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There was outrage over the Hindenburg Research report that made new allegations relating to offshore funds against the Securities and Exchange Board of India chairman, Madhabi Puri Buch. The charges are, however, being denied by the Financial Services Commission of Mauritius, saying that the funds are "not domiciled" in the island nation.

'The report of Hindenburg has further cited 'IPE Plus Fund' is a small offshore Mauritius Fund, and 'IPE Plus Fund 1, a fund registered in Mauritius'. We wish to clarify that IPE Plus Fund and IPE Plus Fund 1 are not licensees of the FSC and are not domiciled in Mauritius,' the regulator stated in a statement as it took cognisance of the contents of the new Hindenburg Research report.

The American firm accused the SEBI in its report of having a "surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities" because of Buch's hidden financial interest in the conglomerate. According to Hindenburg, Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius—the very entities allegedly used by one Vinod Adani, brother of Gautam Adani, to manipulate the financial markets.

'Mauritius has a robust framework for global business companies. All global business companies licensed by the FSC have to meet substance requirements on an ongoing basis as per section 71 of the Financial Services Act, which is strictly monitored by the FSC,'&nbsp;stated the Mauritius regulator in clarification that they do not permit the creation of shell companies.

According to FSC, Mauritius adheres to international best practices and has been assessed as compliant with the standards of the Organisation for Economic Co-operation and Development (OECD).

'As per the peer review conducted by the OECD Forum on Harmful Tax Practices, the OECD is satisfied that Mauritius does not have any harmful features in its tax regimes, thus recognising Mauritius as a well-regulated, transparent, and compliant jurisdiction. Therefore, Mauritius cannot be termed as a tax haven,' it said.

There was outrage over the Hindenburg Research report that made new allegations relating to offshore funds against the Securities and Exchange Board of India chairman, Madhabi Puri Buch.

There was outrage over the Hindenburg Research report that made new allegations relating to offshore funds against the Securities and Exchange Board of India chairman, Madhabi Puri Buch. The charges are, however, being denied by the Financial Services Commission of Mauritius, saying that the funds are "not domiciled" in the island nation. 'The report of Hindenburg has further cited 'IPE Plus Fund' is a small offshore Mauritius Fund, and 'IPE Plus Fund 1, a fund registered in Mauritius'. We wish to clarify that IPE Plus Fund and IPE Plus Fund 1 are not licensees of the FSC and are not domiciled in Mauritius,' the regulator stated in a statement as it took cognisance of the contents of the new Hindenburg Research report. The American firm accused the SEBI in its report of having a "surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities" because of Buch's hidden financial interest in the conglomerate. According to Hindenburg, Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius—the very entities allegedly used by one Vinod Adani, brother of Gautam Adani, to manipulate the financial markets. 'Mauritius has a robust framework for global business companies. All global business companies licensed by the FSC have to meet substance requirements on an ongoing basis as per section 71 of the Financial Services Act, which is strictly monitored by the FSC,' stated the Mauritius regulator in clarification that they do not permit the creation of shell companies. According to FSC, Mauritius adheres to international best practices and has been assessed as compliant with the standards of the Organisation for Economic Co-operation and Development (OECD). 'As per the peer review conducted by the OECD Forum on Harmful Tax Practices, the OECD is satisfied that Mauritius does not have any harmful features in its tax regimes, thus recognising Mauritius as a well-regulated, transparent, and compliant jurisdiction. Therefore, Mauritius cannot be termed as a tax haven,' it said.

Financial commission of Mauritius debunks Hindenburg's offshore allegations

M&amp;M's and Snickers maker Mars said Wednesday that it would acquire snack food business Kellanova, marking a multibillion dollar agreement set to result in a new industry giant.

The all-cash transaction would value Kellanova -- which is behind snacks such as Pringles and Pop-Tarts -- at $35.9 billion, including debt.

"In welcoming Kellanova's portfolio of growing global brands, we have a substantial opportunity for Mars to further develop a sustainable snacking business that is fit for the future," said Mars chief executive Poul Weihrauch in a statement.

Also watch |&nbsp;Aid ship carrying food supplies from World Central Kitchen charity reaches Gaza coast

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The announcement comes at a time when consumers feel the squeeze from rising costs of living, putting pressure on companies to rein in their price hikes.

The move could, however, attract scrutiny from US regulators who have taken a tough stance on consolidations.

The acquisition for $83.50 per share in cash "accelerates ambition to double Mars Snacking in the next decade, in alignment with global consumer demand trends," Mars said.

Also read |&nbsp;<a href="https://www.wionews.com/entertainment/lifestyle/news-this-keto-friendly-sweetener-can-up-your-risk-of-heart-attack-and-stroke-study-finds-748405">Keto-friendly artificial sweetener linked to heart attack and stroke</a>

This would bring two new billion-dollar brands, Pringles and Cheez-It, into its business.

Already, the company said it has 15 billion-dollar brands.

"Snacking is a large, attractive and durable category that continues to grow in importance with consumers," Mars added.

Kellanova had net sales in 2023 of around $13 billion, and it is present in 180 markets with some 23,000 employees.

Shares of Kellanova were up by 7.3 per cent in US pre-market trading.

The Mars statement added that most of Kellanova's snack brands outperform competitors, especially among Gen Z and millennial buyers.

The combined portfolio would also be suited to meet demand in fast-growing markets such as Africa and Latin America, given their supply chains and local operations, the company said.

The plan, according to Mars, is to grow Kellanova's brands further.

The deal, which is anticipated to close in the first half of 2025, will need the green light from Kellanova shareholders and also require regulatory approvals.

Mars plans to fully finance the acquisition via a combination of cash-on-hand and new debt, it said, adding that commitments have been secured.

Family-owned business Mars said it employs about 150,000 workers and has over $50 billion in annual sales.

Besides snacking and food products, the company is also involved in the pet care sector.

In 2022, Mars said it reached a deal to buy whole-fruit snacking brand Tru Fru. And two years before that, it announced its acquisition of Kind North America -- which specialises in healthier snacks.

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION&nbsp;audience.

M&M's and Snickers maker Mars said Wednesday that it would acquire snack food business Kellanova, marking a multibillion dollar agreement set to result in a new industry giant.

M&M's and Snickers maker Mars said Wednesday that it would acquire snack food business Kellanova, marking a multibillion dollar agreement set to result in a new industry giant. The all-cash transaction would value Kellanova -- which is behind snacks such as Pringles and Pop-Tarts -- at $35.9 billion, including debt. "In welcoming Kellanova's portfolio of growing global brands, we have a substantial opportunity for Mars to further develop a sustainable snacking business that is fit for the future," said Mars chief executive Poul Weihrauch in a statement. Also watch | Aid ship carrying food supplies from World Central Kitchen charity reaches Gaza coast × The announcement comes at a time when consumers feel the squeeze from rising costs of living, putting pressure on companies to rein in their price hikes. The move could, however, attract scrutiny from US regulators who have taken a tough stance on consolidations. The acquisition for $83.50 per share in cash "accelerates ambition to double Mars Snacking in the next decade, in alignment with global consumer demand trends," Mars said. Also read | Keto-friendly artificial sweetener linked to heart attack and stroke This would bring two new billion-dollar brands, Pringles and Cheez-It, into its business. Already, the company said it has 15 billion-dollar brands. "Snacking is a large, attractive and durable category that continues to grow in importance with consumers," Mars added. Kellanova had net sales in 2023 of around $13 billion, and it is present in 180 markets with some 23,000 employees. Shares of Kellanova were up by 7.3 per cent in US pre-market trading. The Mars statement added that most of Kellanova's snack brands outperform competitors, especially among Gen Z and millennial buyers. The combined portfolio would also be suited to meet demand in fast-growing markets such as Africa and Latin America, given their supply chains and local operations, the company said. The plan, according to Mars, is to grow Kellanova's brands further. The deal, which is anticipated to close in the first half of 2025, will need the green light from Kellanova shareholders and also require regulatory approvals. Mars plans to fully finance the acquisition via a combination of cash-on-hand and new debt, it said, adding that commitments have been secured. Family-owned business Mars said it employs about 150,000 workers and has over $50 billion in annual sales. Besides snacking and food products, the company is also involved in the pet care sector. In 2022, Mars said it reached a deal to buy whole-fruit snacking brand Tru Fru. And two years before that, it announced its acquisition of Kind North America -- which specialises in healthier snacks. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Mars to acquire Pringles maker Kellanova for nearly $36 billion

In the wake of Hindenburg Reseach's allegations linking Sebi chief Madbhabi Buch to the Adani Group of companies, which the Indian market regulator has been probing, experts have questioned whether the watchdog is competent to conduct such investigations.

Hindenburg Research had alleged that Securities and Exchange Board of India chief Madhabi Buch and her husband had invested in an offshore fund that was also used by Adani Group operatives to inflate stock prices of the group companies. Buch has denied the allegations, but the US-based short-seller firm is sticking to its guns. 
 
Also read:&nbsp;<a href="https://www.wionews.com/business-economy/how-does-hindenburg-research-capitalise-on-its-high-profile-revelations-749977">How does Hindenburg Research capitalise on its high-profile revelations?</a>

Senior market analyst Hemindra Hazari said it is "regrettable" that any investigation by Sebi takes so long to close, and this has been going on for many years.

It is only after the Supreme Court's intervention that certain timelines were given to the regulator to investigate allegations about Adani, he noted, while speaking to WION.

"Now if your investigation takes so long, the question is: Is the regulator competent enough to get all the details or not?"&nbsp;

"And why should it be taking so long? These things should be done quickly and should be resolved quickly," he said.

WATCH:&nbsp;Hindenburg vs SEBI Chief: Hindenburg keeps spotlight on Adani group

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&nbsp;

Hazari noted that there are three basic issues in this controversy: 
 
1. Are the documents pertaining to Madhvi Buch's investments and her husband's authentic?

2. Did Buch make the necessary disclosures to Sebi, the government of India, and the Supreme Court of India?

3. Did she recuse herself from the Adani investigations?

Also read:&nbsp;<a href="https://www.wionews.com/india-news/hindenburg-report-reveals-5-billion-mutual-fund-money-invested-in-10-adani-group-companies-749467">Hindenburg report reveals $5 billion mutual fund money invested in 10 Adani Group companies</a>

 
Prof Vikas Singh, economist and author, said the Adani-Hindenburg saga has highlighted critical gaps in corporate governance and regulatory oversight.

"India must expedite investigations, ensuring transparency and accountability," Singh said.

<h2>'Sebi under scrutiny'</h2>

Singh pointed out that the Hindenburg-Adani saga has intensified scrutiny on Sebi's role in regulating India's capital markets.&nbsp;

"Allegations of lax oversight and potential conflicts of interest have eroded public trust in the regulator. While SEBI has initiated investigations, restoring credibility and ensuring investor protection are paramount," Singh told WION.

"The episode underscores the need for a robust regulatory framework and transparent governance within market watchdogs."

(With inputs from agencies)

In the wake of Hindenburg Reseach's allegations linking Sebi chief Madbhabi Buch to the Adani Group of companies, which the Indian market regulator has been probing, experts have questioned whether the watchdog is competent to conduct such investigations.

In the wake of Hindenburg Reseach's allegations linking Sebi chief Madbhabi Buch to the Adani Group of companies, which the Indian market regulator has been probing, experts have questioned whether the watchdog is competent to conduct such investigations. Hindenburg Research had alleged that Securities and Exchange Board of India chief Madhabi Buch and her husband had invested in an offshore fund that was also used by Adani Group operatives to inflate stock prices of the group companies. Buch has denied the allegations, but the US-based short-seller firm is sticking to its guns. Also read: How does Hindenburg Research capitalise on its high-profile revelations? Senior market analyst Hemindra Hazari said it is "regrettable" that any investigation by Sebi takes so long to close, and this has been going on for many years. It is only after the Supreme Court's intervention that certain timelines were given to the regulator to investigate allegations about Adani, he noted, while speaking to WION. "Now if your investigation takes so long, the question is: Is the regulator competent enough to get all the details or not?" "And why should it be taking so long? These things should be done quickly and should be resolved quickly," he said. WATCH: Hindenburg vs SEBI Chief: Hindenburg keeps spotlight on Adani group × Hazari noted that there are three basic issues in this controversy: 1. Are the documents pertaining to Madhvi Buch's investments and her husband's authentic? 2. Did Buch make the necessary disclosures to Sebi, the government of India, and the Supreme Court of India? 3. Did she recuse herself from the Adani investigations? Also read: Hindenburg report reveals $5 billion mutual fund money invested in 10 Adani Group companies Prof Vikas Singh, economist and author, said the Adani-Hindenburg saga has highlighted critical gaps in corporate governance and regulatory oversight. "India must expedite investigations, ensuring transparency and accountability," Singh said. 'Sebi under scrutiny' Singh pointed out that the Hindenburg-Adani saga has intensified scrutiny on Sebi's role in regulating India's capital markets. "Allegations of lax oversight and potential conflicts of interest have eroded public trust in the regulator. While SEBI has initiated investigations, restoring credibility and ensuring investor protection are paramount," Singh told WION. "The episode underscores the need for a robust regulatory framework and transparent governance within market watchdogs." (With inputs from agencies)

Hindenburg vs Adani and Sebi chief Madhabi's role: Is watchdog competent to probe? Experts weigh in

David Roche, a seasoned investor and a strategist at Quantum Strategy, warns that a bear market could hit in 2025, driven by a combination of factors: smaller-than-expected rate cuts, a slowing U.S. economy and an inflated AI sector. 'I think [a bear market] is probably coming, but probably in 2025. We now know what will cause it,' Roche said during an interview on CNBC's 'Squawk Box Asia' on Monday.

Roche anticipates that the Federal Reserve (Fed) will be reluctant to cut interest rates to the market's desired 3.50 per cent. Instead, the Fed's forecast for 2025 is around 4.1 per cent, which is higher than what most market participants expect. Roche believes that "profits won't fulfil expectations because the economy is going to be slowing."

He also points to the AI sector as a significant concern. Roche claims it has 'entered bubble terrain decisively' and will likely burst within the next six months, contributing to slower economic growth. 'I think there is enough in those three factors to cause a bear market of minus 20 per cent in 2025, maybe starting at the end of this year,' he added.

Recent market events, including a disappointing jobs report and a market sell-off exacerbated by unwinding carry trades after Japan's interest rate hike, raised recession fears. Although the S&amp;P 500 ended the week down less than 0.1 per cent, Roche expects the Fed to implement a 25-basis-point rate cut, which could pressure profit margins throughout 2025.

