Saturday, October 03
Unverified reports circulated on social media on Tuesday suggesting that at least three ships were on fire in the Gulf of Oman, near the Strait of Hormuz, adding a dramatic twist to ongoing Iran-Israel tensions.The claims, supported by photos purporting to show smoke and flames, come amid growing worries about the stability of a key waterway — through which nearly 20% of the world’s oil flows — and the potential for escalation in the region.ET has not been able to independently verify these reports.What British maritime security firm Ambrey saidBritish maritime security firm Ambrey addressed the incident near Khor Fakkan in the UAE, stating the cause was “not security-related.”The incident — which unfolded about 22 nautical miles east of Khor Fakkan, close to the Strait of Horm
American private equity firm Warburg Pincus is said to evaluate a proposal to purchase a majority equity stake in Nuvama Wealth Management with promoter entity Pagac Ecstasy Pte Ltd looking to offload its 54% stake.Citing sources, ET Now reported that JPMorgan Chase & Co. and Morgan Stanley are likely advising PAG on the proposed sale.PAG acquired majority holding in Nuvama Wealth in 2021, when the company was called Edelweiss Wealth and its stake in the Mumbai-based financial services company is valued at Rs $1.6 billion, the report said.In 2021, PAG invested $325 million in Edelweiss Wealth Management. It had then acquired 61.5% from prior investors Kora Management, Sanaka Capital, the report added.Nuvama Wealth manages Rs 4.3 trillion ($50 billion) of clients' assets which grew by 2
