Latest news with #RimjhimSingh
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Business Standard
5 days ago
- Business
- Business Standard
Shapoorji Group bags $3.35 bn in largest private deal led by Deutsche Bank
The $3.35 billion financing was raised via 3-year NCDs at a 19.75 per cent annual yield, up from last year's 18.75 per cent when Goswami Infratech raised $1.7 billion in debt Rimjhim Singh New Delhi Deutsche Bank has planned the largest private credit transaction outside the United States by raising $3.35 billion for the Shapoorji Pallonji (SP) Group. The infrastructure conglomerate leveraged a portion of its Tata Sons stake as collateral, attracting commitments from major global investors, including BlackRock and Morgan Stanley, according to a report by The Economic Times. The financing was secured through three-year non-convertible debentures (NCDs) offering a 19.75 per cent yield, compounded annually and payable at maturity. This marks a rise from earlier debt issuances, which commanded yields approximately one percentage point lower. In 2023, SP Group's Goswami Infratech had raised $1.7 billion at an 18.75 per cent yield, the news report said. Deutsche Bank's significant commitment and syndication The $3.35 billion funding round brought together three distinct investor groups: existing bondholders of Sterling bonds, current investors in Goswami bonds, and a new cohort of private credit investors from the US, the UK, Hong Kong, Singapore, and India. Deutsche Bank spread its exposure across international credit funds, with BlackRock acquiring $70 million, Sona Capital investing $180 million, Morgan Stanley Investment Management putting in $60 million, and PIMCO contributing $45 million. This consortium totalled around $355 million, complemented by a separate $500 million investment from Ares Capital. Farallon Capital, a longstanding creditor to the SP Group, invested $596 million (approximately ₹5,100 crore). Other key participants included Davidson Kempner and Cerberus Capital, committing $401 million and $474 million respectively. Secured by stake in Tata Sons and real estate arms The debt is secured against SP Group's 9.2 per cent shareholding in Tata Sons, held through Sterling Investment, as well as assets in Shapoorji Pallonji Real Estate and SP Energy — the group's oil and gas business. This issuance, exclusively arranged by Deutsche Bank, represents the first large-scale corporate bond placement following changes in Foreign Portfolio Investor (FPI) norms, which now permit offshore investment under the general limit route instead of the more restrictive Voluntary Retention Route (VRR), the news report said. Regulatory changes and timing impact the deal Originally aiming for a March close, the transaction was completed six weeks later, delayed by geopolitical uncertainties. While part of the proceeds will refinance existing debt and support growth in SP Group's real estate and engineering, procurement, and construction (EPC) businesses, the deal is expected to transform capital access for large Indian conglomerates, the news report said.
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Business Standard
7 days ago
- Climate
- Business Standard
Video: Massive glacier collapse crashes into Swiss village, buries homes
A glacier collapse buried most of Blatten after a preemptive evacuation; rescue teams are using drones to find a missing man as fears of flooding loom Rimjhim Singh New Delhi A massive glacier collapse in the Swiss Alps on Wednesday triggered a catastrophic landslide that buried most of the Alpine village of Blatten in the Lotschental valley. The collapse, caused by the disintegration of the Birch Glacier above the village, sent a deluge of ice, mud, and rock cascading through homes, infrastructure, and the Lonza River. INCREDIBLE !! Here we are... ???????????? After days of overloading and cracks propagating, Birch Glacier collapsed over Blatten today at 3:24 pm and dammed the Lonza river... Devastating! ???? — Melaine Le Roy (@subfossilguy) May 28, 2025 Officials had evacuated Blatten's 300 residents and livestock earlier this month after geologists warned that a 1.5 million cubic metre section of the glacier could collapse, news agency Reuters reported. About 90 per cent of the village is now buried or destroyed, said Stephane Ganzer, head of security for the Valais region. 'What I can tell you at the moment is that about 90 per cent of the village is covered or destroyed, so it's a major catastrophe that has happened here in Blatten,' Ganzer said. One missing as search teams deploy drones One person, a 64-year-old man, is missing. Search teams have deployed drones with thermal cameras in hopes of locating him, Euronews reported. Drone footage from Swiss national broadcaster SRF showed a vast plain of mud and debris stretching across the village, submerging houses and blanketing the wooded slopes of the valley. The Lonza River was also engulfed, raising fears of flooding from blocked water flows. 'We've lost our village,' said Matthias Bellwald, the mayor of Blatten. 'The village is under rubble. We will rebuild.' Climate change seen as key driver Officials said millions of cubic metres of material tumbled down when part of the mountain above the glacier collapsed, bringing the ice mass with it. 