Roche believes the Fed has enough room to react if conditions worsen, given the low tolerance for economic pain among Fed officials, consumers, and politicians. 'The likelihood is that the Fed has plenty of room to cut rates if things turn out worse than expected,' he said. While it's unclear if these measures can completely stave off a severe downturn, Roche is confident that the Fed will act to prevent a global economic collapse.

David Roche, a seasoned investor and a strategist at Quantum Strategy, warns that a bear market could hit in 2025, driven by a combination of factors: smaller-than-expected rate cuts, a slowing U.

David Roche, a seasoned investor and a strategist at Quantum Strategy, warns that a bear market could hit in 2025, driven by a combination of factors: smaller-than-expected rate cuts, a slowing U.S. economy and an inflated AI sector. 'I think [a bear market] is probably coming, but probably in 2025. We now know what will cause it,' Roche said during an interview on CNBC's 'Squawk Box Asia' on Monday. Roche anticipates that the Federal Reserve (Fed) will be reluctant to cut interest rates to the market's desired 3.50 per cent. Instead, the Fed's forecast for 2025 is around 4.1 per cent, which is higher than what most market participants expect. Roche believes that "profits won't fulfil expectations because the economy is going to be slowing." He also points to the AI sector as a significant concern. Roche claims it has 'entered bubble terrain decisively' and will likely burst within the next six months, contributing to slower economic growth. 'I think there is enough in those three factors to cause a bear market of minus 20 per cent in 2025, maybe starting at the end of this year,' he added. Recent market events, including a disappointing jobs report and a market sell-off exacerbated by unwinding carry trades after Japan's interest rate hike, raised recession fears. Although the S&P 500 ended the week down less than 0.1 per cent, Roche expects the Fed to implement a 25-basis-point rate cut, which could pressure profit margins throughout 2025. Roche believes the Fed has enough room to react if conditions worsen, given the low tolerance for economic pain among Fed officials, consumers, and politicians. 'The likelihood is that the Fed has plenty of room to cut rates if things turn out worse than expected,' he said. While it's unclear if these measures can completely stave off a severe downturn, Roche is confident that the Fed will act to prevent a global economic collapse.

David Roche Predicts Bear Market in 2025 Due to Economic Factors & AI Bubble

Fitch Ratings has downgraded Israel's credit rating from 'A-plus' to 'A' in response to escalating geopolitical risks linked to the ongoing conflict in Gaza. The agency also maintained a negative outlook on the rating, signalling that further downgrades could be possible if the situation worsens.

The downgrade follows intense fighting that erupted on October 7 last year after a cross-border attack by the Islamist group Hamas. This conflict has resulted in significant casualties and triggered a severe humanitarian crisis. Fitch projects that the war in Gaza could extend well into 2025 and potentially widen to other regions, adding to the geopolitical instability.

Israeli Finance Minister Bezalel Smotrich responded to the downgrade on social media platform X, acknowledging that the conflict and its associated risks had led to this decision. The situation has become tenser with recent high-profile attacks, including the killing of Hamas leader Ismail Haniyeh in Iran and Hezbollah military commander Fuad Shukr in Beirut. These developments have heightened fears of a broader regional conflict.

As a result of the rising tensions, Israel's shekel fell by as much as 1.7 per cent against the dollar on Monday, and Tel Aviv's stock market ended over 1 per cent lower. Fitch highlights that the heightened regional conflict could necessitate substantial increases in military spending, leading to further economic strain. The agency estimates that military expenditures could permanently rise by about 1.5 per cent of GDP compared to pre-conflict levels, impacting public finances.

Fitch forecasts a budget deficit of 7.8 per cent of GDP for Israel in 2024 and anticipates that the national debt will stay above 70 per cent of GDP in the medium term. If military spending remains elevated and economic uncertainties persist, the country's debt could continue to rise beyond 2025.

Fitch Ratings has downgraded Israel's credit rating from 'A-plus' to 'A' in response to escalating geopolitical risks linked to the ongoing conflict in Gaza. The agency also maintained a negative outlook on the rating, signalling that further downgrades could be possible if the situation worsens.

Fitch Ratings has downgraded Israel's credit rating from 'A-plus' to 'A' in response to escalating geopolitical risks linked to the ongoing conflict in Gaza. The agency also maintained a negative outlook on the rating, signalling that further downgrades could be possible if the situation worsens. The downgrade follows intense fighting that erupted on October 7 last year after a cross-border attack by the Islamist group Hamas. This conflict has resulted in significant casualties and triggered a severe humanitarian crisis. Fitch projects that the war in Gaza could extend well into 2025 and potentially widen to other regions, adding to the geopolitical instability. Israeli Finance Minister Bezalel Smotrich responded to the downgrade on social media platform X, acknowledging that the conflict and its associated risks had led to this decision. The situation has become tenser with recent high-profile attacks, including the killing of Hamas leader Ismail Haniyeh in Iran and Hezbollah military commander Fuad Shukr in Beirut. These developments have heightened fears of a broader regional conflict. As a result of the rising tensions, Israel's shekel fell by as much as 1.7 per cent against the dollar on Monday, and Tel Aviv's stock market ended over 1 per cent lower. Fitch highlights that the heightened regional conflict could necessitate substantial increases in military spending, leading to further economic strain. The agency estimates that military expenditures could permanently rise by about 1.5 per cent of GDP compared to pre-conflict levels, impacting public finances. Fitch forecasts a budget deficit of 7.8 per cent of GDP for Israel in 2024 and anticipates that the national debt will stay above 70 per cent of GDP in the medium term. If military spending remains elevated and economic uncertainties persist, the country's debt could continue to rise beyond 2025.

Fitch downgrades Israel's credit rating amid rising West Asia tensions

Starbucks on Tuesday (August 13) appointed Chipotle's Brian Niccol as its new chief executive officer, with Laxman Narasimhan stepping down with immediate effect.&nbsp;

The global coffee shop chain has been under intense pressure from activist investors. This also includes Elliott Investment Management, who acquired&nbsp;a stake in the company in the recent past.

"We are thrilled to welcome Brian to Starbucks. His phenomenal career speaks for itself," said Mellody Hobson, Starbucks board chair, on Tuesday (August 13), citing his "proven track record of driving innovation and growth".

The shares in Starbucks rose 11 per cent in pre-market trading. Chipotle shares, however, fell 10 per cent at the time of filing this report.

This is a developing story. More information will be added soon.&nbsp;

Starbucks on Tuesday (August 13) appointed Chipotle's Brian Niccol as its new chief executive officer, with Laxman Narasimhan stepping down with immediate effect.

Starbucks on Tuesday (August 13) appointed Chipotle's Brian Niccol as its new chief executive officer, with Laxman Narasimhan stepping down with immediate effect. The global coffee shop chain has been under intense pressure from activist investors. This also includes Elliott Investment Management, who acquired a stake in the company in the recent past. "We are thrilled to welcome Brian to Starbucks. His phenomenal career speaks for itself," said Mellody Hobson, Starbucks board chair, on Tuesday (August 13), citing his "proven track record of driving innovation and growth". The shares in Starbucks rose 11 per cent in pre-market trading. Chipotle shares, however, fell 10 per cent at the time of filing this report. This is a developing story. More information will be added soon.

Laxman Narasimhan no longer Starbucks CEO; Brian Niccol to lead coffee chain

An application filed in the Supreme Court on Tuesday (Aug 13) stated that the latest allegations by Hindenburg Research against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Buch have created an “atmosphere of doubt,” making it essential for the court to complete its investigation into the Adani Group and disclose its findings.

Petitioner, advocate Vishal Tiwari, reminded that the Supreme Court, in its judgment on January 3, had given SEBI three months to complete 24 investigations into Hindenburg’s earlier report accusing the Adani Group of share price manipulations and violations of securities law.

SEBI completed most of its investigations into the Adani Group, with only two pending due to required information from external sources. Given recent developments, the application urges the court to set a specific deadline for concluding these final probes.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/hindenburg-report-ex-finance-ministry-official-urges-nirmala-sitharaman-to-probe-sebi-chief-madhabi-buch-749633">Ex-FinMin official asks Sitharaman to probe SEBI chief over Hindenburg report</a>

The application said, “It is important in the public interest and for the sake of the Investors who lost their funds after the publication of the Hindenburg report in 2023 against Adani Group. The right to know about the investigations led by SEBI and its conclusions are essential for the benefit of investors.”

Tiwari referred to Hindenburg's claims that SEBI chief Madhabi Buch and her husband had financial ties to offshore funds allegedly involved in the Adani Group's financial misconduct.

The report cited “whistleblower documents”.

Notably, the report comes a year and a half after Hindenburg’s damaging report on the Adani Group that had far-reaching consequences, including the cancellation of the company’s flagship ₹20,000 crore (23,82,044.00 USD) follow-on public offer.

The application alleged, “Hindenburg claimed in a blog post that 18 months after its preliminary report on Adani, the Securities and Exchange Board of India (SEBI) has shown an unexpected lack of interest in investigating Adani’s alleged web of undisclosed Mauritius and offshore shell entities.”&nbsp;

According to Hindenburg, Tiwari said, an announcement of funds signed by a principal at IIFL stated that the source of the investment was salary, and the couple’s net worth was estimated at $10 million. Hindenburg claimed that just weeks before her appointment as SEBI chairperson in March 2017, Madhabi Buch's husband requested sole control over their offshore accounts from Mauritius fund administrator Trident Trust.

<a href="https://www.wionews.com/business-economy/wholl-watch-the-watchdog-did-sebi-chief-madhabi-buch-fail-to-disclose-adani-links-recuse-from-probes-749348" target="_blank">Also read |&nbsp;Who'll watch the watchdog? Did SEBI chief Madhabi Buch fail to disclose Adani links, recuse from probes?</a>

The email, allegedly obtained from a whistleblower, appeared to indicate an attempt to move the assets out of his wife’s name ahead of her politically sensitive appointment.

"The SEBI chief has dismissed the allegations as unfounded. While the court has ruled that third-party reports are inadmissible, the claims have nonetheless created public and investor uncertainty. Under these circumstances," the application said.

(With inputs from agencies)

An application filed in the Supreme Court on Tuesday (Aug 13) stated that the latest allegations by Hindenburg Research against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Buch have created an “atmosphere of doubt,” making it essential for the court to complete its investigation into the Adani Group and disclose its findings.

An application filed in the Supreme Court on Tuesday (Aug 13) stated that the latest allegations by Hindenburg Research against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Buch have created an “atmosphere of doubt,” making it essential for the court to complete its investigation into the Adani Group and disclose its findings. Petitioner, advocate Vishal Tiwari, reminded that the Supreme Court, in its judgment on January 3, had given SEBI three months to complete 24 investigations into Hindenburg’s earlier report accusing the Adani Group of share price manipulations and violations of securities law. SEBI completed most of its investigations into the Adani Group, with only two pending due to required information from external sources. Given recent developments, the application urges the court to set a specific deadline for concluding these final probes. Also read: Ex-FinMin official asks Sitharaman to probe SEBI chief over Hindenburg report The application said, “It is important in the public interest and for the sake of the Investors who lost their funds after the publication of the Hindenburg report in 2023 against Adani Group. The right to know about the investigations led by SEBI and its conclusions are essential for the benefit of investors.” Tiwari referred to Hindenburg's claims that SEBI chief Madhabi Buch and her husband had financial ties to offshore funds allegedly involved in the Adani Group's financial misconduct. The report cited “whistleblower documents”. Notably, the report comes a year and a half after Hindenburg’s damaging report on the Adani Group that had far-reaching consequences, including the cancellation of the company’s flagship ₹20,000 crore (23,82,044.00 USD) follow-on public offer. The application alleged, “Hindenburg claimed in a blog post that 18 months after its preliminary report on Adani, the Securities and Exchange Board of India (SEBI) has shown an unexpected lack of interest in investigating Adani’s alleged web of undisclosed Mauritius and offshore shell entities.” According to Hindenburg, Tiwari said, an announcement of funds signed by a principal at IIFL stated that the source of the investment was salary, and the couple’s net worth was estimated at $10 million. Hindenburg claimed that just weeks before her appointment as SEBI chairperson in March 2017, Madhabi Buch's husband requested sole control over their offshore accounts from Mauritius fund administrator Trident Trust. Also read | Who'll watch the watchdog? Did SEBI chief Madhabi Buch fail to disclose Adani links, recuse from probes? The email, allegedly obtained from a whistleblower, appeared to indicate an attempt to move the assets out of his wife’s name ahead of her politically sensitive appointment. "The SEBI chief has dismissed the allegations as unfounded. While the court has ruled that third-party reports are inadmissible, the claims have nonetheless created public and investor uncertainty. Under these circumstances," the application said. (With inputs from agencies)

Hindenburg Vs SEBI: Supreme Court plea seeks directive to complete Adani Group probe

Sebi chief Madhabi Buch and Adani vs Hindenburg row:&nbsp;An independent judicial panel should probe the alleged links between Adani group and Sebi chairperson Madhabi Puri Buch, said former finance ministry secretary EAS Sarma, who had written to the finance minister after fresh allegations were made by Hindenburg Research, in an exclusive chat with WION on Tuesday (Aug 13).&nbsp;

Hindenburg Research alleged that Securities and Exchange Board of India chairperson Madbhabi Buch and her husband had investments in an offshore fund that was linked to Adani, even as Sebi under her leadership&nbsp;was probing earlier allegations made by the US-based activist short-seller firm.&nbsp;

Questions are being raised about whether Buch properly disclosed her investments to Adani-linked funds. In two separate statements, Buch and her husband defended their investment record.

"The Sebi chairman, or any member, if they make any disclosure, that should be to the ministry of finance...and cabinet committee on appointments which appoints them. She cannot give a clean chit to herself," Sarma told WION. "This is a matter that requires further enquiry".

"Did she make a disclosure to the Ministry of Finance? Was the cabinet committee on appointments and the cabinet made aware of all this? This is much more important."

<h2>Sarma explains his reasons for seeking a judicial probe into Madhabi Buch-Adani links</h2>

"Once there is a doubt like this, somebody has to investigate," Sarma said. "Can Sebi do that? No, it can't," he said, pointing out that regulatory authorities have recently been "compromised," and their integrity was under scrutiny. "People are losing credibility in some of these institutions."

Sarma suggested an independent judicial commission, whose head should be nominated by the Chief Justice of India, to conduct the probe in a time-bound manner and submit the report to parliament.

