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New Delhi, Aug 30 (IANS) Gautam Adani was already Asias richest man and now he is also the world's third richest person, overtaking LVMH chairman Bernard Arnault and becoming the first Asian person to take that spot, according to Bloomberg and its Billionaires index.

Adani, who runs one of India's top conglomerates, is now believed to be worth approximately $137 billion, the tracker shows.

That's after a surge this week placed him just behind Tesla CEO Elon Musk and Amazon founder Jeff Bezos, whose own fortunes are estimated at $251 billion and $153 billion, respectively, CNN reported.

Like other billionaires around the world, Adani has seen his wealth skyrocket during the pandemic.

The founder of the eponymous Adani Group controls companies ranging from ports and aerospace to solar energy and coal.

His fortune has grown exponentially since the start of the global health crisis, as investors bet on his ability to grow his business in sectors that Indian Prime Minister Narendra Modi has prioritized for development.

Adani has also benefited from an uptick in coal usage, which has catapulted his ascent in recent months, according to Bloomberg.

He overtook fellow Indian tycoon to become the region's wealthiest person in February, CNN reported.

His shot up the global wealth rankings comes as some members of the world's 1 per cent give away more of their resources.

In July, Microsoft co-founder Bill Gates announced he would devote $20 billion to the endowment of the Bill and Melinda Gates Foundation, and reiterated his intention to move "off of the list of the world's richest people".

Bill Gates is currently ranked the world's fifth most affluent person, according to Bloomberg's index, with a net worth of $117 billion, CNN reported.

--IANS
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Mumbai, Aug 30 (IANS) India seems to be enjoying the 'There Is No Alternative' (TINA) factor, as globally all countries are facing the churn and India seems to the best placed jurisdiction in terms of growth and inflation outlook in FY23, according to the SBI Ecowrap report.

This optimism is because China is also facing a bleak outlook on the back of a construction sector meltdown. In fact, report believes that the China story may now be facing clear headwinds and India is likely to benefit from such stark realities over the longer term.

The trends in prices of both retail and commercial real estate in China now show much deeper structural adjustment. The long-term trends in retail prices show that since 2016, prices have been steadily declining along the linear trend.

In 2022, even the nominal price index has witnessed degrowth which is a worrying sign. The real price index growth has been in negative growth since December 2021. Home sales in China have fallen for 11 months in a row, official data shows. That is the longest slump since China created a private property market in the late 1990s.

Chinese demographers are now predicting that negative population growth in China will be the dominant trend in the coming years for a long time and improving the overall quality of the population and changing economic development plans are vital to address the problem.

With ageing, size of the family will gradually shrink. The housing demand will eventually decline in the long run in China as seen in Japan. The future outlook of the construction sector in China over the long run structural factors such as demographic ageing and rebalancing of economy will eventually remove a substantial portion of demand.

India is likely to be the beneficiary as China slows down in terms of new investment intentions.

Since the default by Evergrande group, once hailed as the toast of Chinese infrastructure resurgence, the financial situation of the construction sector in China has steadily moved southwards.

The debt default by Evergrande group spread to other large and mid-tier construction companies. Listed developers' share prices have fallen US$55 billion during 2022, while the sector's dollar notes have fallen by more than US$35 billion. Bank loans to the real estate sector have dropped for the first time in 10 years.

--IANS
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Islamabad, Aug 30 (IANS) The Pakistani rupee (PKR) surged against the US dollar on Tuesday during intraday trade after the International Monetary Fund's (IMF) executive board revived the much-awaited bailout programme for Islamabad.

The PKR appreciated by 2.42 to 219.50 against the US dollar during intraday trade in the interbank market, down from Monday's close of 221.92, Geo News reported.

After months-long hectic efforts, the global money lender approved the seventh and eighth reviews of the stalled $6 billion Pakistan programme, government officials announced ON Monday night.

Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha said that he expects the local unit to keep appreciating and fall to 200 in the coming days.

