Apple nears switch to in-house Bluetooth, Wi-fi chips in iPhone, moving away from Broadcom
By Bloomberg
Apple’s ambitious plan to create in-house components for its devices will include switching to a home-grown chip for Bluetooth and Wi-fi connections starting next year, a move that will replace some parts currently provided by Broadcom.
The chip, code-named Proxima, has been in development for several years and is now slated to go into the first products in 2025, according to people familiar with the matter. Like Apple’s other in-house chips, Proxima will be produced by partner Taiwan Semiconductor Manufacturing Company.
The transition is separate from Apple’s highly anticipated shift from Qualcomm Inc. cellular modems – details of which Bloomberg News reported last week – but the two parts will eventually work together.
Apple’s goal is to develop an end-to-end wireless approach that is tightly integrated with its other components and more energy-efficient, said the people, who asked not to be identified because the initiative has not been announced. Representatives for Cupertino, California-based Apple and Palo Alto, California-based Broadcom declined to comment.
Shares of Broadcom fell as much as 3.9 per cent to US$175.99 after Bloomberg News reported on the transition. Apple rose less than 1 per cent to US$248.53 as of 1.23pm in New York.
Apple is one of Broadcom’s biggest customers, accounting for roughly 20 per cent of revenue. Broadcom is scheduled to report its latest quarterly results after the market closes Thursday.
The two new components mark a major breakthrough for Apple’s hardware technologies group. That team, led by senior vice-president Johny Srouji, previously created the main processors for iPhones, iPads and Mac computers.
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By Bloomberg
Apple’s ambitious plan to create in-house components for its devices will include switching to a home-grown chip for Bluetooth and Wi-fi connections starting next year, a move that will replace some parts currently provided by Broadcom.
The chip, code-named Proxima, has been in development for several years and is now slated to go into the first products in 2025, according to people familiar with the matter. Like Apple’s other in-house chips, Proxima will be produced by partner Taiwan Semiconductor Manufacturing Company.
The transition is separate from Apple’s highly anticipated shift from Qualcomm Inc. cellular modems – details of which Bloomberg News reported last week – but the two parts will eventually work together.
Apple’s goal is to develop an end-to-end wireless approach that is tightly integrated with its other components and more energy-efficient, said the people, who asked not to be identified because the initiative has not been announced. Representatives for Cupertino, California-based Apple and Palo Alto, California-based Broadcom declined to comment.
Shares of Broadcom fell as much as 3.9 per cent to US$175.99 after Bloomberg News reported on the transition. Apple rose less than 1 per cent to US$248.53 as of 1.23pm in New York.
Apple is one of Broadcom’s biggest customers, accounting for roughly 20 per cent of revenue. Broadcom is scheduled to report its latest quarterly results after the market closes Thursday.
The two new components mark a major breakthrough for Apple’s hardware technologies group. That team, led by senior vice-president Johny Srouji, previously created the main processors for iPhones, iPads and Mac computers.
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Bold and bountiful: China’s newest investment buzzword encourages risky capital plays
By Luna Sun
Amid sluggish economic growth and weak investor confidence, China is championing “bold capital” – a new initiative to steer investments towards early-stage, higher-risk and tech-focused projects, seeking to revive risk appetites amid the nation’s uncertain economic outlook.
The term “bold capital” was first put forward by Shenzhen, China’s tech and innovation hub, in an October action plan aimed at promoting high-quality development in venture capital.
The plan aims to drive venture capital and private equity to “invest early, invest in smaller projects, and focus on technology”, encouraging calculated risks on smaller or nascent ventures that have the potential to drive innovation and economic growth.
Shenzhen’s action plan vowed a trillion-yuan (US$137.6 billion) government investment fund cluster, a hundred-billion-yuan industrial fund cluster, and a 10-billion-yuan angel and seed fund cluster by 2026, to “fully unlock the potential of private capital and strive to register more than 10,000 private-equity and venture-capital funds”.
The term emerged amid a series of national efforts aimed at improving the policy environment for investors that forgives and encourages bold attempts, as the country’s real economy and financial markets are haunted by slowing growth and uncertain prospects.
Pestered by slashed revenue, reduced pay and unstable job prospects, the nation’s investors have become increasingly reserved and cautious in new ventures.
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By Luna Sun
Amid sluggish economic growth and weak investor confidence, China is championing “bold capital” – a new initiative to steer investments towards early-stage, higher-risk and tech-focused projects, seeking to revive risk appetites amid the nation’s uncertain economic outlook.