<a href="https://www.wionews.com/videos/hindenburg-vs-sebi-chief-saga-hindenburg-allegations-invoke-chandra-kochars-case-749589" target="_blank">Watch |&nbsp;Hindenburg vs SEBI Chief Saga: Hindenburg allegations invoke Chandra Kochar's case</a>

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/hindenburg-vs-sebi-chief-saga-hindenburg-allegations-invoke-chandra-kochars-case-749589/embed" width="560"></iframe>

<h2>'Shadow economy of offshore shell companies flourishing'</h2>

Sarma pointed out that the larger issue here is the shadow economy of shell companies flourishing in the absence of regulation.

"I have written many times to the finance minister...about a shadow economy actually flourishing outside India. Many overseas shell companies have been set up. Some of these business houses are cashing their illicit wealth in these overseas shell companies," Sarma told WION.

"They're using them to evade taxes... and also probably to manipulate the stock market."

He pointed out that there's&nbsp;no proper definition of a shell company available in India, unlike in the US and Europe, which led to a legislative gap.

"In the companies act, in the prevention of money laundering legislation and in Sebi regulations, everywhere you should define it...I think they appointed a task force but it never saw the light of the day. They've deliberately left a legislative gap that has given a cover for these overseas shell companies to operate."

Noting that there was a 2014 regulation that foreign portfolio investors should reveal 'beneficial ownership' of their funds, he said that in 2018, "for very strange reasons," Sebi relaxed it, "making it easy for FPIs to hide their beneficiary owners."

He pointed out there were some investigations into Adani-linked companies in the past after the first Hindenburg report. "We don't know what really happened."

Sarma highlighted in 2022, the Department of Economic Affairs issued an order further relaxing how shell companies operate. "It literally made it easy for people to stash money in these companies and then round-trip it via third countries to India."

He pointed out that a former chairman of Sebi joined the board of the Adani group,&nbsp;which had raised eyebrows.

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Hindenburg vs SEBI: 'The accusations made against the chairperson of SEBI are only accusations, they are not yet proven' 
 
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<h2>Sarma's letter to Finance Minister Sitaraman</h2>

Sarma's exclusive comments to WION came after he wrote a letter to Finance Minister Nirmala Sitaraman seeking a&nbsp;judicial probe into claims made&nbsp;by Hindenburg Research against Sebi chief Madhabi&nbsp;Buch.&nbsp;

In the letter, Sarma highlighted Buch's 'conflict of interest' concerning Adani, adding that Sebi should conduct an impartial probe into the previous allegations made by Hindenburg too.

"If the accusations made by Hindenburg are factually found to be correct, all investigations conducted during the last few years by the stock market regulator on external manipulation of stock market indices by a few corporate entities through their benami agencies need to be subject to a re-investigation," said Sarma in the letter.

"Such accusations should wake up the powers that be to refrain from interfering with the independence of any statutory institution for that matter, as such interference will erode public trust and credibility of that institution," he added.&nbsp;

<a href="https://www.wionews.com/india-news/hindenburg-report-ex-finance-ministry-official-urges-nirmala-sitharaman-to-probe-sebi-chief-madhabi-buch-749633">Also read |&nbsp;Hindenburg report: Ex-Finance Ministry official urges Nirmala Sitharaman to probe SEBI chief Madhabi Buch</a>

<h2>Madhabi Buch- Adani link: Oppn leader Rahul Gandhi demands probe; petition filed in Supreme Court</h2>

Earlier, Rahul Gandhi, India's Leader of Opposition, demanded a Joint Parliamentary Committee (JPC) inquiry into the claims made by Hindenburg. 
 
He asked who would be held responsible if investors were to lose their hard-earned money. “Is the Prime Minister of India responsible? Is Madhabi Buch responsible, or is Mr Adani responsible? It’s slowly becoming crystal clear why PM [Narendra] Modi is against a JPC looking into this matter,” said Gandhi.&nbsp;

<a href="https://www.wionews.com/business-economy/wholl-watch-the-watchdog-did-sebi-chief-madhabi-buch-fail-to-disclose-adani-links-recuse-from-probes-749348" target="_blank">Also read |&nbsp;Who'll watch the watchdog? Did SEBI chief Madhabi Buch fail to disclose Adani links, recuse from probes?</a>

On Tuesday (Aug 13), a petition was filed in the Supreme Court, asking it to direct the completion of a&nbsp;probe into Adani that it had ordered after Hindenburg made the first allegations. The petition said the claims by Hindenburg create&nbsp;an ‘atmosphere of doubt’.&nbsp;

The petitioner, advocate Vishal Tiwari, highlighted that the apex court had on January 3 given Sebi three months to complete 24 probes into Hindenburg’s earlier report accusing the Adani Group of stock price inflation and other violations of securities law.

(With inputs from agencies) 
&nbsp;

Sebi chief Madhabi Buch and Adani vs Hindenburg row: An independent judicial panel should probe the alleged links between Adani group and Sebi chairperson Madhabi Puri Buch, said former finance ministry secretary EAS Sarma, who had written to the finance minister after fresh allegations were made by Hindenburg Research, in an exclusive chat with WION on Tuesday (Aug 13).

Sebi chief Madhabi Buch and Adani vs Hindenburg row: An independent judicial panel should probe the alleged links between Adani group and Sebi chairperson Madhabi Puri Buch, said former finance ministry secretary EAS Sarma, who had written to the finance minister after fresh allegations were made by Hindenburg Research, in an exclusive chat with WION on Tuesday (Aug 13). Hindenburg Research alleged that Securities and Exchange Board of India chairperson Madbhabi Buch and her husband had investments in an offshore fund that was linked to Adani, even as Sebi under her leadership was probing earlier allegations made by the US-based activist short-seller firm. Questions are being raised about whether Buch properly disclosed her investments to Adani-linked funds. In two separate statements, Buch and her husband defended their investment record. "The Sebi chairman, or any member, if they make any disclosure, that should be to the ministry of finance...and cabinet committee on appointments which appoints them. She cannot give a clean chit to herself," Sarma told WION. "This is a matter that requires further enquiry". "Did she make a disclosure to the Ministry of Finance? Was the cabinet committee on appointments and the cabinet made aware of all this? This is much more important." Sarma explains his reasons for seeking a judicial probe into Madhabi Buch-Adani links "Once there is a doubt like this, somebody has to investigate," Sarma said. "Can Sebi do that? No, it can't," he said, pointing out that regulatory authorities have recently been "compromised," and their integrity was under scrutiny. "People are losing credibility in some of these institutions." Sarma suggested an independent judicial commission, whose head should be nominated by the Chief Justice of India, to conduct the probe in a time-bound manner and submit the report to parliament. Watch | Hindenburg vs SEBI Chief Saga: Hindenburg allegations invoke Chandra Kochar's case 'Shadow economy of offshore shell companies flourishing' Sarma pointed out that the larger issue here is the shadow economy of shell companies flourishing in the absence of regulation. "I have written many times to the finance minister...about a shadow economy actually flourishing outside India. Many overseas shell companies have been set up. Some of these business houses are cashing their illicit wealth in these overseas shell companies," Sarma told WION. "They're using them to evade taxes... and also probably to manipulate the stock market." He pointed out that there's no proper definition of a shell company available in India, unlike in the US and Europe, which led to a legislative gap. "In the companies act, in the prevention of money laundering legislation and in Sebi regulations, everywhere you should define it...I think they appointed a task force but it never saw the light of the day. They've deliberately left a legislative gap that has given a cover for these overseas shell companies to operate." Noting that there was a 2014 regulation that foreign portfolio investors should reveal 'beneficial ownership' of their funds, he said that in 2018, "for very strange reasons," Sebi relaxed it, "making it easy for FPIs to hide their beneficiary owners." He pointed out there were some investigations into Adani-linked companies in the past after the first Hindenburg report. "We don't know what really happened." Sarma highlighted in 2022, the Department of Economic Affairs issued an order further relaxing how shell companies operate. "It literally made it easy for people to stash money in these companies and then round-trip it via third countries to India." He pointed out that a former chairman of Sebi joined the board of the Adani group, which had raised eyebrows. Hindenburg vs SEBI: 'The accusations made against the chairperson of SEBI are only accusations, they are not yet proven' I have written many times to the finance minister and others about the shadow economy flourishing outside India. Many overseas shell companies have been set… pic.twitter.com/ROpYYbotwb — WION (@WIONews) August 13, 2024 × Sarma's letter to Finance Minister Sitaraman Sarma's exclusive comments to WION came after he wrote a letter to Finance Minister Nirmala Sitaraman seeking a judicial probe into claims made by Hindenburg Research against Sebi chief Madhabi Buch. In the letter, Sarma highlighted Buch's 'conflict of interest' concerning Adani, adding that Sebi should conduct an impartial probe into the previous allegations made by Hindenburg too. "If the accusations made by Hindenburg are factually found to be correct, all investigations conducted during the last few years by the stock market regulator on external manipulation of stock market indices by a few corporate entities through their benami agencies need to be subject to a re-investigation," said Sarma in the letter. "Such accusations should wake up the powers that be to refrain from interfering with the independence of any statutory institution for that matter, as such interference will erode public trust and credibility of that institution," he added. Also read | Hindenburg report: Ex-Finance Ministry official urges Nirmala Sitharaman to probe SEBI chief Madhabi Buch Madhabi Buch- Adani link: Oppn leader Rahul Gandhi demands probe; petition filed in Supreme Court Earlier, Rahul Gandhi, India's Leader of Opposition, demanded a Joint Parliamentary Committee (JPC) inquiry into the claims made by Hindenburg. He asked who would be held responsible if investors were to lose their hard-earned money. “Is the Prime Minister of India responsible? Is Madhabi Buch responsible, or is Mr Adani responsible? It’s slowly becoming crystal clear why PM [Narendra] Modi is against a JPC looking into this matter,” said Gandhi. Also read | Who'll watch the watchdog? Did SEBI chief Madhabi Buch fail to disclose Adani links, recuse from probes? On Tuesday (Aug 13), a petition was filed in the Supreme Court, asking it to direct the completion of a probe into Adani that it had ordered after Hindenburg made the first allegations. The petition said the claims by Hindenburg create an ‘atmosphere of doubt’. The petitioner, advocate Vishal Tiwari, highlighted that the apex court had on January 3 given Sebi three months to complete 24 probes into Hindenburg’s earlier report accusing the Adani Group of stock price inflation and other violations of securities law. (With inputs from agencies)

Hindenburg vs Adani: Sebi chief Madhabi's links need judicial probe, ex-official EAS Sarma tells WION

In the ongoing Hindenburg saga, the latest is an application made to the Supreme Court, requesting that SEBI finish the ongoing investigations into the Adani group of companies. This comes after the US-based short seller's most recent report, which alleged a conflict of interest involving SEBI chairperson Madhabi Puri Buch.

Vishal Tiwari has submitted the latest plea. Tiwari was the petitioner in the 2023 lawsuits that sought an inquiry by the SIT or CBI into the claims made by Hindenburg in January 2023. Back then, Hindenburg had published a scathing report about the Adani group's alleged stock market manipulation.

The supreme court had rejected the request for a CBI/SIT probe in January this year, supporting the SEBI's inquiry. Although the court rejected the petitions, it did urge the SEBI to finish the investigations 'preferably' within three months.

The SEBI has closed 22 of the 24 investigations and said external agencies' inputs on the remaining two enquiries are still awaited. The new application stated that, given recent events, it would be wise to set a deadline for the outstanding investigations to be completed.

Tiwari cited Hindenburg's latest allegations on the SEBI chief and her husband's involvement with the Adani group's scam. The petitioner also stated, 'It becomes incumbent for SEBI to conclude the pending investigations and declare the conclusion of the investigations" due to the report's reputation for sowing an atmosphere of doubt.'

The application argued that 'it is important in the public interest and for the interest of the investors who lost their funds after the publication of the Hindenburg report in 2023 against Adani group.' The plea added, 'The right to know about the investigations led by SEBI and its conclusions are essential for the benefit of investors.' 
&nbsp;

In the ongoing Hindenburg saga, the latest is an application made to the Supreme Court, requesting that SEBI finish the ongoing investigations into the Adani group of companies.

In the ongoing Hindenburg saga, the latest is an application made to the Supreme Court, requesting that SEBI finish the ongoing investigations into the Adani group of companies. This comes after the US-based short seller's most recent report, which alleged a conflict of interest involving SEBI chairperson Madhabi Puri Buch. Vishal Tiwari has submitted the latest plea. Tiwari was the petitioner in the 2023 lawsuits that sought an inquiry by the SIT or CBI into the claims made by Hindenburg in January 2023. Back then, Hindenburg had published a scathing report about the Adani group's alleged stock market manipulation. The supreme court had rejected the request for a CBI/SIT probe in January this year, supporting the SEBI's inquiry. Although the court rejected the petitions, it did urge the SEBI to finish the investigations 'preferably' within three months. The SEBI has closed 22 of the 24 investigations and said external agencies' inputs on the remaining two enquiries are still awaited. The new application stated that, given recent events, it would be wise to set a deadline for the outstanding investigations to be completed. Tiwari cited Hindenburg's latest allegations on the SEBI chief and her husband's involvement with the Adani group's scam. The petitioner also stated, 'It becomes incumbent for SEBI to conclude the pending investigations and declare the conclusion of the investigations" due to the report's reputation for sowing an atmosphere of doubt.' The application argued that 'it is important in the public interest and for the interest of the investors who lost their funds after the publication of the Hindenburg report in 2023 against Adani group.' The plea added, 'The right to know about the investigations led by SEBI and its conclusions are essential for the benefit of investors.'

Hindenburg vs SEBI chief: New plea in Supreme Court on Adani probe

In the ongoing controversy surrounding SEBI chief Madhabi Puri Buch, we look at the wider demand for an independent probe into Hindenburg's allegations.

A report by the Indian Express shows the web of funds &amp; investments, which Hindenburg alleges show the link between the SEBI chief and the Adani group. SEBI chief Madhabi Puri Buch and her husband, Dhaval Buch's investment in Mauritius-based IPE plus fund 1 is now at the centre of the controversy. According to the report, this fund also had several investments from Vinod Adani and is part of two of the 13 offshore funds which form a part of the web under SEBI's scrutiny.

Hindenburg's latest report said, 'Madhabi Buch's response includes several admissions...and raises numerous new critical questions.' The US firm has demanded the SEBI chairperson's client list. The research firm challenged the SEBI chief to 'commit to a full, transparent and public investigation into these issues'

Hindenburg has also questioned the integrity of SEBI's probe into the Adani group's fraud, with Buch's involvement in such funds.

Stock market reaction

The controversy has had limited reaction from the Indian stock market. Early on Monday, the Sensex index fell as much as 500 points but recovered to close nearly flat. The scenario was the same for Adani group stocks. That suggests investors have broadly moved ahead beyond the controversy. On Tuesday, the index crashed nearly 700 points to below the 79,000 level. However, broader global cues were the driving force.

