Indian truckers say Hindenburg repor t a godsend in Adani dispute

For truckers transporting cement from Adani’s factories in a hilly north Indian state, a U S short-seller ’s critical research report on the giant conglomerate was a godsend they say helped them save their livelihoods

For weeks, around 7,000 truck owners and drivers in India’s Himachal Pradesh resorted to protest rallies against Adani s Dec 15 decision to shut two cement plants over a dispute on freight rates Adani argued the plants were “unviable at the trucking rates it wanted to slash by around half

On Monday, the Gautam Adani-led group said it had amicably resolved the issue with a 10-12% reduction in rates

Truckers rejoiced, with a union leader in a street address labelling it as a victory after late-night talks with Adani he settlement comes four weeks after U S -based Hindenburg Research accused Adani of stock manipulation and improper use of tax havens, allegations the group called baseless

The Jan 24 report triggered a $140 billion rout in group’s stocks, sparked regulatory investigations and saw the billionaire Adani slip to 26 on the Forbes global rich list, from third

While the truckers’ settlement will have only a small impact on the overall Adani empire it was a big win for the drivers and owners in a state were most people live on around $7 a day

The report “played a crucial role in our battle against India’s biggest business group, helped mobilize truckers and gain political support ” said Ram Krishan Sharma, one of the lead negotiators for protesting truckers

Adani negotiators had refused to budge for weeks So Hindenburg’s report, some truckers believe, was godsent ust a day before it was published many truckers visited a small, revered Hindu temple in Darlaghat which overlooks one of Adani s cement plants and offered a traditional semolina sweet offering to a deity as they sought to resolve the dispute

Bantu Shukla, a protest leader, showed Reuters a photo and video of truckers that day offering prayers inside the temple Some stood with folded hands, while a person rang a temple bell in a typical Hindu worship ritual

‘AMICABLE RESOLUTION’: Dani Group did not answer Reuters questions on whether the Hindenburg report s fallout contributed to its decision in Himachal Adani Cements in a statement said it

China boosts defense cooperation with UAE as US influence wanes in Middle East

News Desk

After announcing the signing of a contract that will see Chinese L15 supersonic jets exported to the United Arab Emirates (UAE) at an ongoing defense expo in Abu Dhabi, China’s aviation industry went further and opened a UAE joint lab focusing on research and development as well as talent cultivation Experts said on Thursday that the move marked China’s enhanced defense cooperation with the UAE after the Arab country halted a deal to purchase F-35 fighter jets from the US Jointly sponsored by the Chinese Aeronautical Establishment and the China National Aero-Technology Import & Export Corporation (CATIC) the UAE Joint Lab opened on Tuesday, with the aim of working with Arab countries to explore aerospace cooperation, the state-owned Aviation Industry Corporation of China (AVIC) announced on Wednesday The two sides will focus on basic, utility and frontier technologies, carry out aviation research and development as well as talent cultivation, and build a technology cradle overseas, AVIC said The announcement came shortly after AVIC revealed on Tuesday that CATIC has successfully signed a contract with the UAE for the exports of the domestically developed L15 advanced trainer jet during the 16th International Defense Exhibition and Conference (IDEX), which is being held from Monday to Friday in Abu Dhabi In December 2021, the UAE suspended a deal to buy US-made F-35 fighter jets and drones due to US attempts to limit Chinese technology sales, including Huawei 5G, in the Arab country, Reuters reported at the time