The Adani Group conglomerate has seen tens of billions of euros wiped off its market value since a short-seller's report accused it of pulling 'the largest con in corporate history' last week. It has now cancelled a €2.2 billion ($2.5 billion) share sale meant to help reduce debt levels. Billionaire founder Gautam Adani maintains that the 'fundamentals' of the group are 'strong'.
Several major banks are set to lose billions of dollars over links to the hedge fund Archegos, after financial troubles at the firm sparked a massive sell-off of shares.
Nomura and Credit Suisse have said they will suffer significant losses, which caused their share prices to plunge on Wall Street on Monday. Archegos was backed by former star trader Bill Hwang. Also today, we look at how the wine industry in Argentina has seen rising sales during the pandemic.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Indian Billionaire, Gautam Adani Loses Asia’s Richest Person Position To Ambani After ‘Corporate Con’ Accusations Against His Empire | Sahara ReportersThe Indian billionaire, Gautam Adani has lost his position as Asia's richest person, as his empire suffers a major hit following ‘Corporate Con’ accusations against it. Forbes reports that Adani lost his position on Wednesday as shares of his listed companies slid further while his empire fights the allegations of serious fraud made by the U.S.-based short-seller Hindenburg Research.
Read more »
As Africa’s manufacturers await liberalised market for free tradeSince 2020, the COVID-19 pandemic has become the key alibi for inaction of many governments in addressing key economic and developmental issues. Though the pandemic impacted the integration goals of the AfCFTA, stakeholders believe that the lethargic reactions of African leaders towards opening up their borders and liberalising trade leaves much to be desired. Indeed, three major issues are believed to be affecting the AfCFTA in its initial phase. First, the negotiation on the Rules of Origin seems endless. Several members were unwilling to ratify all the articles of agreement.
Read more »
Again, fire guts building at Balogun marketBarely one week, another building at the popular Balogun Market in the Lagos Island area of Lagos State has been gutted by fire on Thursday.
Read more »
Petrol price fuels anger in Edo, protesters blame black marketWhen the broadcast heralding the protest against the hike in fuel prices in Edo State was made through several online platforms on Sunday, the residents of Benin City knew what to expect on January 30, the day set aside by the civil society organisations for the protest.
Read more »
Bullish Run Continues As Equities Market Rises By N271bnThe domestic equities market yesterday advanced by N271 billion, as investors continue to digit a flurry of full year corporate earnings released on the
Read more »
Naira falls to N756/$ at parallel market amid high FX demand | TheCableThe naira, on Friday, tumbled to N756 per dollar at the parallel section of the foreign exchange market.
Read more »