Still, the saga poses several important questions. Calls for an independent probe have increased, and so have the demands for the SEBI chief to step down.

In the ongoing controversy surrounding SEBI chief Madhabi Puri Buch, we look at the wider demand for an independent probe into Hindenburg's allegations. A report by the Indian Express shows the web of funds & investments, which Hindenburg alleges show the link between the SEBI chief and the Adani group.

In the ongoing controversy surrounding SEBI chief Madhabi Puri Buch, we look at the wider demand for an independent probe into Hindenburg's allegations. A report by the Indian Express shows the web of funds & investments, which Hindenburg alleges show the link between the SEBI chief and the Adani group. SEBI chief Madhabi Puri Buch and her husband, Dhaval Buch's investment in Mauritius-based IPE plus fund 1 is now at the centre of the controversy. According to the report, this fund also had several investments from Vinod Adani and is part of two of the 13 offshore funds which form a part of the web under SEBI's scrutiny. Hindenburg's latest report said, 'Madhabi Buch's response includes several admissions...and raises numerous new critical questions.' The US firm has demanded the SEBI chairperson's client list. The research firm challenged the SEBI chief to 'commit to a full, transparent and public investigation into these issues' Hindenburg has also questioned the integrity of SEBI's probe into the Adani group's fraud, with Buch's involvement in such funds. Stock market reaction The controversy has had limited reaction from the Indian stock market. Early on Monday, the Sensex index fell as much as 500 points but recovered to close nearly flat. The scenario was the same for Adani group stocks. That suggests investors have broadly moved ahead beyond the controversy. On Tuesday, the index crashed nearly 700 points to below the 79,000 level. However, broader global cues were the driving force. Still, the saga poses several important questions. Calls for an independent probe have increased, and so have the demands for the SEBI chief to step down.

'Web of funds': Hindenburg demands SEBI Chief's client list

India has seen several high-profile cases, with the latest Hindenburg allegations on SEBI chief Madhabi Puri Buch invoking memories of former ICICI Bank CEO Chanda Kochhar. The similarity in both cases has sent social media on overdrive.

Hindenburg research raised severe claims against SEBI chair Buch and her spouse Dhaval Buch as well. The research house ASO questions the integrity of SEBI's probe into the Adani group's fraud, with Buch's involvement in such funds. That is eerily similar to Chanda Kochhar and her husband, Deepak Kochhar, suspected of irregularities in a 3,000-crore rupee loan to the Videocon group during her time as ICICI Bank CEO.

The similarities don't end there. In 2018, Kochhar stepped down from her role as CEO of ICICI Bank after facing allegations of corruption. With Hindenburg alleging Buch's investment in funds linked to the Adani group's fraud, there is increasing pressure on Buch to resign as SEBI chief.&nbsp;

The other connection between Kochhar and Buch is that the SEBI chief once worked at ICICI Bank as an executive director. Before the dramatic downfall, Kochhar was one of Time magazine's 100 most powerful women in 2015 and Forbes' most powerful women seven times.

These high-profile cases bring several questions to the fore. Should the government try and bridge the gap in regulations to make sure such scenarios don't repeat? Beyond politics, what is important is to keep the confidence in India's regulatory bodies? Will the government initiate a separate probe as the opposition has demanded? Should the SEBI chief hold the position under such a scenario?

India has seen several high-profile cases, with the latest Hindenburg allegations on SEBI chief Madhabi Puri Buch invoking memories of former ICICI Bank CEO Chanda Kochhar.

India has seen several high-profile cases, with the latest Hindenburg allegations on SEBI chief Madhabi Puri Buch invoking memories of former ICICI Bank CEO Chanda Kochhar. The similarity in both cases has sent social media on overdrive. Hindenburg research raised severe claims against SEBI chair Buch and her spouse Dhaval Buch as well. The research house ASO questions the integrity of SEBI's probe into the Adani group's fraud, with Buch's involvement in such funds. That is eerily similar to Chanda Kochhar and her husband, Deepak Kochhar, suspected of irregularities in a 3,000-crore rupee loan to the Videocon group during her time as ICICI Bank CEO. The similarities don't end there. In 2018, Kochhar stepped down from her role as CEO of ICICI Bank after facing allegations of corruption. With Hindenburg alleging Buch's investment in funds linked to the Adani group's fraud, there is increasing pressure on Buch to resign as SEBI chief. The other connection between Kochhar and Buch is that the SEBI chief once worked at ICICI Bank as an executive director. Before the dramatic downfall, Kochhar was one of Time magazine's 100 most powerful women in 2015 and Forbes' most powerful women seven times. These high-profile cases bring several questions to the fore. Should the government try and bridge the gap in regulations to make sure such scenarios don't repeat? Beyond politics, what is important is to keep the confidence in India's regulatory bodies? Will the government initiate a separate probe as the opposition has demanded? Should the SEBI chief hold the position under such a scenario?

Hindenburg allegations on SEBI chief invoke Chandra Kochhar's case

Foreign investors pulled out a record amount of capital from China during the second quarter of 2024, reflecting significant pessimism about the world's second-largest economy. According to data from the State Administration of Foreign Exchange (SAFE) released on August 9, China's direct investment liabilities fell by nearly US$15 billion (S$19.9 billion) from April to June, marking only the second instance of a negative figure in this category. For the first half of the year, the drop totalled about US$5 billion.&nbsp;

If this trend continues for the remainder of 2024, it would represent the first annual net outflow of foreign investment since data collection began in 1990. Investment flows into China have been declining since peaking at a record US$344 billion in 2021. Factors contributing to this downturn include a slowing economy, escalating geopolitical tensions, and a sudden shift towards electric vehicles, which has unsettled foreign automotive firms and led to reduced or withdrawn investments.&nbsp;

This decline occurs despite Beijing's ongoing efforts to attract and retain foreign capital, following the smallest increase in foreign investment on record in 2023. The Chinese government aims to demonstrate that the country remains open and appealing to foreign businesses, hoping to attract advanced technologies while countering international pressure to decouple from China.&nbsp;

SAFE's data, which reflects net flows, can indicate trends in foreign companies' profits and operational changes in China. Higher interest rates in advanced economies versus lower rates in China have led multinationals to keep more cash abroad.&nbsp;

In contrast, Chinese outbound investment surged to a record US$71 billion in the second quarter, up over 80 per cent from US$39 billion in the same period of 2023. Chinese firms are increasingly investing in projects such as electric vehicle and battery factories.&nbsp;

Additionally, China's trade surplus anomaly has expanded, reaching a record US$87 billion in Q2 and nearly US$150 billion for the first half of 2024. The discrepancy in trade figures, highlighted earlier by the US Treasury, has been attributed to differing methodologies in recording exports and imports, according to the International Monetary Fund.

Foreign investors pulled out a record amount of capital from China during the second quarter of 2024, reflecting significant pessimism about the world's second-largest economy.

Foreign investors pulled out a record amount of capital from China during the second quarter of 2024, reflecting significant pessimism about the world's second-largest economy. According to data from the State Administration of Foreign Exchange (SAFE) released on August 9, China's direct investment liabilities fell by nearly US$15 billion (S$19.9 billion) from April to June, marking only the second instance of a negative figure in this category. For the first half of the year, the drop totalled about US$5 billion. If this trend continues for the remainder of 2024, it would represent the first annual net outflow of foreign investment since data collection began in 1990. Investment flows into China have been declining since peaking at a record US$344 billion in 2021. Factors contributing to this downturn include a slowing economy, escalating geopolitical tensions, and a sudden shift towards electric vehicles, which has unsettled foreign automotive firms and led to reduced or withdrawn investments. This decline occurs despite Beijing's ongoing efforts to attract and retain foreign capital, following the smallest increase in foreign investment on record in 2023. The Chinese government aims to demonstrate that the country remains open and appealing to foreign businesses, hoping to attract advanced technologies while countering international pressure to decouple from China. SAFE's data, which reflects net flows, can indicate trends in foreign companies' profits and operational changes in China. Higher interest rates in advanced economies versus lower rates in China have led multinationals to keep more cash abroad. In contrast, Chinese outbound investment surged to a record US$71 billion in the second quarter, up over 80 per cent from US$39 billion in the same period of 2023. Chinese firms are increasingly investing in projects such as electric vehicle and battery factories. Additionally, China's trade surplus anomaly has expanded, reaching a record US$87 billion in Q2 and nearly US$150 billion for the first half of 2024. The discrepancy in trade figures, highlighted earlier by the US Treasury, has been attributed to differing methodologies in recording exports and imports, according to the International Monetary Fund.

Foreign investors withdraw record amounts from China in June quarter

Retail inflation declined to a five-year low of 3.54 per cent in July mainly on account of subdued prices of food items, and base effect, according to official data released on Monday.

The Consumer Price Index (CPI) based retail inflation was 5.08 per cent in June 2024 and 7.44 per cent in July 2023.

Retail inflation slipped below the median target of 4 per cent of the Reserve Bank for the first time since September 2019 when it was at 3.99 per cent. The government has tasked the RBI to ensure inflation remains at 4 per cent with a margin of 2 per cent on either side. Inflation has remained below 6 per cent since September 2023.

According to the data released by the National Statistical Office (NSO), the annual inflation in 'milk and milk products' was 2.99 per cent, 'oils and fats' (-) 1.17, fruits 3.84 per cent, and spices (-) 1.43 per cent.

The rate of price rise was 6.83 per cent in the vegetable basket and 8.14 per cent in 'cereals and products', NSO said.

The CPI Inflation in the food basket was 5.42 per cent in July, down from 9.36 per cent in June, and 11.51 a year ago. Inflation in the 'fuel and light' segment was in negative at 5.48 per cent.

The NSO data further showed that inflation was more than the national average in rural India at 4.1 per cent while in urban areas it was 2.98 per cent.

Among states, the highest inflation was in Bihar at 5.87 per cent and the lowest in Jharkhand at 1.72 per cent.

Commenting on the data, Aditi Nayar, Chief Economist, ICRA said the CPI inflation expectedly witnessed a base-led softening to a 59-month low in July, printing slightly lower than ICRA's estimate for the month.

The food and beverages segment accounted for as much as 146 bps of the 154 bps dip in the headline inflation print between these months, as anticipated, she said.

"The IMD's expectations of above normal rainfall during August-September 2024, amidst the likely development of La Nina conditions at end-August 2024, augurs well for the kharif crops, although ICRA remains watchful of the episodes of heavy rainfall and flooding across some states that could harm the standing crops and impact perishable prices during this period," Nayar added.

The Reserve Bank expects a degree of relief in food inflation from the pick-up in the south-west monsoon and healthy progress in sowing and buffer stocks of cereals continue to be above the norms.

Global food prices also showed signs of easing in July, after registering increases since March 2024.

Assuming a normal monsoon, and taking into account the 4.9 per cent inflation print in the first quarter, the RBI expects the CPI inflation for 2024-25 is projected at 4.5 per cent, with Q2 at 4.4 per cent; Q3 at 4.7 per cent; and Q4 at 4.3 per cent.

The headline CPI inflation edged up to 5.08 per cent in June 2024 due to higher-than-expected food inflation.

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Retail inflation declined to a five-year low of 3.54 per cent in July mainly on account of subdued prices of food items, and base effect, according to official data released on Monday.

Retail inflation declined to a five-year low of 3.54 per cent in July mainly on account of subdued prices of food items, and base effect, according to official data released on Monday. The Consumer Price Index (CPI) based retail inflation was 5.08 per cent in June 2024 and 7.44 per cent in July 2023. Retail inflation slipped below the median target of 4 per cent of the Reserve Bank for the first time since September 2019 when it was at 3.99 per cent. The government has tasked the RBI to ensure inflation remains at 4 per cent with a margin of 2 per cent on either side. Inflation has remained below 6 per cent since September 2023. According to the data released by the National Statistical Office (NSO), the annual inflation in 'milk and milk products' was 2.99 per cent, 'oils and fats' (-) 1.17, fruits 3.84 per cent, and spices (-) 1.43 per cent. The rate of price rise was 6.83 per cent in the vegetable basket and 8.14 per cent in 'cereals and products', NSO said. The CPI Inflation in the food basket was 5.42 per cent in July, down from 9.36 per cent in June, and 11.51 a year ago. Inflation in the 'fuel and light' segment was in negative at 5.48 per cent. The NSO data further showed that inflation was more than the national average in rural India at 4.1 per cent while in urban areas it was 2.98 per cent. Among states, the highest inflation was in Bihar at 5.87 per cent and the lowest in Jharkhand at 1.72 per cent. Commenting on the data, Aditi Nayar, Chief Economist, ICRA said the CPI inflation expectedly witnessed a base-led softening to a 59-month low in July, printing slightly lower than ICRA's estimate for the month. The food and beverages segment accounted for as much as 146 bps of the 154 bps dip in the headline inflation print between these months, as anticipated, she said. "The IMD's expectations of above normal rainfall during August-September 2024, amidst the likely development of La Nina conditions at end-August 2024, augurs well for the kharif crops, although ICRA remains watchful of the episodes of heavy rainfall and flooding across some states that could harm the standing crops and impact perishable prices during this period," Nayar added. The Reserve Bank expects a degree of relief in food inflation from the pick-up in the south-west monsoon and healthy progress in sowing and buffer stocks of cereals continue to be above the norms. Global food prices also showed signs of easing in July, after registering increases since March 2024. Assuming a normal monsoon, and taking into account the 4.9 per cent inflation print in the first quarter, the RBI expects the CPI inflation for 2024-25 is projected at 4.5 per cent, with Q2 at 4.4 per cent; Q3 at 4.7 per cent; and Q4 at 4.3 per cent. The headline CPI inflation edged up to 5.08 per cent in June 2024 due to higher-than-expected food inflation. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

India: Retail inflation slips to five-year low of 3.54 per cent

All Adani stocks opened in red on Monday post the news of the ongoing Hindenburg-SEBI saga. Adani Enterprises trades 3.5 per cent&nbsp;lower and Adani Power is down nearly 5 per cent at 10:24 AM. 
&nbsp; 
Hindenburg responded to the SEBI chief's initial response with a series of tweets:&nbsp;

Excerpts of Hindenburg's tweets

'Buch’s response now publicly confirms her investment in an obscure Bermuda/Mauritius fund structure, alongside money allegedly siphoned by Vinod Adani. She also confirmed the fund was run by a childhood friend of her husband, who at the time was an Adani director.'

'SEBI was tasked with investigating investment funds relating to the Adani matter, which would include funds Ms Buch WAS PERSONALLY INVESTED IN and funds by the same sponsor, which were specifically highlighted in our original report. This is obviously a massive conflict of interest.'