Paracha highlighted that as the deal materialised after a long delay, the government took some measures for fiscal tightening that led to an increase in smuggling.

Apart from the smuggling of dollars to Afghanistan, Paracha said that the heavy regulatory duties imposed on imports led to an increase in the smuggling of commodities, which resulted in a shortage of dollars.

He noted that although the amount from the global money lender amounted to $1.1 billion, it will pave the way for Pakistan to get additional funds from other multilateral and bilateral organisations, Geo News reported.

--IANS
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Baghdad, Aug 30 (IANS) At least 15 people have been killed in clashes between Iraqi security forces and supporters of a powerful Shia cleric in the capital Baghdad following his announcement of his retirement from politics, the media reported.

Officials say dozens more were injured after protesters loyal to Moqtada al-Sadr stormed the presidential palace late Monday night, reports the BBC.

His bloc won most seats seats in parliament last October, but he has refused to negotiate with Iran-backed Shia groups to form a government.

There has been a year of political instability as a result.

Street fighting erupted overnight, as fighters exchanged gunfire and tracer rounds illuminated the night sky in some of the worst violence to hit the Iraqi capital in recent years, said the BBC report.

Much of the fighting has been concentrated around the city's Green Zone, an area that houses government buildings and foreign embassies.

Dutch embassy staff were forced to move to the German mission due to the clashes.

Security officials said some of the violence was between the Peace Brigades, a militia loyal to Sadr, and members of the Iraqi military.

Videos shared on social media appeared to show some fighters using heavy weaponry, including rocket-propelled grenades (RPGs), the BBC reported.

Iran has closed its borders with Iraq amidst the fighting, and Kuwait has urged its citizens to leave the country immediately.

Mustafa al-Kadhimi, Iraq's caretaker Prime Minister and Sadr ally, has declared a nationwide curfew after unrest in several other cities.

He has suspended cabinet meetings and has pleaded with the influential cleric to intervene and stop the violence.

For now, Sadr has announced a hunger strike until the violence and use of weapons by all sides stopped.

--IANS
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Paris, Aug 30 (IANS) Air France has suspended two pilots after an altercation in the cockpit during a flight from Geneva to Paris in June 2022, the local media reported.

The flag carrier confirmed that, following a disagreement between the two pilots at the controls of an Airbus A320 in June, inappropriate gestures were exchanged, Xinhua news agency quoted French newspaper Le Figaro as saying on Monday.

"The pilots concerned are currently stopped from flying and are awaiting a managerial decision which will rule on the outcome," Air France said.

The incident occurred shortly after takeoff during the climb phase.

The co-pilot apparently refused to follow an instruction, and the two pilots grabbed each other by the collar while remaining in the cockpit, Le Figaro said in its report.

"The incident ended quickly without affecting either the conduct or the safety of the flight, which continued normally," Air France emphasized.

The French authority responsible for investigating aircraft accidents, the Bureau of Enquiry and Analysis for Civil Aviation Safety (BEA), noted in a recent report a recurrence of incidents involving Air France crew where safety rules were ignored.

The BEA called on Air France to prioritize compliance with procedures within the company's safety culture.

--IANS
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Los Angeles, Aug 30 (IANS) Actress Jennifer Connelly is set to star opposite Joel Edgerton in the series adaptation of the Blake Crouch novel 'Dark Matter'.

The nine-episode series was ordered at Apple in March. It will follow Jason Dessen (Edgerton), a physicist, professor, and family man who - one night while walking home on the streets of Chicago - is abducted into an alternate version of his life.

Wonder quickly turns to nightmare when he tries to return to his reality amid the multiverse of lives he could have lived.

In this labyrinth of mind-bending realities, he embarks on a harrowing journey to get back to his true family and save them from the most terrifying, unbeatable foe imaginable: himself.

Connelly will star as Daniela, Jason's wife.

This marks one of few television roles Connelly has held throughout her career. She currently stars in the TNT series 'Snowpiercer', which is set to end with its upcoming fourth season.