The term “bold capital” was first put forward by Shenzhen, China’s tech and innovation hub, in an October action plan aimed at promoting high-quality development in venture capital.
The plan aims to drive venture capital and private equity to “invest early, invest in smaller projects, and focus on technology”, encouraging calculated risks on smaller or nascent ventures that have the potential to drive innovation and economic growth.
Shenzhen’s action plan vowed a trillion-yuan (US$137.6 billion) government investment fund cluster, a hundred-billion-yuan industrial fund cluster, and a 10-billion-yuan angel and seed fund cluster by 2026, to “fully unlock the potential of private capital and strive to register more than 10,000 private-equity and venture-capital funds”.
The term emerged amid a series of national efforts aimed at improving the policy environment for investors that forgives and encourages bold attempts, as the country’s real economy and financial markets are haunted by slowing growth and uncertain prospects.
Pestered by slashed revenue, reduced pay and unstable job prospects, the nation’s investors have become increasingly reserved and cautious in new ventures.
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Shein’s UK IPO slowed by challenge from Uygur NGO alleging Xinjiang cotton use
By Reuters
Britain’s financial regulator is taking longer than usual to approve fast-fashion retailer Shein’s initial public offering because it is checking its supply chain oversight and assessing legal risks after an advocacy group for China’s Uygur population challenged the listing, according to two sources close to the matter.
Britain’s Independent Anti-Slavery Commissioner, a monitoring body of the interior ministry, has also raised concerns within government over a Shein IPO because of allegations about labour practices at its suppliers.
Singapore-headquartered Shein, which sells US$5 tops and US$10 dresses mostly made in China in 150 markets worldwide, filed confidentially with the Financial Conduct Authority in early June for a London listing.
Shein is also awaiting approval from China’s securities regulator for its London IPO, two separate sources said, adding that the approval would likely come after the FCA’s decision.
The advocacy group, Stop Uygur Genocide (SUG), announced a legal challenge in June and sent the FCA a dossier in August alleging that Shein uses cotton from China’s Xinjiang region.
The US and NGOs have long accused China of human rights abuses in the Xinjiang Uygur autonomous region, where they say Uygurs are forced to work producing cotton and other goods.
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By Reuters
Britain’s financial regulator is taking longer than usual to approve fast-fashion retailer Shein’s initial public offering because it is checking its supply chain oversight and assessing legal risks after an advocacy group for China’s Uygur population challenged the listing, according to two sources close to the matter.
Britain’s Independent Anti-Slavery Commissioner, a monitoring body of the interior ministry, has also raised concerns within government over a Shein IPO because of allegations about labour practices at its suppliers.
Singapore-headquartered Shein, which sells US$5 tops and US$10 dresses mostly made in China in 150 markets worldwide, filed confidentially with the Financial Conduct Authority in early June for a London listing.
Shein is also awaiting approval from China’s securities regulator for its London IPO, two separate sources said, adding that the approval would likely come after the FCA’s decision.
The advocacy group, Stop Uygur Genocide (SUG), announced a legal challenge in June and sent the FCA a dossier in August alleging that Shein uses cotton from China’s Xinjiang region.
The US and NGOs have long accused China of human rights abuses in the Xinjiang Uygur autonomous region, where they say Uygurs are forced to work producing cotton and other goods.
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Mainland internships ‘could be option’ at proposed Hong Kong medical school
By Elizabeth Cheung
Mainland Chinese hospitals could be used as an interim option to offer internships to students from Hong Kong’s proposed new medical school, experts have said, stressing also that recruiting top teaching staff will be among the challenges faced by the institution.
Two experts on a government committee said that planning and preparation for the city’s third medical school would take time, with 10 to 20 years needed for it to grow.
The comments from the academics on the government’s Task Group on New Medical School, who spoke to the Post earlier this week, came as Baptist University revealed its preparatory committee for the new institution on Thursday, which includes a former medical dean of the University of Hong Kong (HKU) among its heavyweights.
“[Starting a new medical school] is something very major, difficult and challenging. It takes time and can’t be done in one day,” said Professor Joseph Sung Jao-yiu, an expert adviser of the task group.
Sung, a former president of the Chinese University of Hong Kong and current dean of Lee Kong Chian School of Medicine at Singapore’s Nanyang Technological University, said a good clinical training environment would be crucial for the new medical school.
“This is whether there are enough patients and hospitals to accommodate dozens more medical students for internship,” Sung said.