(This is a developing story)

All Adani stocks opened in red on Monday post the news of the ongoing Hindenburg-SEBI saga. Adani Enterprises trades 3.5 per cent lower and Adani Power is down nearly 5 per cent at 10:24 AM.

All Adani stocks opened in red on Monday post the news of the ongoing Hindenburg-SEBI saga. Adani Enterprises trades 3.5 per cent lower and Adani Power is down nearly 5 per cent at 10:24 AM. Hindenburg responded to the SEBI chief's initial response with a series of tweets: Excerpts of Hindenburg's tweets 'Buch’s response now publicly confirms her investment in an obscure Bermuda/Mauritius fund structure, alongside money allegedly siphoned by Vinod Adani. She also confirmed the fund was run by a childhood friend of her husband, who at the time was an Adani director.' 'SEBI was tasked with investigating investment funds relating to the Adani matter, which would include funds Ms Buch WAS PERSONALLY INVESTED IN and funds by the same sponsor, which were specifically highlighted in our original report. This is obviously a massive conflict of interest.' (This is a developing story)

Adani stocks open in red post the ongoing Hindenburg and SEBI chief saga

After the Hindenberg allegations, questions are being asked if SEBI chief Madhabi Puri Buch failed to disclose her links to Adani Enterprises. The specific issues at stake are: whether she fully and unequivocally disclosed her investments in a fund that had inflated&nbsp;the stock prices of Adani group firms in the past, and why she didn't recuse&nbsp;herself from recent SEBI investigations into Adani when she was chairperson.

Buch, the chief of the Indian stock market regulator Securities and Exchanges Board of India, or SEBI, is at the eye of a storm after the activist short-selling firm Hindenberg Research made fresh claims about her alleged&nbsp;links to the Indian conglomerate Adani.

<h2>Why it's important to make disclosures</h2>

From a retail investor upwards, one is expected to make disclosures to their employers on stock market investments that could involve a conflict of interest or potential insider trading. Several financial organisations, for instance, would require their staff to disclose the stocks they've invested in.

Ideally, this should apply all the way up to the top of the food chain.

SEBI chairperson, being the head of a government agency, is supposed to make such disclosure to the government. Buch is the first private sector person, and woman, to be made SEBI chief, a post she assumed in 2022 for a three-year term.

While Buch, being a private sector person and not a civil servant, has the right to own shares of, or be in the board of, various companies or related entities, each of these investments - directly or indirectly- should have been known to the government to avoid potential future conflict of interest.

<h2>Why is the issue of recusal important for SEBI chairperson?</h2>

In simple terms, it's mandatory that if a SEBI official has a direct or indirect interest or stake in a company or person being investigated by SEBI, the official should reveal so and excuse him/herself from such investigations. There is precedent to this: former chairperson CB Bhave recused himself when the SEBI board was discussing the issue of National Securities Depository Limited's lack of oversight over a depository participant because Bhave was the managing director of NSDL at the time.&nbsp;

A former SEBI board member told the paper that&nbsp;there had been an instance in the past when the chairperson recused himself over what could be seen as a conflict of interest.&nbsp;

<a href="https://www.wionews.com/videos/sebi-chief-vs-hindenburg-hindenburg-links-sebi-chief-to-adani-report-749185" target="_blank">Watch |&nbsp;SEBI chief vs Hindenburg: Hindenburg links SEBI Chief to Adani report</a>

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/sebi-chief-vs-hindenburg-hindenburg-links-sebi-chief-to-adani-report-749185/embed" width="560"></iframe>

It should be noted that Adani had been investigated by SEBI just last year, following earlier allegations by Hindenburg, and was given a clean chit. Buch was at the helm of SEBI at the time. Her conduct as a whole-time member or the chairperson of SEBI, when Adani-related complaints or investigations came to her desk, is at issue here, Indian Express (IE) newspaper cited a former SEBI chief as saying. "Did she recuse herself?”

A SEBI official who once investigated a stock exchange scam told IE&nbsp;that he was told not to send his probe files to the SEBI chairman at the time because there were allegations against him too. “In the present case too with allegations of a conflict of interest being thrown around, the chairperson could and maybe should have recused herself from the Adani investigation,” IE quoted him as saying.

<a href="https://www.wionews.com/india-news/hindenburg-report-alleges-market-regulator-chief-her-spouse-held-stake-in-adani-groups-offshore-funds-749068" target="_blank">Also read |&nbsp;Hindenburg report alleges market regulator chief, her spouse held stake in Adani Group's offshore funds</a>&nbsp;

<h2>What is SEBI chief Buch and husband Dhaval Buch's link to Adani?</h2>

 
It has been alleged&nbsp;that Buch and her husband Dhaval Buch had direct or indirect interest in Adani-related stocks or global funds. In its latest report, Hindenburg Research has accused the couple of having a stake in offshore funds that had artificially inflated shares of Adani Group companies in the past. Buch said she had invested in a global fund in 2015 that had Adani-linked stocks before she became a whole-time member of SEBI in 2017. That investment was redeemed in 2018, she said.

For their part, Madhabi Puri Buch and Dhaval Buch said in a statement, “SEBI has strong institutional mechanisms of disclosure and recusal norms as per the code of conduct applicable to its officers. Accordingly, all disclosures and recusals have been diligently followed, including disclosures of all securities held or subsequently transferred.”

In her statement, Madhabi Buch also said that after her husband was appointed as Senior Advisor to Blackstone Group, the company was added to SEBI's recusal list for her. 
 
The point to note however is that her time in SEBI since 2017 overlaps with its probe into 13 offshore entities which held stake in Adani group companies, the IE report&nbsp;quoted another former SEBI chief as saying, who cited public domain information.

<a href="https://www.wionews.com/india-news/her-response-now-confirms-hindenburg-claps-back-at-madhabi-buch-after-sebi-chief-issues-clarification-749330">Also read |&nbsp;'Her response now confirms...': Hindenburg claps back at Madhabi Buch after SEBI chief issues clarification</a>

<h2>SEBI under scrutiny: Who will watch the watchdog?</h2>

Being a government-appointed, independent regulator of Indian markets, SEBI is not further investigated by other government agencies like the Central Vigilance Commission (CVC). Notably, CVC can investigate probe agencies like the Central Bureau of Investigation and Enforcement Directorate, but not SEBI.

Former Chief Vigilance Commissioner Pradeep Kumar was quoted by IE as saying, “The SEBI is an independent market regulatory body and the CVC has a limited role in its supervision, if at all.&nbsp; There is certainly no superintendence of the CVC over the SEBI, say, as it has over the CBI and the ED.”

The SEBI board consists of members from the finance ministry and the Reserve Bank of India, the country's central bank, which in itself is seen as self-regulation. Also, SEBI orders can be further questioned at the Securities Appellate Tribunal, which is another oversight mechanism.

(With inputs from agencies)

After the Hindenberg allegations, questions are being asked if SEBI chief Madhabi Puri Buch failed to disclose her links to Adani Enterprises. The specific issues at stake are: whether she fully and unequivocally disclosed her investments in a fund that had inflated the stock prices of Adani group firms in the past, and why she didn't recuse herself from recent SEBI investigations into Adani when she was chairperson.

After the Hindenberg allegations, questions are being asked if SEBI chief Madhabi Puri Buch failed to disclose her links to Adani Enterprises. The specific issues at stake are: whether she fully and unequivocally disclosed her investments in a fund that had inflated the stock prices of Adani group firms in the past, and why she didn't recuse herself from recent SEBI investigations into Adani when she was chairperson. Buch, the chief of the Indian stock market regulator Securities and Exchanges Board of India, or SEBI, is at the eye of a storm after the activist short-selling firm Hindenberg Research made fresh claims about her alleged links to the Indian conglomerate Adani. Why it's important to make disclosures From a retail investor upwards, one is expected to make disclosures to their employers on stock market investments that could involve a conflict of interest or potential insider trading. Several financial organisations, for instance, would require their staff to disclose the stocks they've invested in. Ideally, this should apply all the way up to the top of the food chain. SEBI chairperson, being the head of a government agency, is supposed to make such disclosure to the government. Buch is the first private sector person, and woman, to be made SEBI chief, a post she assumed in 2022 for a three-year term. While Buch, being a private sector person and not a civil servant, has the right to own shares of, or be in the board of, various companies or related entities, each of these investments - directly or indirectly- should have been known to the government to avoid potential future conflict of interest. Why is the issue of recusal important for SEBI chairperson? In simple terms, it's mandatory that if a SEBI official has a direct or indirect interest or stake in a company or person being investigated by SEBI, the official should reveal so and excuse him/herself from such investigations. There is precedent to this: former chairperson CB Bhave recused himself when the SEBI board was discussing the issue of National Securities Depository Limited's lack of oversight over a depository participant because Bhave was the managing director of NSDL at the time. A former SEBI board member told the paper that there had been an instance in the past when the chairperson recused himself over what could be seen as a conflict of interest. Watch | SEBI chief vs Hindenburg: Hindenburg links SEBI Chief to Adani report It should be noted that Adani had been investigated by SEBI just last year, following earlier allegations by Hindenburg, and was given a clean chit. Buch was at the helm of SEBI at the time. Her conduct as a whole-time member or the chairperson of SEBI, when Adani-related complaints or investigations came to her desk, is at issue here, Indian Express (IE) newspaper cited a former SEBI chief as saying. "Did she recuse herself?” A SEBI official who once investigated a stock exchange scam told IE that he was told not to send his probe files to the SEBI chairman at the time because there were allegations against him too. “In the present case too with allegations of a conflict of interest being thrown around, the chairperson could and maybe should have recused herself from the Adani investigation,” IE quoted him as saying. Also read | Hindenburg report alleges market regulator chief, her spouse held stake in Adani Group's offshore funds What is SEBI chief Buch and husband Dhaval Buch's link to Adani? It has been alleged that Buch and her husband Dhaval Buch had direct or indirect interest in Adani-related stocks or global funds. In its latest report, Hindenburg Research has accused the couple of having a stake in offshore funds that had artificially inflated shares of Adani Group companies in the past. Buch said she had invested in a global fund in 2015 that had Adani-linked stocks before she became a whole-time member of SEBI in 2017. That investment was redeemed in 2018, she said. For their part, Madhabi Puri Buch and Dhaval Buch said in a statement, “SEBI has strong institutional mechanisms of disclosure and recusal norms as per the code of conduct applicable to its officers. Accordingly, all disclosures and recusals have been diligently followed, including disclosures of all securities held or subsequently transferred.” In her statement, Madhabi Buch also said that after her husband was appointed as Senior Advisor to Blackstone Group, the company was added to SEBI's recusal list for her. The point to note however is that her time in SEBI since 2017 overlaps with its probe into 13 offshore entities which held stake in Adani group companies, the IE report quoted another former SEBI chief as saying, who cited public domain information. Also read | 'Her response now confirms...': Hindenburg claps back at Madhabi Buch after SEBI chief issues clarification SEBI under scrutiny: Who will watch the watchdog? Being a government-appointed, independent regulator of Indian markets, SEBI is not further investigated by other government agencies like the Central Vigilance Commission (CVC). Notably, CVC can investigate probe agencies like the Central Bureau of Investigation and Enforcement Directorate, but not SEBI. Former Chief Vigilance Commissioner Pradeep Kumar was quoted by IE as saying, “The SEBI is an independent market regulatory body and the CVC has a limited role in its supervision, if at all. There is certainly no superintendence of the CVC over the SEBI, say, as it has over the CBI and the ED.” The SEBI board consists of members from the finance ministry and the Reserve Bank of India, the country's central bank, which in itself is seen as self-regulation. Also, SEBI orders can be further questioned at the Securities Appellate Tribunal, which is another oversight mechanism. (With inputs from agencies)

Who'll watch the watchdog? Did SEBI chief Madhabi Buch fail to disclose Adani links, recuse from probes?

Amid the furore over the Hindenburg Research report alleging that Sebi chairperson Madhabi Puri Buch and her husband had stakes in an offshore fund linked to Adani group, global investors have started calling for her to resign.

Hindenburg Research, an activist short-seller firm, had alleged citing whistleblower documents that the fund in which the Sebi chief and her husband had held stakes was also used by associates of Vinod Adani, brother of Adani group chairman Gautam Adani, who allegedly used it to inflate Adani stocks in the past.

Speaking to WION on the Hindenburg vs Adani row, veteran global investor Mark Faber said the Sebi chief should resign.

"Some people associated with SEBI have a conflict of interest. We have to assume that these allegations are true. If they are true then the people involved have to resign, there is no question about this," said Faber, the publisher of ‘The Gloom, Boom &amp; Doom Report’.

He added, "How the stock market moves is not always reflective of actual economic conditions."&nbsp;

Meanwhile, economist and tech analyst&nbsp;Daniel Geltrude also suggested that Buch should resign, warning that corruption involving offshore funds can erode foreign inflows.&nbsp;

"I think there's a real concern here because if the chair [of Sebi] is actually linked to this situation, it's going to destroy investor confidence in India," Geltrude told WION.

<a href="https://www.wionews.com/videos/sebi-chief-vs-hindenburg-hindenburg-links-sebi-chief-to-adani-report-749185" target="_blank">Watch |&nbsp;SEBI chief vs Hindenburg: Hindenburg links SEBI Chief to Adani report</a>

<iframe allowfullscreen="" autoplay="1" frameborder="0" height="350" src="https://www.wionews.com/videos/sebi-chief-vs-hindenburg-hindenburg-links-sebi-chief-to-adani-report-749185/embed" width="560"></iframe>

He added: "So to have a situation here where there appears to be some improprieties... and when we are talking about offshore accounts that always raises a red flag. The people are going to be sceptical."

"If you have a scandal involving the chair of the security exchange board, well that's something we have to &nbsp;take very very seriously and the question becomes, is resignation in order here?"

In his comments to WION, Faber pointed out that India’s Sebi as well as the SEC in the US were formed to protect the interests of small investors, but alleged that they instead shield big business groups, investment banks and brokers.

"They are not interested in the interest of the small investors at all, but it is presented to the public as if they have the interest of the public in mind."

While pointing out that, being a global investor, he could not verify all the authenticity of the report by Hindenburg, Faber added: "But let's assume that it's correct, of course, the member of Sebi that essentially violated securities law, they would have to be taken into account."

"The first step would have to be that they resign," Faber said.

