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The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.0 occurred near Shandan County, Zhangye City, Gansu Province (38.80 degrees north latitude, 100.76 degrees east longitude) at 02:21 on June 7. The final result is subject to the official rapid report.June 7th - According to sources, Sriram Krishnan, a technology investor who spearheaded the Trump administrations pro-industry AI policy, plans to leave the White House at the end of this month to found an outside organization aimed at influencing technology policy. Krishnan is one of the architects of the governments "AI Action Plan," which outlined a blueprint for deregulating new technologies and promoting the construction of data centers nationwide. He also participated in drafting an executive order limiting states ability to regulate AI. However, advanced AI models such as Anthropics Mythos have demonstrated the ability to discover software security vulnerabilities, raising concerns among senior government officials about the risk of cyberattacks and prompting some officials to reassess the relaxed regulatory approach championed by Krishnan and others.According to Saudi media alhadath: Pakistans Interior Minister has arrived in Iran.According to The Information, White House senior policy advisor on artificial intelligence, Krishnan, will be leaving the office.On June 7th, Federal Reserve Governor Michael Barr criticized regulators moves over the past year to ease restrictions on bank lending, stating that related proposals "significantly weakened bank regulation." Barr stated that the vulnerabilities resulting from deregulation may not be immediately apparent, but will accumulate problems over the next few years and could cause serious damage to the economy. Trump-era officials have taken steps to ease capital requirements for Wall Street banks, narrow the scope of regulation, and pave the way for competition between traditional banks and private lending giants. Barr warned that weaker capital rules, liquidity requirements, and regulation could increase the risk of bank failures. He pointed out that banks need room to grow to support economic innovation, but long-term experience shows that without proper safeguards, the pursuit of high-profit innovation can lead to excessive risk. When banks run into trouble, their failures threaten businesses and households, and even jeopardize the overall economy.

Adani Will Become India's Second-largest Cement Producer With The $10.5 Billion Acquisition of Holcim

Haiden Holmes

May 16, 2022 09:55

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Adani Group announced on Sunday that it has bought a majority stake in Holcim (SIX:HOLN) AG's cement assets in India for $10.5 billion to become the second largest cement maker in India.


The conglomerate of Asia's richest man, Gautam Adani, purchased 63.19 percent of Ambuja Cements Ltd and its subsidiary ACC through tough competition with local competitors.


The divestment is Holcim's most recent effort to minimize its reliance on cement manufacture, a carbon-intensive industrial process that has alienated many eco-conscious investors.


In recent years, the Swiss company increased its efforts to abandon carbon-intensive cement production.


Ambuja and ACC have an annual cement production capacity of at least 70 million tonnes, second only to UltraTech Cement's 120 million tonnes.


The Adani family, through an offshore special purpose company, has entered into definitive agreements to acquire Holcim Ltd's full share in Ambuja and ACC, according to a statement from the Adani Group.


Holcim said in a press release that it had reached a binding deal for the Adani Group to acquire Holcim's business in India, including its share in Ambuja Cement, which owns a 50.5% ownership in ACC, and its 4.4% direct stake in ACC. Holcim would receive around $6,400,000,000 for the stakes.


The Adani Group announced that it would purchase additional shares via an open offer.


The deal is anticipated to finalize in the second part of 2022, according to Holcim.


Adani Enterprises Ltd, the flagship company of the Adani Group, includes two cement companies. Adani Cementation Ltd aims to construct an integrated factory in the western states of Gujarat and Maharashtra, according to an Adani group executive.


Ambuja Cement has 14 cement factories and employs 4,700 individuals. ACC employs 6,000 workers and operates 17 cement facilities and 78 ready mix concrete factories.


According to official sources, the most recent transaction was the largest divestiture since Holcim combined with its French rival Lafarge in 2015.


In an effort to concentrate on North America and Europe, the company has since sold off its ancillary business operations.


The company sold its Brazilian operations for $1.02 billion and quit the Philippine and Indonesian markets last year.

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