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By Elizabeth Cheung
Mainland Chinese hospitals could be used as an interim option to offer internships to students from Hong Kong’s proposed new medical school, experts have said, stressing also that recruiting top teaching staff will be among the challenges faced by the institution.
Two experts on a government committee said that planning and preparation for the city’s third medical school would take time, with 10 to 20 years needed for it to grow.
The comments from the academics on the government’s Task Group on New Medical School, who spoke to the Post earlier this week, came as Baptist University revealed its preparatory committee for the new institution on Thursday, which includes a former medical dean of the University of Hong Kong (HKU) among its heavyweights.
“[Starting a new medical school] is something very major, difficult and challenging. It takes time and can’t be done in one day,” said Professor Joseph Sung Jao-yiu, an expert adviser of the task group.
Sung, a former president of the Chinese University of Hong Kong and current dean of Lee Kong Chian School of Medicine at Singapore’s Nanyang Technological University, said a good clinical training environment would be crucial for the new medical school.
“This is whether there are enough patients and hospitals to accommodate dozens more medical students for internship,” Sung said.
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Impeaching South Korea’s Yoon ‘fastest way’ to end crisis: opposition chief
By Reuters
South Korean opposition leader Lee Jae-myung said on Friday the best way to restore order in the country is to impeach President Yoon Suk-yeol, a day ahead of a planned parliamentary vote over Yoon’s short-lived imposition of martial law.
Yoon’s move to impose military rule on December 3 was rescinded before six hours but it plunged the country into a constitutional crisis and widespread calls for him to step down for breaking the law.
Yoon on Thursday vowed to “fight to the end,” blaming the opposition party for paralysing the government and claiming a North Korean hack into the election commission made his party’s crushing defeat in an April parliamentary election questionable.
Democratic Party leader Lee called Yoon’s remarks “a declaration of war” against the people. “It proved that impeachment is the fastest and the most effect way to end the confusion,” he said.
Yoon survived the first attempt to impeach him last Saturday when most of his ruling People Power Party (PPP) boycotted the vote. Since then some PPP members have publicly supported a vote to impeach him.
Opposition parties, which control the single-chamber parliament, have introduced another impeachment bill and plan to hold a vote on Saturday. They need at least eight PPP members to join to pass the bill with the two-third majority required.
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By Reuters
South Korean opposition leader Lee Jae-myung said on Friday the best way to restore order in the country is to impeach President Yoon Suk-yeol, a day ahead of a planned parliamentary vote over Yoon’s short-lived imposition of martial law.
Yoon’s move to impose military rule on December 3 was rescinded before six hours but it plunged the country into a constitutional crisis and widespread calls for him to step down for breaking the law.
Yoon on Thursday vowed to “fight to the end,” blaming the opposition party for paralysing the government and claiming a North Korean hack into the election commission made his party’s crushing defeat in an April parliamentary election questionable.
Democratic Party leader Lee called Yoon’s remarks “a declaration of war” against the people. “It proved that impeachment is the fastest and the most effect way to end the confusion,” he said.
Yoon survived the first attempt to impeach him last Saturday when most of his ruling People Power Party (PPP) boycotted the vote. Since then some PPP members have publicly supported a vote to impeach him.
Opposition parties, which control the single-chamber parliament, have introduced another impeachment bill and plan to hold a vote on Saturday. They need at least eight PPP members to join to pass the bill with the two-third majority required.
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China gives vocational training a hi-tech overhaul to upskill workforce
By Meredith Chen
China is overhauling its vocational education courses to expand the pool of hi-tech workers for strategic sectors.
The Ministry of Education unveiled 40 new vocational majors on Thursday – more than half of them in advanced manufacturing and digital technology – to promote a digital, marine, and low-altitude economy, according to state broadcaster CCTV.
The courses relate to hi-tech areas such as artificial intelligence, new materials, and biomedicine, for applications ranging from precision aerospace equipment to electric aircraft, and data security, the report said.
Some courses will also be in power generation, with new programmes on nuclear engineering and technology.
China has been overhauling vocational education in recent years to upskill the workforce as the country pivots to services and sophisticated manufacturing. It is also trying to become more self-reliant in its hi-tech rivalry with the United States.
China already has the world’s biggest vocational education system, with more than 11,000 vocational schools, including technical schools, and nearly 35 million enrolled students as of 2023, according to the ministry.