<a href="https://www.wionews.com/business-economy/wholl-watch-the-watchdog-did-sebi-chief-madhabi-buch-fail-to-disclose-adani-links-recuse-from-probes-749348">Also read |&nbsp;Who'll watch the watchdog? Did SEBI chief Madhabi Buch fail to disclose Adani links, recuse from probes?</a>

<h2>Madhabi Buch, husband issue second statement, Hindenburg digs heels on allegations</h2>

The investors' comments came even as Hindenburg doubled down on its allegations and responded to a second, more detailed statement from Madhabi Puri Buch and her husband Dhaval Buch.&nbsp;

The couple categorically denied claims by Hindenburg, while sharing more details about their investments.&nbsp;

In its response, Hindenburg posted on X that the couple's new statement includes "several important admissions” and raises “numerous new critical questions". &nbsp;

(With inputs from agencies)

Amid the furore over the Hindenburg Research report alleging that Sebi chairperson Madhabi Puri Buch and her husband had stakes in an offshore fund linked to Adani group, global investors have started calling for her to resign.

Amid the furore over the Hindenburg Research report alleging that Sebi chairperson Madhabi Puri Buch and her husband had stakes in an offshore fund linked to Adani group, global investors have started calling for her to resign. Hindenburg Research, an activist short-seller firm, had alleged citing whistleblower documents that the fund in which the Sebi chief and her husband had held stakes was also used by associates of Vinod Adani, brother of Adani group chairman Gautam Adani, who allegedly used it to inflate Adani stocks in the past. Speaking to WION on the Hindenburg vs Adani row, veteran global investor Mark Faber said the Sebi chief should resign. "Some people associated with SEBI have a conflict of interest. We have to assume that these allegations are true. If they are true then the people involved have to resign, there is no question about this," said Faber, the publisher of ‘The Gloom, Boom & Doom Report’. He added, "How the stock market moves is not always reflective of actual economic conditions." Meanwhile, economist and tech analyst Daniel Geltrude also suggested that Buch should resign, warning that corruption involving offshore funds can erode foreign inflows. "I think there's a real concern here because if the chair [of Sebi] is actually linked to this situation, it's going to destroy investor confidence in India," Geltrude told WION. Watch | SEBI chief vs Hindenburg: Hindenburg links SEBI Chief to Adani report He added: "So to have a situation here where there appears to be some improprieties... and when we are talking about offshore accounts that always raises a red flag. The people are going to be sceptical." "If you have a scandal involving the chair of the security exchange board, well that's something we have to take very very seriously and the question becomes, is resignation in order here?" In his comments to WION, Faber pointed out that India’s Sebi as well as the SEC in the US were formed to protect the interests of small investors, but alleged that they instead shield big business groups, investment banks and brokers. "They are not interested in the interest of the small investors at all, but it is presented to the public as if they have the interest of the public in mind." While pointing out that, being a global investor, he could not verify all the authenticity of the report by Hindenburg, Faber added: "But let's assume that it's correct, of course, the member of Sebi that essentially violated securities law, they would have to be taken into account." "The first step would have to be that they resign," Faber said. Also read | Who'll watch the watchdog? Did SEBI chief Madhabi Buch fail to disclose Adani links, recuse from probes? Madhabi Buch, husband issue second statement, Hindenburg digs heels on allegations The investors' comments came even as Hindenburg doubled down on its allegations and responded to a second, more detailed statement from Madhabi Puri Buch and her husband Dhaval Buch. The couple categorically denied claims by Hindenburg, while sharing more details about their investments. In its response, Hindenburg posted on X that the couple's new statement includes "several important admissions” and raises “numerous new critical questions". (With inputs from agencies)

Hindenburg vs Adani: Global investors say Sebi chief Madhabi Buch should resign to restore confidence

While a face-off between the US short seller and SEBI’s Chief is escalating, India's markets regulator has asked investors to remain calm. However, the spat is becoming more controversial with the back and forth between the two parties.

Late on Saturday, the US-based firm released a report with several claims of fraud, including that Buch and her husband, Dhaval Buch, held stakes in offshore entities linked to the Adani group's alleged financial misconduct.

In the afternoon on Sunday, the SEBI chief and her husband released a joint statement, rebutting each allegation point by point. The couple denied all allegations. Instead, they accused Hindenburg of character assassination weeks after SEBI sent a show-cause notice to the US firm for its report against Adani in January 2023.

The market regulator also issued a statement asking investors to remain calm and that the investigation into the Adani group and Hindenburg is ongoing. Later in the evening on Sunday, Hindenburg countered SEBI chief's rebuttal with a further point-by-point allegation.

What are Hindenburg's allegations?

The US firm claims that Buch and her husband had undisclosed investments in offshore funds linked to the Adani group. The report also accuses Buch of being the 100 per cent shareholder of a Singapore fund when she was a full-time member of the SEBI.

Hindenburg alleges that Buch transferred her stake to her husband only two weeks after she took over as the head of SEBI. The allegations suggest a possible conflict of interest for the SEBI’s probe against the Adani group.

SEBI chief, in a statement, said the investment in the fund referred to in the Hindenburg report was made in 2015 when she and her husband were both private citizens living in Singapore and almost 2 years before she joined SEBI.

Buch said the decision to invest in this fund was driven by Dhaval's childhood friend from school and IIT Delhi - the chief investment officer, Anil Ahuja.

The statement denying any link to the Adani group added:

‘as confirmed by Anil Ahuja, at no point in time did the fund invest in any bond, equity, or derivative of any Adani group company.’

Countering that statement, the US firm said, ‘Madhabi Buch's response includes several admissions...and raises numerous new critical questions.’

Hindenburg also challenged the SEBI chief to ‘commit to a full, transparent and public investigation into these issues?’

Broader implications

These allegations have broader implications for both SEBI and the government. The government, though, has not responded to the ongoing drama yet. To start with, these allegations raise several questions. Will the government initiate a separate probe as the opposition has demanded? Should the SEBI chief hold the position under such a scenario? If proven true, the claims could undermine confidence in SEBI's impartiality and regulatory effectiveness.

While a face-off between the US short seller and SEBI’s Chief is escalating, India's markets regulator has asked investors to remain calm. However, the spat is becoming more controversial with the back and forth between the two parties.

While a face-off between the US short seller and SEBI’s Chief is escalating, India's markets regulator has asked investors to remain calm. However, the spat is becoming more controversial with the back and forth between the two parties. Late on Saturday, the US-based firm released a report with several claims of fraud, including that Buch and her husband, Dhaval Buch, held stakes in offshore entities linked to the Adani group's alleged financial misconduct. In the afternoon on Sunday, the SEBI chief and her husband released a joint statement, rebutting each allegation point by point. The couple denied all allegations. Instead, they accused Hindenburg of character assassination weeks after SEBI sent a show-cause notice to the US firm for its report against Adani in January 2023. The market regulator also issued a statement asking investors to remain calm and that the investigation into the Adani group and Hindenburg is ongoing. Later in the evening on Sunday, Hindenburg countered SEBI chief's rebuttal with a further point-by-point allegation. What are Hindenburg's allegations? The US firm claims that Buch and her husband had undisclosed investments in offshore funds linked to the Adani group. The report also accuses Buch of being the 100 per cent shareholder of a Singapore fund when she was a full-time member of the SEBI. Hindenburg alleges that Buch transferred her stake to her husband only two weeks after she took over as the head of SEBI. The allegations suggest a possible conflict of interest for the SEBI’s probe against the Adani group. SEBI chief, in a statement, said the investment in the fund referred to in the Hindenburg report was made in 2015 when she and her husband were both private citizens living in Singapore and almost 2 years before she joined SEBI. Buch said the decision to invest in this fund was driven by Dhaval's childhood friend from school and IIT Delhi - the chief investment officer, Anil Ahuja. The statement denying any link to the Adani group added: ‘as confirmed by Anil Ahuja, at no point in time did the fund invest in any bond, equity, or derivative of any Adani group company.’ Countering that statement, the US firm said, ‘Madhabi Buch's response includes several admissions...and raises numerous new critical questions.’ Hindenburg also challenged the SEBI chief to ‘commit to a full, transparent and public investigation into these issues?’ Broader implications These allegations have broader implications for both SEBI and the government. The government, though, has not responded to the ongoing drama yet. To start with, these allegations raise several questions. Will the government initiate a separate probe as the opposition has demanded? Should the SEBI chief hold the position under such a scenario? If proven true, the claims could undermine confidence in SEBI's impartiality and regulatory effectiveness.

Hindenburg vs SEBI Chief: US short-seller counters SEBI chief's rebuttal statement

With the portal wars now white-hot, Realtor.com's revenue has cooled off. Move, Inc., the parent company of Realtor.com, posted a 2 per cent year-over-year revenue decline to $143 million in the fiscal year fourth quarter, it announced Thursday.

NewsCorp, Move's parent company, attributed the decline to higher mortgage rates and macroeconomic headwinds.

Revenue from Move's real estate segment—about 80 per cent of Move's total revenue—declined 2 per cent year-over-year, with Realtor.com's lead volume flat and website traffic flat annually.

Internal data shared on the call by executives outlined that Realtor.com's website traffic came in at 74 million average monthly unique visitors.

Despite a lower revenue from Move, NewsCorp's digital real estate segment still enjoyed an excellent performance for the quarter, which generated a 21 per cent year-on-year increase in revenue to $448 million.

NewsCorp, as a whole, revealed 2 per cent year-over-year growth in its revenues to $10.09 billion for the full fiscal year. The digital real estate services sector increased revenue by 8 per cent to $1.6 billion for the full fiscal year despite a full-year 10 per cent decline in Move's revenue to $544 million. Overall revenues in real estate were down 11 per cent on an annual basis for the full year due to a drop in referrals and core lead generation output.

Looking ahead, the chief financial officer, Susan Panuccio, said NewsCorp was working on establishing a diversified revenue base for the company.

"As we communicated last quarter, we are focused on best positioning Realtor.com for a housing recovery," Panuccio said. "Our key strategic focus areas remain the same as we head into the new financial year and include modernizing our technology stack; investing in content for our product offerings, which most recently included the release of a new dynamic mapping feature; and leveraging News Corp's network to drive audience share."

Despite being a hot topic, Robert Thomson, CEO of NewsCorp, did not address the portal wars and Move's lawsuit against listing portal rival CoStar. Thomson did, however, laude Realtor.com CEO Damian Eales' leadership, pointing out that the firm was prepared to handle the upcoming business practice changes outlined in the National Association of Realtors' commission lawsuit settlement agreement.

"The market does seem on the cusp of a revival," Thomson said. "I have to say that Damian has done an excellent job in taking full advantage of our media platforms to raise the profile of [Realtor.com] and drive traffic."

With the portal wars now white-hot, Realtor.com's revenue has cooled off. Move, Inc., the parent company of Realtor.com, posted a 2 per cent year-over-year revenue decline to $143 million in the fiscal year fourth quarter, it announced Thursday.

With the portal wars now white-hot, Realtor.com's revenue has cooled off. Move, Inc., the parent company of Realtor.com, posted a 2 per cent year-over-year revenue decline to $143 million in the fiscal year fourth quarter, it announced Thursday. NewsCorp, Move's parent company, attributed the decline to higher mortgage rates and macroeconomic headwinds. Revenue from Move's real estate segment—about 80 per cent of Move's total revenue—declined 2 per cent year-over-year, with Realtor.com's lead volume flat and website traffic flat annually. Internal data shared on the call by executives outlined that Realtor.com's website traffic came in at 74 million average monthly unique visitors. Despite a lower revenue from Move, NewsCorp's digital real estate segment still enjoyed an excellent performance for the quarter, which generated a 21 per cent year-on-year increase in revenue to $448 million. NewsCorp, as a whole, revealed 2 per cent year-over-year growth in its revenues to $10.09 billion for the full fiscal year. The digital real estate services sector increased revenue by 8 per cent to $1.6 billion for the full fiscal year despite a full-year 10 per cent decline in Move's revenue to $544 million. Overall revenues in real estate were down 11 per cent on an annual basis for the full year due to a drop in referrals and core lead generation output. Looking ahead, the chief financial officer, Susan Panuccio, said NewsCorp was working on establishing a diversified revenue base for the company. "As we communicated last quarter, we are focused on best positioning Realtor.com for a housing recovery," Panuccio said. "Our key strategic focus areas remain the same as we head into the new financial year and include modernizing our technology stack; investing in content for our product offerings, which most recently included the release of a new dynamic mapping feature; and leveraging News Corp's network to drive audience share." Despite being a hot topic, Robert Thomson, CEO of NewsCorp, did not address the portal wars and Move's lawsuit against listing portal rival CoStar. Thomson did, however, laude Realtor.com CEO Damian Eales' leadership, pointing out that the firm was prepared to handle the upcoming business practice changes outlined in the National Association of Realtors' commission lawsuit settlement agreement. "The market does seem on the cusp of a revival," Thomson said. "I have to say that Damian has done an excellent job in taking full advantage of our media platforms to raise the profile of [Realtor.com] and drive traffic."

Realtor.com revenue erodes amid portal rivalry

Utility company Hawaiian Electric raised concerns on Friday after it revealed that it had not arranged financing for the $1.99 billion Maui wildfire settlement it reached this month.

The company, along with parent Hawaiian Electric Industries (HEI), said it had retained financial advisers to develop a financing plan for its share of the proposed settlement and could finance it through debt, common equity, equity-linked securities, or other available alternatives.

HEI had about $124 million in cash in hand at the end of the second quarter.

However, the company does not feel it needs to increase electricity rates to fund the settlement, HEI CEO Scott Seu said on a post-earnings conference call.

Hawaii's biggest utility had agreed to pay a lion's share of more than $4 billion in legal settlement to compensate victims of last year's deadly Maui wildfires that killed over 100 people.

However, the statement said that the company and other defendants did not admit to any legal liability under settlement terms, adding that an agreement had been reached after four months of mediation.

The company had said that the proposed payments would be made from mid-2025, subject to judicial review and approval.

Hawaiian said Friday it incurred a net loss of $1.30 billion, or $11.74 per share, for the second quarter, largely due to the wildfire-related charge of $1.71 billion during the quarter.

The company also said it's exploring strategic options for its American Savings Bank unit and incurred a goodwill impairment charge of $82.2 million in connection with the effort during the second quarter.

Utility company Hawaiian Electric raised concerns on Friday after it revealed that it had not arranged financing for the $1.99 billion Maui wildfire settlement it reached this month.

