What Happened to Adani’s Share Sale? Meltdown Explained - Bloomberg
A beaming Gautam Adani stood beside Israeli Prime Minister Benjamin Netanyahu on Tuesday, looking relaxed as hundreds of people gathered for the ceremonial signing at the Haifa Port, which the Indian billionaire is co-developing.
The 60-year-old tycoon had reason to be buoyant: last-minute bids had helped the flagship of his ports-to-power empire close a record $2.5 billion share sale despite a searing short seller attack that triggered a stock rout. As he headed home from Tel Aviv at 6:13 p.m. local time in his Bombardier Global 6500 private jet — a relatively-new acquisition with super-speedy wireless connectivity — the industrialist spent a lot of time in the quietest part of the flight cabin on marathon calls.
But the brutal sell off in Adani Group stocks continued on Wednesday, Feb. 1, wiping out market value of more than $80 billion in a week — despite the supposed successful conclusion to the share sale.
Anxious investors started calling Adani’s finance team to express concerns, according to people familiar with the events who did not want to be named as the discussions were private.
Saturday, 4 February 2023
Exclusive: Indian refiners pay traders in #UAE dirhams for Russian oil | Reuters
Exclusive: Indian refiners pay traders in dirhams for Russian oil | Reuters
Indian refiners have begun paying for most of their Russian oil purchased via Dubai-based traders in United Arab Emirates dirhams instead of U.S. dollars, four sources with knowledge of the matter said.
While Western sanctions against Moscow are not recognised by India, and purchases of Russian oil may in any case not violate them, banks and financial institutions are cautious about clearing payments so as not to unwittingly fall foul of the many measures imposed against Russia following its invasion of Ukraine.
Indian refiners and traders are concerned they may not be able to continue to settle trades in dollars, especially if the price of Russian crude rises above a cap imposed by the Group of Seven nations and Australia in December.
That has led traders to seek alternative methods of payment, which could also aid Russia's efforts to de-dollarise its economy in response to the Western sanctions.
Previous attempts by Indian refiners to pay traders for Russian crude in dirhams through Dubai banks failed, forcing them to switch back to the U.S. currency.
Indian refiners have begun paying for most of their Russian oil purchased via Dubai-based traders in United Arab Emirates dirhams instead of U.S. dollars, four sources with knowledge of the matter said.
While Western sanctions against Moscow are not recognised by India, and purchases of Russian oil may in any case not violate them, banks and financial institutions are cautious about clearing payments so as not to unwittingly fall foul of the many measures imposed against Russia following its invasion of Ukraine.
Indian refiners and traders are concerned they may not be able to continue to settle trades in dollars, especially if the price of Russian crude rises above a cap imposed by the Group of Seven nations and Australia in December.
That has led traders to seek alternative methods of payment, which could also aid Russia's efforts to de-dollarise its economy in response to the Western sanctions.
Previous attempts by Indian refiners to pay traders for Russian crude in dirhams through Dubai banks failed, forcing them to switch back to the U.S. currency.
US Raises Pressure on #Turkey and #UAE to Curb Russia Trade Ties - Bloomberg
US Raises Pressure on Turkey and UAE to Curb Russia Trade Ties - Bloomberg
The US has told the United Arab Emirates and Turkey that their economic and financial ties to Russia are hampering efforts to curb Moscow’s invasion of Ukraine.
Brian Nelson, under secretary for terrorism and financial intelligence at the US Treasury, met with Turkish officials on Thursday and Friday to discuss US concerns about the rising exports that include US goods, according to people with knowledge of the matter. It was part of a regional tour that included the UAE earlier this week.
US officials told Turkey to clamp down on a flow of goods to Russia. They warned their counterparts that tens of millions of dollars’ worth of export-controlled goods were reaching Russia and could be used by the defense industry to extend the conflict, the people said.
Between March and October of last year, dozens of Turkish exporters sent about $800 million worth of goods to Russia, including $300 million in machinery and another $80 million in electronics, they said. They spoke on the condition of anonymity because the discussions were private.
Officials at Turkey’s trade and finance ministries were not immediately available for comment.
The US has told the United Arab Emirates and Turkey that their economic and financial ties to Russia are hampering efforts to curb Moscow’s invasion of Ukraine.
Brian Nelson, under secretary for terrorism and financial intelligence at the US Treasury, met with Turkish officials on Thursday and Friday to discuss US concerns about the rising exports that include US goods, according to people with knowledge of the matter. It was part of a regional tour that included the UAE earlier this week.
US officials told Turkey to clamp down on a flow of goods to Russia. They warned their counterparts that tens of millions of dollars’ worth of export-controlled goods were reaching Russia and could be used by the defense industry to extend the conflict, the people said.
Between March and October of last year, dozens of Turkish exporters sent about $800 million worth of goods to Russia, including $300 million in machinery and another $80 million in electronics, they said. They spoke on the condition of anonymity because the discussions were private.
Officials at Turkey’s trade and finance ministries were not immediately available for comment.
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