Here’s what we have for you today:
• Adani in trouble
• US government on offensive
• McDonald grows
Adani drops hard
How much? Adani Group has lost about $154 billion in market capitalization since Hindenburg Research’s accusations surfaced on January 24, 2023. That’s more than half its market value.
The short: Hindenburg Research claims that the conglomerate has used shell companies in tax havens to boost its revenue and manipulate the stock prices of its various entities. The report describes a galaxy of shell entities based in the Caribbean, Mauritius and the United Arab Emirates controlled by the Adani family.
The affect: In the US Vanguard Group and BlackRock have exposure to the Adani Group conglomerate.
US government on vapes
Crack down: The US Food and Drug Administration is ramping up its efforts to regulate the vaping product business.
Attention: The FDA cites its pending applications review process for e-cigarette products as an area of focus and importance.
Caution: “Between January 2021 and February 17, 2023, the FDA has issued more than 550 warning letters to companies for continuing to sell e-cigarette products that lacked the required FDA marketing authorization.”
McDonald’s expansion
Serving: McDonald draws 60 million customers daily at more than 40,000 locations worldwide. And it’s about to get much larger.
What now? Plans to open 1,900 new restaurants this year, almost half of them in China.
Early 2023: Today, the chain has more than 4,500 restaurants in mainland China and Hong Kong.