Utility company Hawaiian Electric raised concerns on Friday after it revealed that it had not arranged financing for the $1.99 billion Maui wildfire settlement it reached this month. The company, along with parent Hawaiian Electric Industries (HEI), said it had retained financial advisers to develop a financing plan for its share of the proposed settlement and could finance it through debt, common equity, equity-linked securities, or other available alternatives. HEI had about $124 million in cash in hand at the end of the second quarter. However, the company does not feel it needs to increase electricity rates to fund the settlement, HEI CEO Scott Seu said on a post-earnings conference call. Hawaii's biggest utility had agreed to pay a lion's share of more than $4 billion in legal settlement to compensate victims of last year's deadly Maui wildfires that killed over 100 people. However, the statement said that the company and other defendants did not admit to any legal liability under settlement terms, adding that an agreement had been reached after four months of mediation. The company had said that the proposed payments would be made from mid-2025, subject to judicial review and approval. Hawaiian said Friday it incurred a net loss of $1.30 billion, or $11.74 per share, for the second quarter, largely due to the wildfire-related charge of $1.71 billion during the quarter. The company also said it's exploring strategic options for its American Savings Bank unit and incurred a goodwill impairment charge of $82.2 million in connection with the effort during the second quarter.

Hawaiian Electric flags concern over wildfire settlement financing uncertainty

Tesla has stopped orders for the cheapest version of its Cybertruck, listed at $61,000. Instead, it is getting ready an existing $100,000 version for immediate order, promising deliveries as early as this month, according to its website.

Tesla investors and fans closely watch demand and supply of the Cybertruck because Chief Executive Elon Musk has invested so much in the development of the truck and plans to churn 200,000 of them out per year.

As recently as October, Musk said Tesla had 1 million reservations for the truck. Some customers have indicated they are waiting for less expensive versions because prices are higher and driving ranges are lower than originally forecast.

"It shows that demand is a lot less than a million trucks," Guidehouse Insights analyst Sam Abuelsamid told Reuters.

The Cybertruck sold nearly 4,800 units in July—its best month yet, and by a wide margin, the top-selling vehicle in the US above $100,000, according to Cox Automotive. "They have sold more than 16,000 so far, but sustained high volume at that price point will be a challenge," said a spokesperson at Cox via email.

Deliveries of the Cybertruck – with its unconventional trapezoidal exterior design inspired by the movie "Blade Runner" and a stainless-steel body – began in November 2023 after years of delay and a bruising production ramp-up. Musk, in 2019, had estimated the truck would cost $40,000 and be able to travel 500 miles or more on a single charge.

Tesla's website no longer reserves a $61,000 version of the Cybertruck that had been offered with a 250-mile range and targeted delivery in 2025. The $99,990 dual-motor variant Foundation limited series can go 318 miles and has an estimated delivery as early as this month, while the $119,990 tri-motor Foundation Cyberbeast goes 301 miles and is available from October.

"They're sitting on a lot of inventory of two-motor and three-motor trucks right now," Abuelsamid said.

Tesla has stopped orders for the cheapest version of its Cybertruck, listed at $61,000. Instead, it is getting ready an existing $100,000 version for immediate order, promising deliveries as early as this month, according to its website.

Tesla has stopped orders for the cheapest version of its Cybertruck, listed at $61,000. Instead, it is getting ready an existing $100,000 version for immediate order, promising deliveries as early as this month, according to its website. Tesla investors and fans closely watch demand and supply of the Cybertruck because Chief Executive Elon Musk has invested so much in the development of the truck and plans to churn 200,000 of them out per year. As recently as October, Musk said Tesla had 1 million reservations for the truck. Some customers have indicated they are waiting for less expensive versions because prices are higher and driving ranges are lower than originally forecast. "It shows that demand is a lot less than a million trucks," Guidehouse Insights analyst Sam Abuelsamid told Reuters. The Cybertruck sold nearly 4,800 units in July—its best month yet, and by a wide margin, the top-selling vehicle in the US above $100,000, according to Cox Automotive. "They have sold more than 16,000 so far, but sustained high volume at that price point will be a challenge," said a spokesperson at Cox via email. Deliveries of the Cybertruck – with its unconventional trapezoidal exterior design inspired by the movie "Blade Runner" and a stainless-steel body – began in November 2023 after years of delay and a bruising production ramp-up. Musk, in 2019, had estimated the truck would cost $40,000 and be able to travel 500 miles or more on a single charge. Tesla's website no longer reserves a $61,000 version of the Cybertruck that had been offered with a 250-mile range and targeted delivery in 2025. The $99,990 dual-motor variant Foundation limited series can go 318 miles and has an estimated delivery as early as this month, while the $119,990 tri-motor Foundation Cyberbeast goes 301 miles and is available from October. "They're sitting on a lot of inventory of two-motor and three-motor trucks right now," Abuelsamid said.

Tesla halts orders for cheapest Cybertruck, introduces $100,000 model

Turkiye announced on Saturday that it restored access to the social media platform Instagram, saying that officials had agreed the company would work with authorities to address the government's concerns.

Turkiye blocked access to the social media platform early August 2, citing an inability to comply with the "laws and rules" of the land and the sensitivities of the public.

A senior Turkish official on Saturday accused Instagram of blocking condolence posts over the assassination of Ismail Haniyeh, the leader of the Palestinian militant group Hamas.

Turkiye has condemned Israel's Gaza attacks, demanded an immediate ceasefire, and blasted what it terms unconditional support for Israel by the West.

The nine-day ban triggered protests from users and small businesses who reach their customers through the platform.

Turkiye ranks fifth in the world in terms of Instagram usage, with more than 57 million users, following India, the United States, Brazil, and Indonesia, according to data platform Statista.

"As a result of our negotiations with Instagram officials, we will lift the access block...after they promised to work together to meet our demands regarding catalogue crimes and censorship imposed on users," Transport and Infrastructure Minister Abdulkadir Uraloglu wrote in an X post.

Catalogue crimes include murder, sexual assault, drug trafficking, abuse, and torture, according to Turkish law.

"Significant gains have been achieved in increasing security in the digital environment in Turkiye, legal compliance, protection of user rights and the development of a fair inspection mechanism," Uraloglu said.

Instagram's parent, Meta, had agreed to comply with Turkish law and ensure efficient removal of posts and content if they carry elements of certain crimes or "terrorism propaganda", Uraloglu said.

Instagram did not immediately respond to a Reuters request seeking comment.

"Live metrics show Instagram is being restored across Turkiye's main internet providers after national restriction spanning nine days. This is the country's longest ban of a major social media platform in recent years," Internet monitor NetBlocks said.

Turkiye announced on Saturday that it restored access to the social media platform Instagram, saying that officials had agreed the company would work with authorities to address the government's concerns.

Turkiye announced on Saturday that it restored access to the social media platform Instagram, saying that officials had agreed the company would work with authorities to address the government's concerns. Turkiye blocked access to the social media platform early August 2, citing an inability to comply with the "laws and rules" of the land and the sensitivities of the public. A senior Turkish official on Saturday accused Instagram of blocking condolence posts over the assassination of Ismail Haniyeh, the leader of the Palestinian militant group Hamas. Turkiye has condemned Israel's Gaza attacks, demanded an immediate ceasefire, and blasted what it terms unconditional support for Israel by the West. The nine-day ban triggered protests from users and small businesses who reach their customers through the platform. Turkiye ranks fifth in the world in terms of Instagram usage, with more than 57 million users, following India, the United States, Brazil, and Indonesia, according to data platform Statista. "As a result of our negotiations with Instagram officials, we will lift the access block...after they promised to work together to meet our demands regarding catalogue crimes and censorship imposed on users," Transport and Infrastructure Minister Abdulkadir Uraloglu wrote in an X post. Catalogue crimes include murder, sexual assault, drug trafficking, abuse, and torture, according to Turkish law. "Significant gains have been achieved in increasing security in the digital environment in Turkiye, legal compliance, protection of user rights and the development of a fair inspection mechanism," Uraloglu said. Instagram's parent, Meta, had agreed to comply with Turkish law and ensure efficient removal of posts and content if they carry elements of certain crimes or "terrorism propaganda", Uraloglu said. Instagram did not immediately respond to a Reuters request seeking comment. "Live metrics show Instagram is being restored across Turkiye's main internet providers after national restriction spanning nine days. This is the country's longest ban of a major social media platform in recent years," Internet monitor NetBlocks said.

Turkiye lifts 9-day long Instagram ban, restoring access

US inflation likely picked up modestly in July but not enough to deter the Federal Reserve from a widely anticipated interest-rate cut next month.

The consumer price index on Wednesday is expected to have risen 0.2 per cent from June for both the headline figure and the so-called core gauge that strips out food and energy. While each would be an acceleration from June, the annual metrics should continue to rise at some of the slowest paces seen since early 2021.

The recent moderation in price pressure has further emboldened the confidence of Fed officials that they can begin to reduce borrowing costs, refocusing attention on the labour market, which is more broadly slowing.

The July jobs report showed that US employers scaled back hiring markedly, and the unemployment rate rose for a fourth month, triggering a key recession indicator and helping fuel a global stock market selloff.

If CPI comes in as expected, it would indicate a downward trend to inflation, with economists reckoning that a slight pickup is due after June's surprisingly low reading, largely stemming from what is called core services excluding housing—a major category watched by policymakers. Some forecasters are also flagging an upside risk to goods prices, given higher shipping costs.

But the long-awaited slowdown in shelter costs that began in June probably continued. That category makes up about a third of the overall CPI and is a large determinant of the broader inflation trend.

The producer price index — due a day before the CPI — will be watched for categories that feed through to the Fed's preferred inflation gauge, the personal consumption expenditures price index.

US inflation likely picked up modestly in July but not enough to deter the Federal Reserve from a widely anticipated interest-rate cut next month. The consumer price index on Wednesday is expected to have risen 0.

US inflation likely picked up modestly in July but not enough to deter the Federal Reserve from a widely anticipated interest-rate cut next month. The consumer price index on Wednesday is expected to have risen 0.2 per cent from June for both the headline figure and the so-called core gauge that strips out food and energy. While each would be an acceleration from June, the annual metrics should continue to rise at some of the slowest paces seen since early 2021. The recent moderation in price pressure has further emboldened the confidence of Fed officials that they can begin to reduce borrowing costs, refocusing attention on the labour market, which is more broadly slowing. The July jobs report showed that US employers scaled back hiring markedly, and the unemployment rate rose for a fourth month, triggering a key recession indicator and helping fuel a global stock market selloff. If CPI comes in as expected, it would indicate a downward trend to inflation, with economists reckoning that a slight pickup is due after June's surprisingly low reading, largely stemming from what is called core services excluding housing—a major category watched by policymakers. Some forecasters are also flagging an upside risk to goods prices, given higher shipping costs. But the long-awaited slowdown in shelter costs that began in June probably continued. That category makes up about a third of the overall CPI and is a large determinant of the broader inflation trend. The producer price index — due a day before the CPI — will be watched for categories that feed through to the Fed's preferred inflation gauge, the personal consumption expenditures price index.

Minor US inflation increase unlikely to hinder Fed rate cut in September

Hedge funds at the fastest pace in more than five years added bearish bets in Japanese stocks in a week between Aug 2 and Aug 8, according to Goldman Sachs in a note Friday, when the Nikkei dropped by the largest amount for the index since Black Monday in 1987 on Aug 5.

Equity long/short hedge funds increased 1.7 shorts, or bets that stocks will fall, for each long position sold in the week between Aug 2 and Aug 8, the bank said.

Japanese stocks collapsed on Monday as a sell-off triggered by economic concerns and the unwinding of a popular yen trade financing investment in stocks reverberated across markets worldwide.

During the five-trading day week that ended on Aug 8, portfolio managers sold more Japanese stocks than they added to their short positions in four trading sessions, with only Tuesday being an exception.

According to Goldman Sachs, hedge funds' net exposure to Japanese equities stood at 4.8 per cent on Thursday, down from 5.6 per cent a week earlier.

It was reported that hedge funds, for a fourth week running, bet against worldwide equities, adding more short positions as mayhem spread across the shores.

Goldman Sachs, one of the largest prime brokers in the world, tracks the flows of its hedge fund clients to report on trends.

Long/short hedge funds focusing on global equity fundamentals were down 1.34 per cent for the week amid the market rout, while systematic long/short funds posted gains of 0.77 per cent.

Hedge funds at the fastest pace in more than five years added bearish bets in Japanese stocks in a week between Aug 2 and Aug 8, according to Goldman Sachs in a note Friday, when the Nikkei dropped by the largest amount for the index since Black Monday in 1987 on Aug 5.

Hedge funds at the fastest pace in more than five years added bearish bets in Japanese stocks in a week between Aug 2 and Aug 8, according to Goldman Sachs in a note Friday, when the Nikkei dropped by the largest amount for the index since Black Monday in 1987 on Aug 5. Equity long/short hedge funds increased 1.7 shorts, or bets that stocks will fall, for each long position sold in the week between Aug 2 and Aug 8, the bank said. Japanese stocks collapsed on Monday as a sell-off triggered by economic concerns and the unwinding of a popular yen trade financing investment in stocks reverberated across markets worldwide. During the five-trading day week that ended on Aug 8, portfolio managers sold more Japanese stocks than they added to their short positions in four trading sessions, with only Tuesday being an exception. According to Goldman Sachs, hedge funds' net exposure to Japanese equities stood at 4.8 per cent on Thursday, down from 5.6 per cent a week earlier. It was reported that hedge funds, for a fourth week running, bet against worldwide equities, adding more short positions as mayhem spread across the shores. Goldman Sachs, one of the largest prime brokers in the world, tracks the flows of its hedge fund clients to report on trends. Long/short hedge funds focusing on global equity fundamentals were down 1.34 per cent for the week amid the market rout, while systematic long/short funds posted gains of 0.77 per cent.