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By Meredith Chen
China is overhauling its vocational education courses to expand the pool of hi-tech workers for strategic sectors.
The Ministry of Education unveiled 40 new vocational majors on Thursday – more than half of them in advanced manufacturing and digital technology – to promote a digital, marine, and low-altitude economy, according to state broadcaster CCTV.
The courses relate to hi-tech areas such as artificial intelligence, new materials, and biomedicine, for applications ranging from precision aerospace equipment to electric aircraft, and data security, the report said.
Some courses will also be in power generation, with new programmes on nuclear engineering and technology.
China has been overhauling vocational education in recent years to upskill the workforce as the country pivots to services and sophisticated manufacturing. It is also trying to become more self-reliant in its hi-tech rivalry with the United States.
China already has the world’s biggest vocational education system, with more than 11,000 vocational schools, including technical schools, and nearly 35 million enrolled students as of 2023, according to the ministry.
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From boardrooms to the communities
By Advertising partner
[The content of this article has been produced by our advertising partner.]
More than an act of giving, volunteering is a powerful catalyst for connection and collaboration.
For FWD, a pan-Asian insurer with more than 12 million customers across 10 markets, incorporating volunteering into its corporate culture has proven to be a win-win-win for employees, the organisation and the broader community.
The results from a partnership with HandsOn Hong Kong, a charity that mobilises volunteers for social impact, are evident.
Through joint initiatives such as a recent furniture-making for families in subdivided flats and school beautification projects, FWD has redefined what it means to “celebrate living” for both its customers and employees.
Volunteering as catalyst for team building
The partnership's origins can be traced back to a challenge many companies face post-Covid: rebuilding connections among a dispersed workforce.
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By Advertising partner
[The content of this article has been produced by our advertising partner.]
More than an act of giving, volunteering is a powerful catalyst for connection and collaboration.
For FWD, a pan-Asian insurer with more than 12 million customers across 10 markets, incorporating volunteering into its corporate culture has proven to be a win-win-win for employees, the organisation and the broader community.
The results from a partnership with HandsOn Hong Kong, a charity that mobilises volunteers for social impact, are evident.
Through joint initiatives such as a recent furniture-making for families in subdivided flats and school beautification projects, FWD has redefined what it means to “celebrate living” for both its customers and employees.
Volunteering as catalyst for team building
The partnership's origins can be traced back to a challenge many companies face post-Covid: rebuilding connections among a dispersed workforce.
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How Hong Kong can take arts and culture to the next level
By Bernard Chan
Hong Kong’s highly anticipated Blueprint for Arts and Culture and Creative Industries Development signals the government’s commitment to developing the sector. With the West Kowloon Cultural District Authority at the forefront, key stakeholders, including the Hong Kong Arts Development Council, are committed to driving the agenda forward.
The blueprint aligns with the chief executive’s policy address this year. It is designed to reinforce Hong Kong’s position as one of the most prominent players in the international art market, promote the city as a centre for East-West cultural exchange, and advance the synergy between culture, sports and tourism.
In recent years, we have increasingly recognised the value of art and culture, not only as essential components of our identity but also as an economic pillar with the power to promote Hong Kong to new audiences overseas. Consequently, our first secretary for culture, sports and tourism, Kevin Yeung Yun-hung, was appointed in 2022. Rosanna Law Shuk-pui recently assumed this role, and her appointment will infuse the department with renewed energy, fresh perspectives and innovative ideas.
With this added momentum and a development blueprint, the aim is to foster a more cohesive approach, enhance the integration of culture, sports and tourism, and promote these sectors to mainland Chinese and international audiences.
But the question remains: how do we achieve the ambitious goals outlined in the cultural blueprint?
The blueprint highlights the need for greater collaboration with the private sector as a core tenet of a more innovative and creative approach to developing sustainable fundraising models. By leveraging the cultural capital amassed by our leading institutions, such as the Hong Kong Palace Museum, M+ museum of visual culture, Xiqu Centre and Hong Kong Philharmonic Orchestra, we have the potential to unlock new opportunities for growth and engagement.
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By Bernard Chan
Hong Kong’s highly anticipated Blueprint for Arts and Culture and Creative Industries Development signals the government’s commitment to developing the sector. With the West Kowloon Cultural District Authority at the forefront, key stakeholders, including the Hong Kong Arts Development Council, are committed to driving the agenda forward.
The blueprint aligns with the chief executive’s policy address this year. It is designed to reinforce Hong Kong’s position as one of the most prominent players in the international art market, promote the city as a centre for East-West cultural exchange, and advance the synergy between culture, sports and tourism.