'An unbelievable amount of material thundered down into the valley,' said Matthias Ebener, a local spokesperson. Experts pointed to climate change as a factor behind the collapse. Christian Huggel, a professor of environment and climate at the University of Zurich, said that warming temperatures are melting permafrost and destabilising mountain slopes. 'Climate change had likely played a part in the deluge,' he said, noting that the extent of the destruction in Blatten was unprecedented in recent Swiss Alpine history. Switzerland, home to the most glaciers in Europe, lost 4 per cent of its total glacier volume in 2023 alone — its second-worst year on record after a 6 per cent loss in 2022. Government response and ongoing risk Swiss Environment Minister Albert Rosti described the disaster as 'extraordinary' and pledged support for affected residents. President Karin Keller-Sutter expressed solidarity, saying on X, 'It's terrible to lose your home.' Authorities have closed the main road into the valley and urged the public to avoid the area due to ongoing risks. 'There's a risk that the situation could get worse,' Ganzer warned, noting that blocked water flows remain a threat. The army has also been mobilised in response to earlier signs of glacier instability, underscoring the scale and seriousness of the crisis. (With Reuters inputs)
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Business Standard
24-05-2025
- Business Standard
Viral manga revives quake fears, Japan tourism hit ahead of summer peak
Bookings to Japan from key Asian markets like Hong Kong and Taiwan drop sharply as viral posts revive a comic book prediction of a July 2025 quake, prompting airlines to cut flights Rimjhim Singh New Delhi Holiday bookings to Japan from major Asian markets have plummeted ahead of the peak summer season, driven by a resurgence of online rumours predicting a catastrophic earthquake. The speculation stems from a decades-old manga by artist Ryo Tatsuki, which has recently gone viral once again, Bloomberg reported. Tatsuki's graphic novel, The Future I Saw, originally published in 1999 and reissued in 2021 with new content, includes a prediction of a massive earthquake in July 2025. The work portrays Japan being engulfed by tsunami waves and mentions impacts on neighbouring regions such as Hong Kong, Taiwan and the Philippines. Claims that Tatsuki foresaw the devastating 2011 quake have given new fuel to social media speculation, leading to widespread unease among potential travellers. Viral posts drive travel slump An analysis by Bloomberg Intelligence, using ForwardKeys data, shows a notable drop in airline bookings from markets such as Taiwan, South Korea and particularly Hong Kong. Since April, average bookings from Hong Kong are down by 50 per cent year-on-year, with reservations for late June through early July plunging by as much as 83 per cent. In response to waning demand, Greater Bay Airlines and Hong Kong Airlines have reduced flight frequencies to Japan. Authorities push back on quake speculation Officials in Japan have urged the public to remain calm and ignore unverified predictions. Miyagi prefecture Governor Yoshihiro Murai warned last month that the rumours were beginning to damage the region's tourism sector. The Japan Meteorological Agency also reiterated via its website that no technology currently exists to pinpoint the timing of earthquakes. Japan, situated along the Pacific Ring of Fire, is among the most earthquake-prone nations in the world. The memory of the 2011 disaster — when a powerful quake triggered a tsunami and nuclear crisis in Fukushima — continues to heighten public sensitivity to seismic threats. Airlines brace for impact While overall tourism to Japan remains strong, with a record 3.9 million foreign visitors in April driven largely by the weaker yen, industry analysts warn that the quake rumours are casting a shadow over short-term prospects, the news report said. 'The quake speculations are definitely having a negative impact on Japan tourism and it will slow the boom temporarily,' said Eric Zhu, an aviation and defence analyst at Bloomberg Intelligence. 'Travellers are taking a risk-averse approach given the plethora of other short-haul options in the region.' Zhu predicts more airlines could suffer in the coming months as a result of declining bookings and lower passenger loads. He identified Cathay Pacific Airways Ltd — which includes Hong Kong Express — as particularly vulnerable, given that nearly 20 per cent of its planned seat capacity through the autumn is allocated to Japanese routes, the news report said. Myth meets science — and fear Further increasing the anxiety is commentary from a well-known feng shui master in Hong Kong, who recently advised followers to steer clear of Japan this summer. Social media users have also cited a February report by a Japanese government task force, which raised the probability of a major earthquake along the Nankai Trough occurring within the next 30 years to approximately 80 per cent. However, scientists emphasise that this does not imply an event is imminent or tied to a specific date. Tatsuki, now retired and residing in Japan, responded to the renewed attention by urging a focus on preparedness rather than panic. 'I, myself, would like to take precautions such as stockpiling supplies in preparation for disasters and confirming evacuation routes when going out,' she told Bloomberg in a statement. 'I intend to remain vigilant on a daily basis as we approach July 2025.'