She also starred in the short-lived Fox Wall Street drama 'The Street'. She is primarily known for her critically-acclaimed film roles, including her Oscar-winning supporting role in 'A Beautiful Mind'.

She most recently starred in the blockbuster 'Top Gun: Maverick' and has also starred in films like 'Requiem for a Dream', 'House of Sand and Fog', and 'Blood Diamond'.

--IANS
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Bengaluru, Aug 30 (IANS) India's ace women's hockey defender Deep Grace Ekka has revealed that while playing in the Birmingham Commonwealth Games final would have been huge, standing on the podium with the bronze medal too is a big achievement and a morale booster for the side.

As Grace Ekka and the women's core group returned to the Sports Authority of India's campus in Bengaluru after a short break post the CWG to begin preparations for the FIH Women's Hockey Nations Cup in Valencia (Spain) later this year, the defender said, "We would have liked to play the final in Birmingham for sure, but winning bronze was a big achievement for us. Standing on the podium is a moment we will never forget. It's a big morale booster for the entire team."

The women's hockey team has had quite a fruitful last 12 months, starting with the momentous 2020 Olympic Games in Tokyo and culminating with bronze at the Birmingham Commonwealth Games. They will now turn their attention to the Women's Hockey Nations Cup in Valencia, Spain, beginning December 10.

Grace Ekka hopes the team can continue to build on the momentum going ahead.

"We did well in Birmingham, but now that is a closed chapter. We have had a good break and now we have to get back to work. I am sure chief coach Janneke Schopman will assess our previous performance and plan the upcoming days in camp accordingly."

Captained by Savita, the squad is set for a longish camp before their next outing and the experienced defender expects to be put through the hard yards ahead of their next assignment.

"We have to do well in Spain in the FIH Women's Hockey Nations Cup, and for that the preparation begins from today. It won't be easy but training hard and doing the right things repeatedly during our sessions is the only thing we can do," she explained.

The one-week long tournament in Spain will see the winners get promoted to the FIH Hockey Pro League (Women's). The Indian women's team finished third in their debut campaign in the Pro League 2021/22 season.

"Our aim in Spain will be to progress to the FIH Hockey Women's Pro League and for that we have to win the Nations Cup. Our target is in front of us, now it's up to us to make sure we build in the correct direction," the veteran of 240 games added.

--IANS

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Los Angeles, Aug 30 (IANS) Indian-American film 'Four Samosas' has been acquired by IFC Films after it premiered at this year's Tribeca Film Festival.

"Four Samosas," a romantic comedy set in the Little India neighborhood of Los Angeles. IFC will release it in theaters and on demand on December 2, 2022, reports variety.com.

Ravi Kapoor directs and Venk Potula ("Veep") leads an ensemble cast that includes Sonal Shah, Sharmita Bhattacharya, Nirvan Patnaik, Karan Soni, Summer Bishil, and Meera Simhan.

The film centers on wanna-be South Asian American rapper, Vinny (Potula), who along with three friends - all of them first-time thieves - plans to rob a grocery store owned by his ex-girlfriend's father, in order to steal her wedding diamonds and disrupt her pending engagement.

"Ravi has made a hilarious film that is part comedy and part heist movie with a spirit and style reminiscent of Wes Anderson," Arianna Bocco, president of IFC Films said.

"It features an incredible ensemble cast who are totally game for Kapoor's wild ride. We're so thrilled to have Ravi and his team as part of the IFC Family, and we can't wait for audiences to experience this endearing and original film."

'Four Samosas' was a hit with critics when it debuted at Tribeca.

"Four Samosas" is produced by Kapoor alongside Potula for Khrisp Entertainment, Rajiv Maikhuri and Craig Stovel for Creative Rebel Productions. It is executive produced by Utkarsh Ambudkar, Karan Soni, Sanjay M. Sharma and Milan Chakraborty of Marginal MediaWorks, and Kathrin Hamilton and Matthew Young.

"After a fantastic coming out party at Tribeca, we're thrilled that IFC Films will keep the good vibes going," Kapoor said.

