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Published 21:55 IST, November 30th 2024 The Adani Group Chairman, Gautam Adani spoke out on recent allegations levelled against him after being linked to an alleged bribery case in the US. Jaipur: The Adani Group Chairman, Gautam Adani on Saturday spoke out on the recent allegations faced by him and other executives after being linked to an alleged bribery case in the US, saying that every attack has made the group stronger, and every obstacle becomes a stepping stone for a more resilient Adani Group. Speaking at the 51st India Gem and Jewellery Awards in Jaipur, the Adani Group Chairman said, "Less than two weeks back, we faced a set of allegations from the US about compliance practices at Adani Green Energy. This is not the first time we have faced such challenges. What I can tell you is that every attack makes us stronger, and every obstacle becomes a stepping stone for a more resilient Adani Group." "The fact is that despite a lot of the vested reporting, no one from the Adani side has been charged with any violation of the FCPA or any conspiracy to obstruct justice," the Adani Group Chairman added. The Adani Group Chairman also reflected on the consistent allegations made against his companies, including the attempt made by US short seller Hindenburg. "January last year, just as we were getting ready to launch our Follow-on Public Offering. We faced a short-selling attack initiated from abroad. This was not a typical financial strike; it was a double hit--targeting our financial stability and pulling us into a political controversy," he said. "But even in the face of such adversity, our commitment to our principles remained strong. After successfully raising 20,000 crore rupees from India's largest-ever FPO, we made the extraordinary decision to return the proceeds. We then further demonstrated our resilience by raising capital from several international sources and proactively reducing our Debt to EBITDA ratio to below 2.5 times, an unmatched metric in the global infrastructure space," he added. Gautam Adani stated that the company's all-time record financial results in the same year showcased its commitment to operational excellence. "Our all-time record financial results in the same year showcased our commitment to operational excellence. Not a single Indian or foreign credit rating agency downgraded us. Finally, the Supreme Court of India's affirmation of our actions validated our approach," he said. Gautam Adani also mentioned the 2010 controversy when the company made a move to invest in a coal mine in Australia. "The resistance from NGOs was huge and lasted almost a decade. In fact, it was so intense that we ended up funding the entire project of 10 billion dollars with our own equity. While we now have a world-class operating mine in Australia and it could be seen as a great sign of our resilience, the fact is that 100% equity funding took away over 30 billion dollars of debt financing from our green energy projects," he recollected. Gautam Adani further added that he had come to accept that the roadblocks were the price of pioneering. "I have come to accept that the roadblocks we face are the price of pioneering. The more bold your dreams, the more the world will scrutinize you. But it is precisely in that scrutiny that you must find the courage to rise, to challenge the status quo, and to build a path where none exists. To pioneer is to embrace the unknown, to break limits, and to believe in your vision even when the world cannot yet see it," he asserted. In his speech, the Adani Group chairman gave the audience three guiding thoughts: "First, embrace technology and sustainability as the twin pillars of progress... Second, empower and uplift the skilled workforce at the heart of our transformation... And finally, the future belongs to our youth. The younger generation brings fresh ideas, unshakeable energy, and a willingness to disrupt the old ways of thinking. We must nurture them." "Let us create an India where the wisdom of tradition and the promise of innovation come together to challenge the status quo. And let us move forward with confidence to create a future where India's gems illuminate the world with their brilliance," Gautam Adani concluded. (Except for the headline, this story has not been edited by Republic and is published from a syndicated feed.) Get Current Updates on India News , Entertainment News along with Latest News and Top Headlines from India and around the world. Updated 21:55 IST, November 30th 2024
// NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES // VANCOUVER, BC , Dec. 13, 2024 /PRNewswire/ -- BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (" BioVaxys " or the " Company ") is pleased to announce that it has closed the first tranche (the " First Tranche ") of its previously announced non-brokered private placement (the " Private Placement ") with the issuance of 2,200,000 units (the " Units ") of the Company at a price of $0.05 per Unit for aggregate gross proceeds of $110,000 . Each Unit consist of one (1) common share in the capital of the Company (each, a " Share ") and one (1) whole Share purchase warrant (each, a " Warrant "), whereby each Warrant is convertible into one additional Share at an exercise price of $0.15 until December 13, 2026 , being the date that is 24 months from the date of issue. The Company intends to use the net proceeds of the First Tranche for working capital. No finder's fees were paid in connection with the First Tranche. All securities issued pursuant to the First Tranche are subject to a statutory hold period expiring April 14, 2025 , being the date that is four months and one day from the date of issuance in accordance with applicable securities legislation In addition, the Company announces that it has entered into a debt settlement agreement with an arm's-length consultant of the Company to settle an aggregate of $500,000 in debt owed to the consultant by issuing 5,000,000 Shares at a deemed price of $0.10 per Share (the " Debt Settlement "). The board of directors of the Company has determined that it is in the best interests of the Company to settle the outstanding debt through the issuance of Shares in order to preserve the Company's cash for working capital purposes. All securities proposed to be issued pursuant to the Debt Settlement will be subject to a statutory hold period of four months from the date of issuance in accordance with applicable securities legislation. Closing of the Debt Settlement is conditional upon a number of conditions, including receipt of all applicable corporate and regulatory approvals, including the acceptance of the Canadian Securities Exchange. This news release does not constitute an offer to sell or a solicitation of an offer to buy of any securities in the United States . The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933 , as amended (the " U.S. Securities Act "), or any state securities laws, and may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities laws or pursuant to available exemptions therefrom. About BioVaxys Technology Corp. BioVaxys Technology Corp. ( www.biovaxys.com ), a company registered in British Columbia, Canada , is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPXTM immune-educating technology platform and it's HapTenix© 'neoantigen' tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. DPXTM is a patented antigen delivery platform that can incorporate a range of bioactive molecules to produce targeted, long-lasting immune responses enabled by various formulated components. The DPX platform facilitates antigen delivery to regional lymph nodes and has been demonstrated to induce robust and durable T cell and B cell responses in pre-clinical and clinical studies for both cancer and infectious disease. BioVaxys' common shares are listed on the Canadian Securities Exchange under the stock symbol "BIOV", on the Frankfurt Bourse (FRA: 5LB), and quoted in the US on the OTC Markets. For more information, visit www.biovaxys.com and connect with us on X and LinkedIn. ON BEHALF OF THE BOARD Signed " James Passin " James Passin , Chief Executive Officer Phone: +1 740 358 0555 Cautionary Statements Regarding Forward Looking Information This news release includes certain "forward-looking information" and "forward-looking statements" (collectively " forward-looking statements ") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, the statements relating to the Private Placement and the Debt Settlement, including the expected use of proceeds from the Private Placement and related issuance of the Shares for the Debt Settlement, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those expressed or implied in such forward-looking statements. These forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates, primarily the assumption that BioVaxys will be successful in developing and testing vaccines, that, while considered reasonable by BioVaxys, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the impact of any changes that may affect the anticipated use of proceeds from the Private Placement and the ability of the Company to obtain the necessary approvals to proceed with the Debt Settlement. BioVaxys does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws. The Canadian Securities Exchange has not reviewed, approved nor disapproved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this release. Logo - https://mma.prnewswire.com/media/2415135/5078410/BioVaxys_Technology_Corp_Logo.jpg SOURCE BioVaxys Technology Corp.So far, ByteDance has shown zero willingness to spin off TikTok in the US. The Chinese parent company seems to be banking on the Supreme Court or President-elect rescuing the app . The obvious names that would would buy TikTok if they could — Amazon, Google, Meta, Microsoft, Oracle, etc. — are sitting on the sidelines and waiting to see what happens in the coming weeks. The clock is ticking. Congress to and reminding them that they will be legally liable for continuing to host TikTok in their app stores after January 19th. Then there’s , the real estate billionaire and former owner of the Los Angeles Dodgers. For months, McCourt has been very public about his desire to buy TikTok. He has ramped up his drumbeat since ByteDance recently lost its legal