I’ve always found it wild how one man in north London controlled Pakistan’s largest city some 4,000 miles away.
Six years ago I visited a tatty office in Edgware to learn more. What follows is the story of
#Karachi
’s most feared power broker.
“Imran’s fight seems to be with General Bajwa and not with the military as a whole,” said
@AkhilBery
. “Of course, the rank and file will continue to support the chief, but that doesn’t mean that they can’t be supportive of Khan as well”
Incredible
@Reuters
graphic - in the early 70s, more than 68% of Bengaluru was covered in vegetation. By late 90s, the city's green cover had dropped to around 45% and by 2021 to less than 3% of its total area | via
@DevjyotGhoshal
@tweetsfromnivi
“It seems their mind is made up. They’ve decided I can’t be allowed to come to power,”
@ImranKhanPTI
tells
@WSJ
. “They will either jail me or they’ll try to eliminate me” | via
@gefairclough
@SaeedShah
“Another Pandora’s box will open up if the PTI now steps up its campaign to push for investigating the record of fundraising of all political parties,”
@_baqai
said. “I think that will bring up a much bigger controversy” |
@farhanbokhari
@JohnReedwrites
“Unfortunately,’
@javedhassan
writes, the elite Islamabad Club - paying just $150 in annual rent for 350 acres in the heart of the city - is “emblematic of how Pakistan’s economy operates and whom it is designed to almost exclusively benefit.”
BBC to split its India operations on Wednesday following scrutiny after its airing of a controversial Modi documentary.
“The BBC for the first time in its history has handed over content to an outside company set up by employees” | via
@JohnReedwrites
Very excited to have joined the
@FT
this week as their Mumbai correspondent.
The amazing
@ChloeNCornish
will be an incredibly hard act to follow, but looking forward to working with the pink paper's excellent India team
@JohnReedwrites
@jyots43
&
@b_parkyn
"The delay in doing the needful increases the likelihood of a disorderly default over the next 6 to 12 months," writes
@javedhassan
.
"None of the choices the country faces are easy, but not choosing any increases the costs of all."
“Indian startups are not catering to a billion consumers. All of them are selling to the same 100 million,”
@ankitnagori27
tells
@Reuters
. “The (consumer) market seems 2-3 times inflated” | via
@followthemani
As Imran Khan's PTI faces sweeping crackdown, “the army’s problem is that every measure against Imran will add to his popularity.” It'll “doubtless contemplate intervention options short of a coup, including delaying elections” | w/
@FaseehMangi
@mnaqvi10
Adani passed off low-quality coal more expensive cleaner fuel, throwing fresh light on allegations of a long-running scam. Latest revelations from come as Adani seeks to rebrand as a big renewable energy player |
@FD
@xtophercook
@JohnReedwrites
@OCCRP
Since storming to power in the 1980s, the MQM and its leader, Altaf Hussain, had been a dominant force in Karachi, aggressively enforcing strikes that could crash Pakistan’s stock market and disrupt almost every aspect of daily life. (2/5)
“Three weeks ago, I would have said there’s a 0% chance of
#Pakistan
becoming the next Sri Lanka,” said
@Tundra_CIO
. “The inaction of the new government is, however, worrying” | via
@FaseehMangi
@RonoMaz
My trip to the MQM’s International Secretariat came a day after Hussain, who has lived in London for 30 years, delivered inflammatory speeches relayed to crowds in Karachi by loudspeaker. The resulting turmoil caused deep splits in the MQM and drew police scrutiny. (3/5)
“When it comes to infrastructure,”
@andymukherjee70
writes for
@opinion
, “India’s 1.4 billion people have only ever known two alternatives: Either the resource-starved government will under-supply, or the private entrepreneur will overcharge”
The odds of
#Pakistan
facing a currency crisis in the next 12 months now exceed 50%, according to a
@economics
risk model. “Much of the progress toward stabilizing external balances has been undone by the floods” | via
@FaseehMangi
Arranging a meeting with Hussain wasn’t easy. He rescheduled repeatedly, citing the demands of his court cases & a bout of Covid. Eventually granted an audience, he swung liberally between grievances. “I will prefer to die in jail rather than to beg and surrender” (4/5)
Increased control of
#India
’s media sector by Adani and Ambani will have “significant consequences...it looks like the two corporate giants are hand in glove” | w/
@talktosanjai
South Asia's employment ratio is falling, a sign the region is failing to create enough jobs for their young growing populations,
@WorldBank
official tells
@b_parkyn
. “It’s almost like the demographic dividend is being squandered.”
“The whole Dirty Harry image had a strong, strong attraction. And I guess when you want it bad enough, you go and get it.”
Two years after the Antilia bomb scare, one of Mumbai's most extraordinary scandals rumbles on. My latest for
@BW
w/
@talktosanjai
Few countries have made such a spectacle of hosting the G20...as India has over the past year.