In recent years, we have increasingly recognised the value of art and culture, not only as essential components of our identity but also as an economic pillar with the power to promote Hong Kong to new audiences overseas. Consequently, our first secretary for culture, sports and tourism, Kevin Yeung Yun-hung, was appointed in 2022. Rosanna Law Shuk-pui recently assumed this role, and her appointment will infuse the department with renewed energy, fresh perspectives and innovative ideas.
With this added momentum and a development blueprint, the aim is to foster a more cohesive approach, enhance the integration of culture, sports and tourism, and promote these sectors to mainland Chinese and international audiences.
But the question remains: how do we achieve the ambitious goals outlined in the cultural blueprint?
The blueprint highlights the need for greater collaboration with the private sector as a core tenet of a more innovative and creative approach to developing sustainable fundraising models. By leveraging the cultural capital amassed by our leading institutions, such as the Hong Kong Palace Museum, M+ museum of visual culture, Xiqu Centre and Hong Kong Philharmonic Orchestra, we have the potential to unlock new opportunities for growth and engagement.
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Chinese football legend Li Tie sentenced to 20 years for corruption
By Hayley Wong
Chinese former football star Li Tie, who also served as coach of the country’s national men’s team, has been handed a sentence of 20 years on corruption charges.
Li is the latest to fall amid China’s far-reaching anti-corruption campaign in its sports sector, and especially on football.
More to follow...
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By Hayley Wong
Chinese former football star Li Tie, who also served as coach of the country’s national men’s team, has been handed a sentence of 20 years on corruption charges.
Li is the latest to fall amid China’s far-reaching anti-corruption campaign in its sports sector, and especially on football.
More to follow...
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New Zealand pleads with Trump to spare ally from fresh tariffs: ‘please don’t do that’
By Bloomberg
New Zealand believes it should be exempt from any sweeping US tariffs that president-elect Donald Trump might impose when he takes office and has instructed officials to make its case, Finance Minister Nicola Willis said.
“Our starting position is please don’t do that,” Willis said in an interview on Thursday in Wellington. “The job that we’ve tasked our diplomats with is to put New Zealand’s absolute best foot forward.”
Trump has threatened across-the-board tariffs on both US friends and foes, specifically targeting China but including 10 per cent duties on the rest of the world. While New Zealand is a tiny trading partner from Washington’s perspective, the US is New Zealand’s second-largest export market.
Trump’s rationale for imposing tariffs starts with the fact that the US imports more than it exports so has a trade deficit. But Willis said the US-New Zealand trade relationship is “rather balanced” and has grown significantly in recent years.
In the year through September, New Zealand exported NZ$15.8 billion (US$9 billion) of goods and services to the US and imported NZ$11.3 billion from it. While some tariffs are applied, they are relatively small. New Zealand beef exports into the US, for example, currently attract tariffs of less than 1 per cent.
“The US likes what we are selling, they like our wine, they like our dairy products,” Willis said. “We think that given the strong partnership that’s existed for many years between our two countries, there’s every reason for that to continue.”
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By Bloomberg
New Zealand believes it should be exempt from any sweeping US tariffs that president-elect Donald Trump might impose when he takes office and has instructed officials to make its case, Finance Minister Nicola Willis said.
“Our starting position is please don’t do that,” Willis said in an interview on Thursday in Wellington. “The job that we’ve tasked our diplomats with is to put New Zealand’s absolute best foot forward.”
Trump has threatened across-the-board tariffs on both US friends and foes, specifically targeting China but including 10 per cent duties on the rest of the world. While New Zealand is a tiny trading partner from Washington’s perspective, the US is New Zealand’s second-largest export market.
Trump’s rationale for imposing tariffs starts with the fact that the US imports more than it exports so has a trade deficit. But Willis said the US-New Zealand trade relationship is “rather balanced” and has grown significantly in recent years.
In the year through September, New Zealand exported NZ$15.8 billion (US$9 billion) of goods and services to the US and imported NZ$11.3 billion from it. While some tariffs are applied, they are relatively small. New Zealand beef exports into the US, for example, currently attract tariffs of less than 1 per cent.
“The US likes what we are selling, they like our wine, they like our dairy products,” Willis said. “We think that given the strong partnership that’s existed for many years between our two countries, there’s every reason for that to continue.”
