter the narrative that inflation may be peaking, as the gains were based across a variety of categories. WHITE HOUSE REACTION: DON’T BELIEVE YOUR EYES… ADMIN WILL KEEP SELLING OFF OUR … [Read more...] about Editors Daily Rundown: Another Inflation Explosion