Over 200 G20 meetings, more than in any previous summit, have been hosted across India, all held with great fanfare. “I’ve never seen so much publicity”
Contaminated drugs. Unsanitary conditions. Shredded paperwork. The FDA found major lapses in Indian pharma plants after the pandemic curbed inspections for nearly 2 years. With multiple firms pulled up, “it’s like playing whack-a-mole,” says an investor
Corporate India is finding ways to show support for LGBTQ workers and clients ahead of a Supreme Court ruling on same-sex marriage. Story w/
@shrutimahajan21
&
@Kai_Schultz
“It is seen as, oh Mumbai is on the coast so there’s a sea breeze coming and blowing all the pollution away,” says
@AnumitaRoychowd
. “Somehow we have to break that myth.” Worrying piece by
@ChloeNCornish
on Mumbai's worsening smog.
Many of
#Pakistan
’s issues are of its own making after governments lived for decades beyond their means,
@LodhiMaleeha
says. “The chickens have come home to roost....privileged elites have overlooked the public interest” | via
@Kai_Schultz
@FaseehMangi
The more India tries to ramp up production, the more it depends on China for components and raw materials, report
@vrishtibeniwal
&
@29_ruchibhatia
. Even then, India's share of manufacturing to GDP has dropped to about 13%, well below a 25% goal |
“What is shocking is the rapid speed of this change,” says
@ZahraK_Durrani
. “We didn’t expect the temperatures to increase so much, so fast.” My latest
for
@BW
on the heat waves that have roiled India and Pakistan w/
@parija_pratik
Head of Indian IT giant TCS tells
@FT
that artificial intelligence will result in “minimal” need for call centres in as soon as a year, with AI’s rapid advances set to upend a vast industry across Asia and beyond | w/
@b_parkyn
As more Indians pursue careers away from home, their parents can no longer depend on their offspring to care for them as they age. That’s sparked a boom in retirement communities. My latest for
@BW
w/
@singps
“The risks associated with default should be unacceptable,” writes
@javedhassan
. “Should this happen, the ramifications for
#Pakistan
will be devastating, as can be witnessed from the nightmarish chaos unleashed in
#SriLanka
”
“
#Pakistan
’s poor economic performance has arrived at a point where it now possibly faces bankruptcy,” writes
@javedhassan
. Khan's “elimination, a possibility that has been made real by a recent assassination attempt, could unleash fissiparous forces”
Pakistani factories unable to get dollars have been forced to shutter for weeks at a time, report
@karllesteryap
&
@FaseehMangi
.
“Absolutely there is a dollar shortage,” says
@kschehzad
, “companies will continue to operate at bare minimum”
Gautam Adani has slipped out of the list of the world's top 10 richest people and could soon be supplanted as Asia's wealthiest person if shares in his conglomerate continue to slide.
“TTP’s intensifying attacks on Pakistani security forces are meant to send a simple but unsettling message: the state can’t stop them,” says
@MichaelKugelman
| via
@ShahmeerAlbalos
@HannahEP
India's opposition claims that voters are more disaffected than opinion polls suggest, pointing to lower election turnout to argue that the BJP is underperforming.
@FT
dispatch from
@JohnReedwrites
&
@jyots43
in Varanasi
“The ongoing constitutional crisis exacerbates Pakistan's precarious debt sustainability,” says
@javedhassan
. “Even if it completes the current IMF program, it is almost certain that it will have to have a new program to avoid disorderly default”
The Indian Premier League has turned a once-staid sport into ratings gold - and a magnet for controversy.
“Any startup that scales as rapidly as the IPL is going to have turbulence.” My latest for
@BW
|
Flying suitcases filled with medical items across the world,
@kavindya_T
is one of many overseas Sri Lankans attempting to restock hospitals and fulfill “heartbreaking” treatment requests. “To realize the country has come to that was even a worse feeling”
Modi’s government “wants to do big stuff and it doesn’t think that the Indian public sector is up to it”, says
@BajpaiKanti
. “Most Indian businesses are too conservative. It needs an Adani.” Interesting piece by
@b_parkyn
&
@ChloeNCornish
Adani's Delhi-based think-tank will help frame research “with the global south in mind” and eventually expand with branches in Mumbai and Bengaluru, as well as overseas in Washington and possibly London | via
@FT
“Imran is at the peak of his power right now, especially after this assassination attempt,”
@vali_nasr
tells
@FT
. “The military has proved that it’s not capable of dealing with this . . . The more he challenges the military, the more popular he gets”
India's
#MarionBiotech
made multiple batches of tainted cough syrup over more than a year, data from export records &
@WHO
show. It also shipped the same syrup product types to Cambodia, Turkmenistan & Kyrgyzstan in 2022 | w/
@zachmider
US military aid package under consideration would include financing of as much as $500m, which would make
#India
one of the largest recipients behind Israel and Egypt, report
@sudhiranjansen
&
@PeterMartin_PCM
#Pakistan
's central bank “lacks credibility,” writes
@javedhassan
.
