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June 28th - According to Politico, on February 28th, when US and Israeli warplanes attacked Iran, Israeli officials initially believed the alliance was entering a golden age. However, four months later, they are preparing for a future where Israel is more isolated than ever before. US Vice President Vance told Israel last week that it has virtually no friends left in the world and should not attack its only remaining powerful ally. But according to seven sources, including US and Israeli officials, Israels problems extend far beyond Vance; Vance is merely a symbol of the new normal where Israels status as a US ally no longer takes precedence over any other country. The tensions between the two sides are palpable. One source revealed that Israeli Prime Minister Netanyahu was scheduled to visit Washington five times in 2025. This year, however, he only visited once, in February, and telephone contact has significantly decreased.Israeli Prime Minister Netanyahu: We are close to controlling 70% of the Gaza Strip and surrounding Hamas.June 28 - According to foreign media reports on the 27th, citing official Iranian data, Irans inflation rate in June rose sharply to 88.6% year-on-year, affected by the Middle East conflict.On June 28, Iran launched a drone strike on Bahrain on Saturday, while simultaneously attacking a ship in the Strait of Hormuz, possibly in response to a US nighttime airstrike. The attacks in the Persian Gulf once again demonstrate that even with a provisional agreement between Iran and the US attempting to reach a final ceasefire, the Iran-Iraq war could still spiral out of control. This comes after the US Central Command stated that it launched strikes against Iran on June 26 in response to the attack on a merchant ship. Meanwhile, the International Maritime Organization announced on Saturday that it would widen the strait near Oman to allow two-way passage. This move could reignite tensions with Tehran, which views the strait as a key bargaining chip in ongoing negotiations with the US.On June 28, CNBC reported that an oil tanker in the Strait of Hormuz was attacked by artillery fire on Saturday, the latest development in escalating tensions between the United States and Iran after the two sides reached a provisional agreement aimed at ending hostilities in the region. The UKs Maritime Trade Action Centre stated that a vessel in the strait was hit by an "unidentified flying object," sustaining damage, but the crew was reportedly unharmed. Bahrain also condemned Irans drone attack on Saturday, calling it a "blatant violation" of its sovereignty. These new attacks come as the US and Iran were supposed to be in the midst of a 60-day ceasefire negotiation, discussing ending the war. However, both countries have accused the other of violating the terms of the agreement.

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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