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Hong Kong cinema closures will have knock-on effect for industry, experts say
By Edith LinJess Ma
A wave of cinema shutdowns in Hong Kong will have a knock-on effect on the entire movie business, an industry veteran has warned, attributing the demise to changing consumer patterns and the lacklustre economy.
Filmmaker Tenky Tin Kai-man told the Post on Thursday that the closure of the seventh cinema so far this year would not only undermine the competitiveness of the industry, but also Hong Kong’s image as an international city.
MCL’s branch in Plaza Hollywood, Diamond Hill, closed its curtain for the final time on Thursday night, leaving just 15 outlets operating under the company.
“With fewer cinemas, it is more difficult to schedule movies and affect the return of our costs … Even if we have two more blockbusters, we don’t have sufficient cinemas for them,” Tin said.
“People in the industry will lose their jobs or change jobs. Then, the Hong Kong movie industry is over and loses its competitiveness.
“Without having [movies as] the talk of the town or chances to create its reputation, how can Hong Kong attract others as an international city?”
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By Edith LinJess Ma
A wave of cinema shutdowns in Hong Kong will have a knock-on effect on the entire movie business, an industry veteran has warned, attributing the demise to changing consumer patterns and the lacklustre economy.
Filmmaker Tenky Tin Kai-man told the Post on Thursday that the closure of the seventh cinema so far this year would not only undermine the competitiveness of the industry, but also Hong Kong’s image as an international city.
MCL’s branch in Plaza Hollywood, Diamond Hill, closed its curtain for the final time on Thursday night, leaving just 15 outlets operating under the company.
“With fewer cinemas, it is more difficult to schedule movies and affect the return of our costs … Even if we have two more blockbusters, we don’t have sufficient cinemas for them,” Tin said.
“People in the industry will lose their jobs or change jobs. Then, the Hong Kong movie industry is over and loses its competitiveness.
“Without having [movies as] the talk of the town or chances to create its reputation, how can Hong Kong attract others as an international city?”
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Surging wealth of India’s billionaires raises concerns about rising inequality, cronyism
By Biman Mukherji
A new report about the surge in wealth of India’s billionaires has fuelled debates about worsening inequality and crony capitalism in the country against the backdrop of slower economic growth.
According to the report by Swiss banking giant UBS released earlier this month, the wealth of India’s billionaires rose by 42 per cent in 2024 to US$905 billion. The number of billionaires in the country rose by 56 per cent to 185 this year, the report shows.
The report comes as several Indian tycoons are facing greater scrutiny by authorities. Among them is billionaire Gautam Adani, who is facing bribery charges in the US. The case has prompted an outcry from Indian opposition politicians over the close ties between the Adani Group and the government of Indian Prime Minister Narendra Modi.
Analysts also note that the wealth surge of Indian billionaires has outpaced India’s economic growth, which slowed to a two-year low of 5.4 per cent in the April-June quarter.
Lawrence Loh, a professor at the National University of Singapore Business School, attributed the wealth increase partly to the rally in stock markets. The report has turned public attention in India to rising income inequality and could pile pressure on New Delhi to address the issue, Loh said.
“Even though overall [economic] growth can slow down, some can still get very rich. If you look at the situation in India in terms of income inequality, the poor are getting poorer and the rich are getting richer,” he added.
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By Biman Mukherji
A new report about the surge in wealth of India’s billionaires has fuelled debates about worsening inequality and crony capitalism in the country against the backdrop of slower economic growth.
According to the report by Swiss banking giant UBS released earlier this month, the wealth of India’s billionaires rose by 42 per cent in 2024 to US$905 billion. The number of billionaires in the country rose by 56 per cent to 185 this year, the report shows.
The report comes as several Indian tycoons are facing greater scrutiny by authorities. Among them is billionaire Gautam Adani, who is facing bribery charges in the US. The case has prompted an outcry from Indian opposition politicians over the close ties between the Adani Group and the government of Indian Prime Minister Narendra Modi.
Analysts also note that the wealth surge of Indian billionaires has outpaced India’s economic growth, which slowed to a two-year low of 5.4 per cent in the April-June quarter.
Lawrence Loh, a professor at the National University of Singapore Business School, attributed the wealth increase partly to the rally in stock markets. The report has turned public attention in India to rising income inequality and could pile pressure on New Delhi to address the issue, Loh said.
“Even though overall [economic] growth can slow down, some can still get very rich. If you look at the situation in India in terms of income inequality, the poor are getting poorer and the rich are getting richer,” he added.
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