fight on appeal. This week, he pitched more investors on his Project Liberty plan to buy the app’s US operations. When I spoke with McCourt over Zoom in between those investor meetings, he told me he currently has roughly $20 billion behind him for a bid. He has asked , who was briefly TikTok’s CEO the time it was almost banned from the US, to be involved, though Mayer hasn’t signed on. McCourt told me his team has talked to “most” of ByteDance’s biggest American investors and that they’re “very interested” in his plan. (Spokespeople for these firms either declined to comment or didn’t respond to my pings, and Mayer didn’t have a comment.) There are several reasons McCourt’s attempt to buy TikTok is a long-shot, the biggest being that, even if ByteDance wanted to sell, the Chinese government may not let it. Then there are the technical details of his proposal, which would see TikTok put on a that is funded by McCourt and untested with a platform of TikTok’s size. For me, the biggest red flag of all is that there’s a cryptocurrency called Frequency tied to the project. McCourt has high-minded ambitions for how the internet should work that are in line with the rise of federated platforms like ActivityPub and Bluesky. He imagines TikTok offering a marketplace of user-created algorithms, much like Bluesky does today, and users having the ability to own their profiles. Keep reading for more from our conversation this week... Having seen the harms of social media and where the internet was going as it became highly centralized, I dedicated some resources to start a public policy school at my alma mater, Georgetown. I was perhaps naive in retrospect, but I thought that we could get the policymaking apparatus out in front of the problem and steer things in a better direction out of that school. Then I realized that the public policy making apparatus is no match for Big Tech, so I began to go back to my roots. My family has been building infrastructure for 131 years, so this actually isn’t very far afield from our core competency when you think about this not as software at the app layer, but as infrastructure at the base layer. I talked to a few brilliant computer scientists that we have in the company and put the task to them of solving this from an engineering perspective if you had no limitations. The answer came back that you would go ahead and create another protocol that would connect us, just like TCP/IP connects devices and HTTP connects data. Our goal here is bigger than buying TikTok. It’s reimagining how the internet works. Purchasing TikTok and moving 170 million people to a reimagined, upgraded internet would catalyze that alternative and compress time. I see it as both and we’ve been very careful to separate the two. Project Liberty has an institute, a 501(c)(3), that’s purely not-for-profit. DSNP has been gifted to the world. That is being supported by the institute. The layer-one blockchain, Frequency, is tokenized. The community will own the majority of the tokens but that will be a commercial endeavor. TikTok, when we buy it, will be a commercial endeavor. Probably not because I don’t know how you would achieve the objectives we want to achieve, which is to be able to run the platform without the algorithm and give people ownership and control of their relationships. You need an implementation device to use DSNP. I would be totally open, however, if someone else built an alternative to Frequency. We’re looking to decentralize, not further centralize. I admire all the people who are doing that because they are trying to improve the internet and respect individuals. A federated approach is very different than having a universal social graph that’s globally accessible. We’re saying that something has to change fundamentally with the internet. What is doing with Bluesky is great but you still have a Bluesky identity. You’re still on Bluesky and your relationships are on Bluesky. Let’s stipulate that it’s better but you’re still there, right? At some point maybe Jay is not there. People are super excited about this and capital will not be an issue at all. The issue is going to be what ByteDance does. We’ve been saying for over six months that we felt the government was going to win the case. I don’t think ByteDance’s appeal is going to be successful. This is going to be a shut-it-down or sell it scenario. Like President-elect Trump, I’d like to see it not banned. We’re not asking China for the algorithm. We’re not an antitrust threat. We’ll pass CFIUS vetting. We don’t need or want the algorithm. We have a clean stack where the user base can migrate. We don’t know what ByteDance is going to decide. We certainly hope they decide to sell and preserve some value for their shareholders. We’ll do it on terms that we think can be a win-win. China keeps the algorithm. US citizens are protected. The app stays alive. That’s what we’ve got circled right now and that’s an order of magnitude what we think this is worth. Now, I say that with a huge caveat: we don’t know what ByteDance is selling. We think we have a very good idea of what the current numbers are, but it’s not like there’s a data room