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Business Standard
14-05-2025
- Climate
- Business Standard
Cyclone Shakti brewing in Bay of Bengal; monsoon advances over Andaman sea
IMD says monsoon has advanced over south Bay of Bengal and Andaman Sea; Cyclone Shakti may form between May 23-28, with Odisha, Bengal, Bangladesh coasts likely at risk Rimjhim Singh New Delhi The India Meteorological Department (IMD) on Tuesday confirmed that the southwest monsoon has advanced into parts of the south Bay of Bengal, south Andaman Sea, Nicobar Islands, and some regions of the north Andaman Sea. The weather department said conditions remain favourable for further advancement over the central Bay of Bengal and the remaining Andaman and Nicobar Islands in the next three to four days. 'Cyclone Shakti' brewing over Andaman sea? While the monsoon gains momentum, attention is also turning to a developing system over the Bay of Bengal. On May 13, the IMD reported, 'An upper air cyclonic circulation lay over Andaman Sea between 1.5 km and 7.6 km above mean sea level tilting southwestwards with height.' News reports indicate that this system could evolve into a low-pressure area between May 16 and 22. If conditions persist, it may intensify into a cyclonic storm between May 23 and 28. If named, the cyclone will be called 'Shakti', a name proposed by Sri Lanka. Authorities in both India and Bangladesh have begun preparations, urging residents in high-risk areas to identify shelters, ensure early warning systems are functional, and stock up on essentials. Southwest monsoon has advanced into parts of south Bay of Bengal, Andaman Sea and Nicobar Islands. (Photo/X@Indiametdept) Widespread rainfall expected across India In addition to the cyclone threat, the IMD has predicted significant rainfall in several parts of the country due to multiple upper air circulations. Light to moderate showers accompanied by thunderstorms and gusty winds are expected in Jammu-Kashmir, Delhi, Punjab, Haryana, East Rajasthan, and Himachal Pradesh through mid-May. 'Isolated heavy rainfall [is likely] over Arunachal Pradesh, Assam & Meghalaya during 12th-16th and over Nagaland, Manipur, Mizoram & Tripura during May 12-15 with isolated very heavy rainfall over Arunachal Pradesh, Assam & Meghalaya on May 13-14 and over Tripura on May 12 & May 13,' the IMD said. Multi Hazard Warning (13.05.2025) Heavy Rain very likely at isolated places over Andhra Pradesh, Costal Karnataka, Interior Karnataka, Kerala and Mahe, Madhya Maharashtra and Tamilnadu & Puducherry. Heavy to Very Heavy Rainfall very likely at isolated places over Andaman &… — India Meteorological Department (@Indiametdept) May 13, 2025 Southern and central states, including Karnataka, Tamil Nadu, Kerala, and Chhattisgarh, are also likely to see pre-monsoon showers. The meteorological department said, 'Conditions are favourable for further advance of southwest Monsoon over some parts of south Arabian Sea, Maldives & Comorin area; some more parts of South Bay of Bengal, entire Andaman & Nicobar Islands, remaining parts of Andaman Sea; and some parts of central Bay of Bengal during next 3-4 days.' Preparedness and monitoring underway With multiple weather systems evolving, the IMD continues to issue updates and advisories. Local disaster response teams and meteorological departments remain on alert, especially in areas that may be affected by Cyclone Shakti. Residents in coastal and flood-prone regions are advised to remain vigilant and follow official updates for timely information. [With agency inputs]
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Business Standard
12-05-2025
- Business
- Business Standard
Tata to double iPhone casing capacity at Hosur plant to 100,000 units
Tata Electronics will double iPhone casing production at its Hosur plant to 100000 units as Apple accelerates India manufacturing ahead of its September product launches Rimjhim Singh New Delhi Tata Electronics is preparing to significantly expand its manufacturing capacity of Apple iPhone enclosures at its Hosur facility in Tamil Nadu, according to a report by The Economic Times. "Tata Electronics is looking to double its existing capacity of around 50,000 enclosures," the report quoted a source as saying. The capacity expansion is expected to take place ahead of Apple's annual product launches, typically held in September. This marks Phase II of the Hosur facility's development. The Hosur plant had previously reached a capacity of 50,000 enclosures before a fire disrupted operations in September last year, temporarily halting expansion plans. 'It took some time for them to get back on track after the fire,' another person said. 'But the capacity is at pre-fire levels now.' Apple's focus on India as a manufacturing base The expansion aligns with Apple CEO Tim Cook's recent remarks highlighting India's growing role in the company's global manufacturing strategy. He also noted that Vietnam would be the country of origin for most iPads, Macs, Apple Watches and AirPods sold in the US. Cook's comments underscored Apple's ongoing efforts to shift its supply chain away from China amid rising trade tensions and tariff uncertainties. Tata's growing role in Apple's supply chain Tata Electronics has been actively expanding its footprint in Apple's global value chain. In early 2025, it acquired a controlling 60 per cent stake in Pegatron Technology India (PTI). This followed the acquisition of Wistron's India operations in Narsapura, Karnataka, in March 2024. These moves indicate Tata's ambition to become a key player in Apple's supplier ecosystem, particularly as the tech giant increases its reliance on Indian manufacturing partners. Tata's expansion is part of a larger trend among Apple suppliers in India. Foxconn's investment in India