“The slow response in taking corrective measures to curb demand has contributed to bolstering inflation expectations...if forced to increase rates rapidly, it could lead to a recession”
The IMF loan is crucial for Pakistan (which has received almost two dozen bailouts since the 1950s) to manage $23b of upcoming external debt payments, more than six times its FX reserves | via
@karllesteryap
@FaseehMangi
The violence is “definitely going to cast a shadow on the G-20 summit,” says
@SushantSin
, and “does not reflect well on Modi’s leadership and political abilities to deal with India’s numerous diversities” | via
@bibhu_pradhan
@sudhiranjansen
“Pakistan’s governance failures reverberate many of India's developmental missteps in addition to its own distinctive debacles...it may not have built the “temples” of heavy industry, but has woefully neglected investment in human capital” by
@javedhassan
The arrest was a “big political move,” said
@AsimAli6
, and part of a plan by the BJP to discredit Kejriwal and disrupt co-operation between the AAP and Congress. “The BJP is taking a big political risk” |
@JohnReedwrites
@jyots43
@FT
Adani plots expansion of overseas port empire after US funding. “Many investors, recognizing the size and clout of Adani’s businesses, have swallowed the reputational risks associated with doing business with him,” says
@MichaelKugelman
| w/
@talktosanjai
“People used to shoo me away saying they didn’t have cash. Now, they scan my QR codes and happily give whatever small amount they want.” Great read on
#India
's digital finance revolution via
@ByShanLi
&
@rovingrajesh
#SriLanka
's PM tells
@business
he fears citizens will face hard times until Feb as he seeks to fast-track an IMF loan by mid-June. Investors are sceptical. “These negotiations typically end up taking a bit longer than initially expected” |
@sudhiranjansen
In his first interview with a foreign news organisation since the
#SriLankaCrisis
unfolded, Gotabaya Rajapaksa told
@business
he won't contest elections again, but he isn't quitting before his term ends. “I can’t go as a failed president” |
@sudhiranjansen
#Pakistan
's currency rose 4% against the dollar on Wednesday, after tumbling about 15% in July, the biggest monthly slide since Bloomberg started compiling data in 1989, reports
@FaseehMangi
Pressure on the BBC represents an escalation of Modi’s efforts to snuff out dissent. Even so, India has faced few consequences from foreign investors or governments like the US that regularly criticize China | via
@bibhu_pradhan
@mnaqvi10
Shell companies “are part and parcel of the Indian investment scene,” says
@MilanV
. “What caught people’s attention was the number of shell entities involved and the linkages to Gautam Adani’s brother” | w/
@Archanamideast
, Finbarr Flynn &
@birchnews
Two months on from
@HindenburgRes
's bombshell report, Adani is reining in plans to expand into new sectors. “There’s good reason to believe the company will draw back a bit in order to focus on damage control,” says
@MichaelKugelman
| w/
@talktosanjai
Modi has won plaudits for measures to help business during his decade in power. But many companies remain tangled in red tape.
“Modi is a great marketer, but the ease of doing business is still not that easy at all” | w/
@JohnReedwrites
Months before
#India
registered its first
#monkeypox
infections, HIV doctor
@drgilada
urged two patients to get tested. Both refused, with one telling him he didn't want to be the country's first case. My story on the stigma surrounding the virus
@FT
Coincidentally my final Bloomberg story w/
@advait_px
was published earlier this week. Sad to leave an organisation that launched my career and allowed me to report from Nigeria, Pakistan and India with so many talented colleagues.
“People were pissed. Once the trees are gone, they’re gone”
Residents in Bengaluru are struggling to hold back the breakneck development that has cost India's traffic-clogged IT hub much of its bucolic charm | via
@BW
“There has not even been a penny of investment by China,” says vice president of
#Afghanistan
’s Chamber of Commerce & Investment. “Many of their companies came, met with us, conducted research and then left and vanished, which is frustrating” |
@EltafN
As Pakistan prepares to deport Afghans,
@IsmailDilawar
&
@BetsyJoles
speak to those fearful of life back home.