"They recognize how our film about finding your crew can resonate with audiences of all ilks!"

--IANS
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New Delhi, Aug 30 (IANS) The Delhi High Court observed that a person, who is in a consensual physical relationship, is not required to see an Aadhaar and a PAN card and verify the date of birth before sex with his/her partner.

Justice Jasmeet Singh was hearing a bail application of a man accused of raping his alleged minor partner who has three different dates of birth on her records of which the court was in the view that she was not a minor during the alleged rape.

"The person, who is in a consensual physical relationship with another person, is not required to judicially scrutinise the date of birth of the other person. He is not required to see Aadhaar card, PAN card and verify the date of birth from her school record before he enters into a physical relationship.

"The very fact that there is an Aadhar Card and the very fact that the same shows date of birth as 01.01.1998 is sufficient for the applicant to form an opinion that he was not indulging in physical relationship with a minor," the recent order read.

Another reason which prompts granting of bail is that there are transfers of huge amounts of money in favour of the prosecutrix (girl), the court said further pointing out the "inordinate delay" of registering an FIR in the matter.

"I am of the view that in the present case, there is much more than what meets the eye," the Judge held.

The court also referred to another verdict of 'Kapil Gupta vs. State', which had noticed that there were cases where innocent persons were being honey trapped and huge amounts of money are being extracted from them.

The court had directed Commissioner of Police to personally look into the matter and investigate such cases of honey trapping.

It was directed by the court that the Commissioner of Police will have a detailed investigation as regards the prosecutrix if any such similar FIR has been registered by the prosecutrix against any other person in Delhi.

The court also directed the police to investigate the Aadhaar card and the date of issuance of the same and the supporting documents filed for issuance of the said Aadhaar card.

After directing the man to furnish a personal bond with one local surety in the sum of Rs 20,000, the court allowed him bail.

--IANS
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Los Angeles, Aug 30 (IANS) Malaysian actress Michelle Yeoh will receive the Toronto International Film Festival's inaugural Share Her Journey Groundbreaker Award.

The TIFF Share Her Journey Groundbreaker Award recognises a woman who is a leader in the film industry and has made a positive impact for women throughout their career, reports 'Variety'.

The award, sponsored by Bulgari, will be presented at an in-person gala fundraiser on September 11 (Sunday) at the Fairmont Royal York Hotel.

"Michelle Yeoh is the definition of groundbreaking," said Cameron Bailey, TIFF CEO. Her screen work has spanned continents, genres and decades. This year she delivered a performance in 'Everything Everywhere All at Once' that shows her limitless abilities."

With a nearly 40-year career, Yeoh has broken barriers and inspired generations of audiences with her performances. These include 'Crouching Tiger, Hidden Dragon', 'Tomorrow Never Dies' and 'Crazy Rich Asians'.

Born in Malaysia and educated in the U.K., Yeoh enjoyed her initial acting success in 1990s Hong Kong action films and briefly became a producer following stardom in Roger Spottiswoode's James Bond title 'Tomorrow Never Dies' and Ang Lee's 2000 breakout hit 'Crouching Tiger, Hidden Dragon'.

Returning to acting, she went on to defy convention and build a global career with key roles in Rob Marshall's 'Memoirs of a Geisha', Danny Boyle's 'Sunshine', and Jon Chu's 'Crazy Rich Asians'.

After appearing in James Gunn's second instalment of the 'Guardians of the Galaxy' franchise, Yeoh returned to the Marvel universe in Destin Daniel Cretton's 'Shang-Chi'.

In March 2022, she starred in the Daniels' genre-melting 'Everything Everywhere All at Once', which has since become 24's highest grossing film.

Yeoh was recently announced as the first Asian artist to receive the American Film Institute Honour, and was this year featured in the Time 100 "Most Influential People" list.

Past TIFF Tribute Awards have gone to Jessica Chastain, Roger Deakins, Anthony Hopkins, Joaquin Phoenix, Taika Waititi, and Chloe Zhao.

--IANS
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