Bank reports hedge funds ramping up bearish bets on Japanese stocks

The landscape of small and medium-sized enterprises (SMEs) in India is rapidly evolving, driven significantly by technological advancements. Among these, cloud-based data analytics is emerging&nbsp;&nbsp;as a transformative force. &nbsp;

Data is crucial for all businesses, however, managing and analysing vast amounts of data can be cumbersome for SMEs, as they might not have adequate resources and expertise for the same. Cloud offers huge possibility in empowering them to analyse data by providing them with insights and tools that were once accessible only to larger enterprises with significant IT budgets.&nbsp;

The Game Changer— Cloud Analytics&nbsp;

Data analytics helps businesses understand market trends, customer preferences, operational efficiencies, and more. However, traditional data analytics solutions require substantial investments in infrastructure, software, and skilled personnel, which many SMEs find prohibitive. Cloud technology democratises access to data analytics by eliminating the need for heavy upfront investments. Cloud-based data analytics solutions are typically offered on a pay-as-you-go basis. This financial flexibility is crucial for SMEs, allowing them to invest more in core business activities.&nbsp;

Cloud platforms offer access to a wide range of advanced data analytics tools that might otherwise be out of reach for SMEs. These include machine learning algorithms, predictive analytics, and big data processing capabilities. By leveraging these tools, SMEs can gain deeper insights into their operations and market, enabling them to make data-driven decisions that enhance competitiveness,&nbsp;&nbsp;operational efficiency and increase customer satisfaction.&nbsp;

For example, by analysing sales data, a retail SME can identify which products are most popular and adjust inventory levels accordingly. A manufacturing SME can use data analytics to optimise production processes, reducing waste and improving efficiency. Similarly, a&nbsp;&nbsp;financial SME can automate routine tasks such as invoicing and payroll processing, freeing up staff to focus on more strategic activities. These improvements in operational efficiency can have a significant impact on the bottom line.&nbsp;

Competitive Advantage and Innovation&nbsp;

In a highly competitive market, having access to the latest technology can provide a crucial advantage. By adopting cloud-based data analytics, SMEs can stay ahead of competitors who are slower to embrace digital transformation. This early adoption can lead to innovations in products and services, better customer experiences, and more effective marketing strategies. Over time, these advantages can help SMEs build a strong market position.&nbsp;

Cloud technology serves as a launchpad, enabling SMEs to scale, adapt, and grow at an aggressive pace. SMEs migrating to the cloud have created an important differentiator that helps them compete effectively in the market. Cloud provides cost-effective scalability, storage, processing power, improved agility, user-friendly tools, and collaboration—all features that make data analytics more accessible for SMEs.&nbsp;

Cloud Adoption and Strategic Partnerships&nbsp;

According to <a href="https://www.tatatelebusiness.com/whitepapers/scale-adapt-thrive-small-and-medium-enterprises-and-the-cloud-imperative/">SME Digital Insights</a> study , nearly 20% of SMEs have already moved more than 50% of their workload to the cloud. Customer support (51%) and networking applications (49%) are top priorities for migration. The IT/ITeS sector is at the forefront of adopting Artificial Intelligence (AI) and Machine learning with 35% SMEs using these advanced technologies. These tools are being leveraged for data analytics to enhance user experiences, automate processes, and drive innovation. The BFSI sector has been an early mover in harnessing big data analytics (37%) to gain insights, manage risk, and deliver personalised services. Regulatory requirements and the availability of large datasets have been key drivers of adoption in this sector.&nbsp;

Though seamless cloud adoption requires careful planning, several key areas offer great opportunities for SMEs. These include network optimisation, strategic cost management, and robust data security solutions. SMEs can utilise the full potential of cloud adoption by better managing network connectivity, costs, data security concerns, skills and expertise gaps, and performance monitoring. However, a lack of skilled professionals and internal technology expertise can hinder optimal cloud adoption.&nbsp;

Therefore, trusted cloud partners are essential for SMEs helping them in driving agility, innovation, and growth. According to SME Digital Insights, SMEs seek reliable partners for cloud navigation to achieve the desired ROI on their cloud investments. These partners assist in creating robust migration plans and future growth strategies, optimising cloud resource allocation, and identifying cost-saving opportunities. They offer SMEs pre-built dashboards, easy-to-use interfaces, and secure cloud storage, unlocking the power of data analytics.&nbsp;&nbsp;Cloud providers use best practices in risk mitigation to ensure data security and compliance, crucial for SMEs lacking robust security resources.&nbsp;

To conclude, in this digital era, the ability to analyse and act on data is not just an advantage but a necessity. For SMEs, cloud-based data analytics offers a pathway to sustainable growth and long-term success. It's time for them and SMEs to seize this opportunity to innovate and transform their businesses through the power of data. As more Indian SMEs embrace cloud-based data analytics, they will be better positioned to compete in the global market, driving economic growth and creating new opportunities.&nbsp;

The landscape of small and medium-sized enterprises (SMEs) in India is rapidly evolving, driven significantly by technological advancements. Among these, cloud-based data analytics is emerging as a transformative force.

The landscape of small and medium-sized enterprises (SMEs) in India is rapidly evolving, driven significantly by technological advancements. Among these, cloud-based data analytics is emerging as a transformative force. Data is crucial for all businesses, however, managing and analysing vast amounts of data can be cumbersome for SMEs, as they might not have adequate resources and expertise for the same. Cloud offers huge possibility in empowering them to analyse data by providing them with insights and tools that were once accessible only to larger enterprises with significant IT budgets. The Game Changer— Cloud Analytics Data analytics helps businesses understand market trends, customer preferences, operational efficiencies, and more. However, traditional data analytics solutions require substantial investments in infrastructure, software, and skilled personnel, which many SMEs find prohibitive. Cloud technology democratises access to data analytics by eliminating the need for heavy upfront investments. Cloud-based data analytics solutions are typically offered on a pay-as-you-go basis. This financial flexibility is crucial for SMEs, allowing them to invest more in core business activities. Cloud platforms offer access to a wide range of advanced data analytics tools that might otherwise be out of reach for SMEs. These include machine learning algorithms, predictive analytics, and big data processing capabilities. By leveraging these tools, SMEs can gain deeper insights into their operations and market, enabling them to make data-driven decisions that enhance competitiveness, operational efficiency and increase customer satisfaction. For example, by analysing sales data, a retail SME can identify which products are most popular and adjust inventory levels accordingly. A manufacturing SME can use data analytics to optimise production processes, reducing waste and improving efficiency. Similarly, a financial SME can automate routine tasks such as invoicing and payroll processing, freeing up staff to focus on more strategic activities. These improvements in operational efficiency can have a significant impact on the bottom line. Competitive Advantage and Innovation In a highly competitive market, having access to the latest technology can provide a crucial advantage. By adopting cloud-based data analytics, SMEs can stay ahead of competitors who are slower to embrace digital transformation. This early adoption can lead to innovations in products and services, better customer experiences, and more effective marketing strategies. Over time, these advantages can help SMEs build a strong market position. Cloud technology serves as a launchpad, enabling SMEs to scale, adapt, and grow at an aggressive pace. SMEs migrating to the cloud have created an important differentiator that helps them compete effectively in the market. Cloud provides cost-effective scalability, storage, processing power, improved agility, user-friendly tools, and collaboration—all features that make data analytics more accessible for SMEs. Cloud Adoption and Strategic Partnerships According to SME Digital Insights study , nearly 20% of SMEs have already moved more than 50% of their workload to the cloud. Customer support (51%) and networking applications (49%) are top priorities for migration. The IT/ITeS sector is at the forefront of adopting Artificial Intelligence (AI) and Machine learning with 35% SMEs using these advanced technologies. These tools are being leveraged for data analytics to enhance user experiences, automate processes, and drive innovation. The BFSI sector has been an early mover in harnessing big data analytics (37%) to gain insights, manage risk, and deliver personalised services. Regulatory requirements and the availability of large datasets have been key drivers of adoption in this sector. Though seamless cloud adoption requires careful planning, several key areas offer great opportunities for SMEs. These include network optimisation, strategic cost management, and robust data security solutions. SMEs can utilise the full potential of cloud adoption by better managing network connectivity, costs, data security concerns, skills and expertise gaps, and performance monitoring. However, a lack of skilled professionals and internal technology expertise can hinder optimal cloud adoption. Therefore, trusted cloud partners are essential for SMEs helping them in driving agility, innovation, and growth. According to SME Digital Insights, SMEs seek reliable partners for cloud navigation to achieve the desired ROI on their cloud investments. These partners assist in creating robust migration plans and future growth strategies, optimising cloud resource allocation, and identifying cost-saving opportunities. They offer SMEs pre-built dashboards, easy-to-use interfaces, and secure cloud storage, unlocking the power of data analytics. Cloud providers use best practices in risk mitigation to ensure data security and compliance, crucial for SMEs lacking robust security resources. To conclude, in this digital era, the ability to analyse and act on data is not just an advantage but a necessity. For SMEs, cloud-based data analytics offers a pathway to sustainable growth and long-term success. It's time for them and SMEs to seize this opportunity to innovate and transform their businesses through the power of data. As more Indian SMEs embrace cloud-based data analytics, they will be better positioned to compete in the global market, driving economic growth and creating new opportunities.

Empowering Indian SMEs through cloud-based data analytics 

Toyota promised Friday to beef up supervision of its vehicle certification to ensure that the scandal that erupted recently over improper tests never happens again.

Japan's top automaker detailed the measures it plans to take, which include more managerial involvement, additional personnel assigned to tasks relating to certification, and clearly setting out the responsibilities of particular positions, including that of chief engineer.

The report was presented to the Japanese government, which reprimanded Toyota last month.

Only two months ago, Toyota Motor Corp. came clean about fraudulent testing on a broad scale, including the use of insufficient or outdated data on crash tests, wrong testing of airbag inflation, and engine power checks.

The misconduct doesn't affect the safety of the vehicles already out in traffic, which include popular Corolla subcompact and Lexus luxury vehicles. That means owners don't have to do anything.

But it has been a major embarrassment for a manufacturer that prides itself on empowering its workers to ensure quality control.

Toyota has stopped production of some models. Japanese media reports have estimated that the scandal will cut Toyota's annual global output by 500,000 vehicles. Toyota sells 11 million vehicles a year worldwide.

After the revelation, Toyota found more deceit, such as certifications for pedestrian protection, side collisions, and steering impact.

"There were many areas for improvement in the foundation of certification operation, such as the data management system and the establishment of regulations and procedures for the certification operations," a statement from Toyota said.

The Japanese government also launched an investigation into Toyota in January. Overseas production is not involved in the issue.

Similar fraudulent tests were found at other Japanese automakers, Mazda Motor Corp. and Honda Motor Co., and at the Toyota group makers Hino Motors and Daihatsu Motor Co.

Toyota promised Friday to beef up supervision of its vehicle certification to ensure that the scandal that erupted recently over improper tests never happens again.

Toyota promised Friday to beef up supervision of its vehicle certification to ensure that the scandal that erupted recently over improper tests never happens again. Japan's top automaker detailed the measures it plans to take, which include more managerial involvement, additional personnel assigned to tasks relating to certification, and clearly setting out the responsibilities of particular positions, including that of chief engineer. The report was presented to the Japanese government, which reprimanded Toyota last month. Only two months ago, Toyota Motor Corp. came clean about fraudulent testing on a broad scale, including the use of insufficient or outdated data on crash tests, wrong testing of airbag inflation, and engine power checks. The misconduct doesn't affect the safety of the vehicles already out in traffic, which include popular Corolla subcompact and Lexus luxury vehicles. That means owners don't have to do anything. But it has been a major embarrassment for a manufacturer that prides itself on empowering its workers to ensure quality control. Toyota has stopped production of some models. Japanese media reports have estimated that the scandal will cut Toyota's annual global output by 500,000 vehicles. Toyota sells 11 million vehicles a year worldwide. After the revelation, Toyota found more deceit, such as certifications for pedestrian protection, side collisions, and steering impact. "There were many areas for improvement in the foundation of certification operation, such as the data management system and the establishment of regulations and procedures for the certification operations," a statement from Toyota said. The Japanese government also launched an investigation into Toyota in January. Overseas production is not involved in the issue. Similar fraudulent tests were found at other Japanese automakers, Mazda Motor Corp. and Honda Motor Co., and at the Toyota group makers Hino Motors and Daihatsu Motor Co.

Toyota's scandal-ridden certification process sends shockwaves through Japan's auto industry

Shares in Paramount Global jumped 6 per cent premarket Friday after investors cheered the strong growth of the media group's streaming business, even as the company joined its rival Warner Bros Discovery in writing down the value of its TV assets.

Late Thursday, Paramount blew past Wall Street targets for earnings, driven by its streaming unit, which houses Paramount+ and PlutoTV services, posting its first quarterly profit in three years. The company further announced that it would cut 15 per cent of its US workforce as part of cost-cutting plans before its merger with Skydance Media.

The streaming profit eclipsed the write-down of the value of Paramount's cable networks by about $6 billion, a move that puts in the front and centre of the denting of traditional TV businesses as viewership is fading and revenues are sliding in the streaming era.

"Results in the rest of Paramount's business were unsurprisingly weak, but at Paramount's current market value, it shouldn't take much good news to generate enthusiasm," Morningstar analyst Matthew Dolgin said.

Revenue at Paramount+ jumped 46 per cent in the second quarter, boosted by year-on-year growth in subscribers and higher prices. The revenue generated by its TV unit fell 17 per cent.

Earlier this week, Warner Bros Discovery announced a $9 billion charge on its TV assets.

Like other media companies, Paramount has also been taking initiatives to enhance the streaming business to gain an expanded audience. The company had reached an agreement on a deal earlier in the year with US cable giant Charter Communications to enable Charter's Spectrum TV subscribers to have access to the ad-supported version of Paramount+.

"While the viewership of linear networks has declined significantly, and Paramount+ is not currently in the same league as the biggest and most popular streaming platforms, we still see advantages to the menu of distribution that Paramount offers," Dolgin added.

Shares in Paramount Global jumped 6 per cent premarket Friday after investors cheered the strong growth of the media group's streaming business, even as the company joined its rival Warner Bros Discovery in writing down the value of its TV assets.

Shares in Paramount Global jumped 6 per cent premarket Friday after investors cheered the strong growth of the media group's streaming business, even as the company joined its rival Warner Bros Discovery in writing down the value of its TV assets. Late Thursday, Paramount blew past Wall Street targets for earnings, driven by its streaming unit, which houses Paramount+ and PlutoTV services, posting its first quarterly profit in three years. The company further announced that it would cut 15 per cent of its US workforce as part of cost-cutting plans before its merger with Skydance Media. The streaming profit eclipsed the write-down of the value of Paramount's cable networks by about $6 billion, a move that puts in the front and centre of the denting of traditional TV businesses as viewership is fading and revenues are sliding in the streaming era. "Results in the rest of Paramount's business were unsurprisingly weak, but at Paramount's current market value, it shouldn't take much good news to generate enthusiasm," Morningstar analyst Matthew Dolgin said. Revenue at Paramount+ jumped 46 per cent in the second quarter, boosted by year-on-year growth in subscribers and higher prices. The revenue generated by its TV unit fell 17 per cent. Earlier this week, Warner Bros Discovery announced a $9 billion charge on its TV assets. Like other media companies, Paramount has also been taking initiatives to enhance the streaming business to gain an expanded audience. The company had reached an agreement on a deal earlier in the year with US cable giant Charter Communications to enable Charter's Spectrum TV subscribers to have access to the ad-supported version of Paramount+. "While the viewership of linear networks has declined significantly, and Paramount+ is not currently in the same league as the biggest and most popular streaming platforms, we still see advantages to the menu of distribution that Paramount offers," Dolgin added.

Paramount's streaming triumph fuels investor optimism amid traditional TV turbulence