that ByteDance has set up and we’re inside of it. I think we have a good sense of what this would be worth if ByteDance keeps the algorithm and sells the user base and the content and the brand. There are three categories of investors. One group is the existing American companies that have invested in ByteDance. We’ve talked to most of them. They’re very interested, assuming ByteDance agrees to sell. They would either put more capital in or keep their capital in. A second category are people that are familiar with the asset because they’ve looked at it in the past. Some are looking at it for the first time. These are the large balance sheets that deploy big amounts of capital and they’re interested in what we’re doing. The third category is the bucket of cultural capital, people with influence who are interested in being a part of this and bringing their communities with them. We’ll be able to share once we know what ByteDance is doing. It makes no sense to be barking up the wrong tree here. That’s correct. I reached out before the decision. They were not interested in speaking at that time. We’ll try it again. They know at this stage of the game that we exist, we’re interested, and we hope that there’s incoming at some point as well. But we respect their decision-making process. They’re going to decide what they think is best for their interests. We’re in the process of reaching out. I’ve heard President-elect Trump say he doesn’t want to see the app banned. I’m very interested in having that conversation once this gets sorted on the China side and they decide what they’re going to do. I don’t see the big incumbents being bidders here for a couple of reasons. One is antitrust, obviously. Secondly, imagine you were a tobacco company and you built a big business and then people started to get worried because people were getting sick and dying because of the addiction of cigarettes and carcinogens. If you bought a tobacco company after the surgeon general’s warning, then you were putting a target on your back because you were buying it with the awareness that your product kills people. The growth of these platforms happened really fast. Then we discovered that there are harms. Anybody buying TikTok and replicating the current design, which is to scrape peoples’ data, apply algorithms, and manipulate people, they’re buying this with their eyes wide open. So I don’t see a lot of bidders because people realize they’re just putting a target on their back. Let’s take this problem and actually use it to catalyze an upgraded internet. Then, a lot of the problems go away. A lot of the lawsuits go away. A lot of the harms go away. That’s Project Liberty. Hundreds of the world’s top researchers gathered this week in Vancouver, Canada for NeuralPS, one of the world’s top academic gatherings in the field of AI. I asked (who just published ) what it was like being there on the ground: The conversation came up sometimes, but this is not the place where people actually believe that. AI safety was something I wound up talking about a lot. A research topic that also came up a lot was what focuses on, which is helping AI understand the world like we do in terms of physics and objects. That touches a bunch of cool things — robotics, agents, advanced reasoning. This conference was filled with students from Waterloo and University of Toronto who basically want AI job. (It was quite sweet sometimes watching those students corner an AI exec at a party.) If parties are any indicator, everyone wants to get as close to OpenAI as possible. This is a highly academic conference with lots of people just wanting to do good, deep research. The Midjourney party was 4x oversubscribed and researchers kept sending me the RSVP link. Everyone was asking about the secret OpenAI parties, though. There are plenty of interesting takeaways from . The Microsoft AI CEO doesn’t seem to agree with on the timing of AGI’s arrival, and he revealed that Microsoft won’t train its own frontier models when OpenAI is doing it for them anyway. He also takes some shots at Google’s management culture versus Microsoft’s, which I’m sure will cause some eyes to roll in Mountain View, given the way Suleyman excited. As a follow-up to this conversation, I recommend with and . Reading between the lines, it’s clear that there is ongoing tension between the level of compute Altman wants and what Nadella feels comfortable spending. For those closely following Nvidia’s stock price, Nadella also mentions that Microsoft no longer feels GPU constrained but rather constrained by the power requirements for its data centers. If you aren’t already getting new issues of , , which includes unlimited access to all of our stories and an improved ad experience on the web. You’ll also get , featuring scoops about companies like Google, Meta, OpenAI, and more. As always, I want to hear from you, especially if you have a tip or feedback. Respond here, and I’ll get back to you, or . I’m happy to keep you anonymous. Thanks for subscribing. /Christmas Tales and Family Politics with author John O'Farrell ...The Standard podcast
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