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Adani’s market losses top $100 billion as shelved share sale spooks investors

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Market route deepens in Indian tycoon Adani’s shares Adani Enterprises loses $26 bln in value since report Falls after Adani pulled share sale, investors spooked Analysts say signals confidence crisis in the Indian market NEW DELHI/MUMBAI, Feb 2 (Reuters) – Adani Group’s market losses swelled to more than $100 billion on Thursday, sparking worries about …

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ChatGPT sets record for fastest-growing user base – analyst note

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Feb 1 (Reuters) – ChatGPT, the popular chatbot from OpenAI, is estimated to have reached 100 million monthly active users in January, just two months after launch, making it the fastest-growing consumer application in history, according to a UBS study on Wednesday. The report, citing data from analytics firm Similarweb, said an average of about …

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Honda to start producing new hydrogen fuel cell system co-developed with GM

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TOKYO, Feb 2 (Reuters) – Japan’s Honda Motor Co (7267.T) said it will start producing a new hydrogen fuel cell system jointly developed with General Motors Co (GM.N) this year and gradually step up sales this decade, in a bid to expand its hydrogen business. Honda will target annual sales of around 2,000 units of …

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Analysis: Fed feeds Wall Street’s soft landing hopes, though recession fears still loom

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Feb 2 (Reuters) – A more dovish-than-expected message from Federal Reserve Chairman Jerome Powell stands to further boost hopes of slowing rate hikes and a so-called soft economic landing that has fueled a powerful rebound in US stocks. For weeks, hopes that easing inflation and cooling growth will allow the Fed to pull back from …

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Hindenburg bet against India’s Adani puzzles rival US short sellers

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Feb 1 (Reuters) – When Hindenburg Research revealed a short position in Adani Group last week, some US investors said they were intrigued about the actual mechanics of its trade, because Indian securities rules make it hard for foreigners to bet against companies there. Hindenburg’s house has been lucrative so far. Its allegations, which the …

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Exclusive: Indian market regulator examining Adani share route, source says

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MUMBAI, Feb 1 (Reuters) – India’s market regulator is examining a recent crash in shares of Adani Group and looking into any possible irregularities in a share sale by its flagship company, a source with direct knowledge of the matter told Reuters on Wednesday. The Securities and Exchange Board of India’s (SEBI) examination comes on …

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Exclusive: EV maker Rivian to cut 6% of jobs amid price war -internal memo

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SAN FRANCISCO, Feb 1 (Reuters) – Rivian Automotive (RIVN.O) is laying off 6% of its workforce in an effort to cut costs as the EV maker, already grappling with falling cash reserves and a weak economy, braces for an industry -wide price war. The company is focusing resources on ramping up vehicle production and reaching …

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Adani abandons $2.5 billion share sale in big blow to Indian tycoon

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NEW DELHI, Feb 1 (Reuters) – Gautam Adani’s flagship firm called off its $2.5 billion share sale in a dramatic reversal on Wednesday as a rout sparked by a US short-seller’s criticism wiped billions more off the value of the Indian tycoon’s stocks. The withdrawal of the Adani Enterprises (ADEL.NS) share offering marks a stunning …

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Oil prices stable as OPEC+ sticks to policy ahead of Fed meeting

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LONDON, Feb 1 (Reuters) – Oil prices remained relatively stable after OPEC and its allies stuck to their output policy while the market awaits a US interest rate decision and data on US crude and fuel stockpiles later on Wednesday. Brent crude futures were down 14 cents, or 0.1%, at $85.33 a barrel by 1419 …

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Adani loses Asia’s richest crown as stock route deepens to $84 billion

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BENGALURU, Feb 1 (Reuters) – Shares in Indian tycoon Gautam Adani’s conglomerate plunged again on Wednesday as a route in his companies deepened to $84 billion in the wake of a US short-seller report, with the billionaire also losing his title as Asia’s richest person. Wednesday’s stock losses saw Adani slip to 15th on Forbes …

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