“How can we go back to Afghanistan? Our houses, businesses, children, the graves of our parents, everything is here”
US to provide $553m in funding to Gautam Adani's controversial port terminal in Sri Lanka as New Delhi and Washington look to curtail China’s influence in South Asia | w/
@iainmarlow
Analysts say winning southern seats is the only way the BJP can meet Modi's target of a two-thirds majority and cement its grip on power. “This has always been an Achilles heel for the BJP and its ability to acquire total dominance” |
@b_parkyn
@jyots43
Gautam Adani is no longer Asia's richest man. In just one week, his eye-popping wealth gains from last year — all $44 billion of them — have evaporated, and then some | via
@MelinAnders
Ambani is counting on millions of Indians to adopt JFS, but his message hasn’t reached many. “We are being chased by banks all the time for loans and deposits,” says a shop owner. “So the Ambani company will be one more.” For
@BW
w/
@singps
@talktosanjai
#PakistanFloods
have sent staple food prices skyrocketing. Onions were sold at 300 rupees a kilo from 50 rupees before the floods, says Ali Asghar Londer, one of the thousands living in evacuation tents in Dadu |
@FaseehMangi
@IsmailDilawar
“India has quietly, formally, entered a coalition,” a western official tells
@JohnReedwrites
. “They haven’t been sounding the megaphone and we are not trying to overly publicise this and spook the herd, but it’s a significant moment”
Even amid the calamity, thieves in boats are raiding homes at night, locals tell
@SaeedShah
. The poor cannot afford to leave behind their livestock and other assets, said residents, nor do they have the money needed to survive elsewhere.
#PakistanFloods
Adani's attempts to reinvent himself as a champion of green energy is “by no means a pivot,” says
@RachelCleetus
. “In fact, Adani is arguably the largest private investor in new coal projects worldwide.” Big Take on Asia's richest man w/
@talktosanjai
“We have no idea how Adani will redevelop Dharavi.”
The embattled Indian tycoon wants to revamp the densely packed community made famous by ‘Slumdog Millionaire’. But how will he resettle a million people? | w/
@DhwaniPandya
@talktosanjai
@CityLab
“The health burden of air pollution on South Asia is just staggering,” says
@sciencerely
. Despite a national lockdown, toxic particles in
#India
rose 2.9% in 2020. In
#Pakistan
they climbed 6.3%. Bangladesh saw a 13% increase | w/
@KripaJayaram
@danmurtaugh
@Sh4dy_K
@javedhassan
@economics
@FaseehMangi
From the
@economics
note: "Before the disaster, aggressive rate hikes by the central bank cut import demand. A $1.1 billion IMF loan in August boosted FX reserves. This helped reduce the chance of crisis to 29% in August from a peak of 56% in June."
“Given the ample leg room for Adani in infrastructure and for Ambani in India’s consumer economy,” writes
@andymukherjee70
, “it may not be a bad thing for the billionaires to avoid stepping on each other’s toes.”
After being mired in bureaucratic red-tape for years, India has cleared the purchase of 30 armed drones from the US ahead of Modi's visit, sources tell
@sudhiranjansen
Khan “doesn’t play by the rules. He doesn’t accept the rules”, said
@LodhiMaleeha
,
#Pakistan
’s former ambassador to the US. “In that sense, any government would find it pretty difficult to deal with an opponent like that” | via
@b_parkyn
@farhanbokhari
Already planning a come back, Namal Rajapaksa tells
@sudhiranjansen
the
#SriLanka
political dynasty's current predicament is a “temporary setback...this is a rough patch, so face it and move forward”
Indian stocks expected to power on if Modi wins a third term, even as investors grow fearful over stretched valuations.
India “is not as liquid as one might think for such a big country” & big inflows have “resulted in this very high premium level”
“You can’t write off the Hindi film industry,” CEO of
@INOXMovies
tells
@business
. “It’s been there for 100 years, maybe there’s a blip for the last six, seven months. Doesn’t matter, things will look up.”
Gautam Adani gets final approval to revamp Dharavi, a project that bedevilled Mumbai's administrators for decades, report
@talktosanjai
&
@Chiranjivi_25
Apart from the sale of IDBI Bank, India's privatization drive has slowed, and national elections next year could further stall sales, report
@vrishtibeniwal
&
@29_ruchibhatia
.
“You’ve been smoking something illegal,” Anand Mahindra said when he was told kabaddi could be the next biggest sport in India after cricket.
Do watch this wonderful Bloomberg Originals documentary w/
@Vaness_Perdomo
&
@jasonkellynews
Modi so far has managed to thread the needle between the two sides. But “no matter how much India wants to maintain the Russia relationship,” says
@horror06
, “this is going to get more difficult as time goes by” | via
@sudhiranjansen
@bibhu_pradhan
Indian companies are looking to grab a bigger slice of
#Russia
's sanctions-hit market. “A silver lining of the current geopolitical conflict is the opportunity to gain market share in Russia,” says one analyst. Great reporting by
@KripaJayaram
#Pakistan
's floodwaters may take two to six months to recede in some places, with hospitals overwhelmed with patients.
"We become so overworked at times that I feel like collapsing and going on an intravenous drip," a doctor tells
@Reuters
in Sehwan.