India's Reliance Industries said on Monday private equity firm Silver Lake will invest nearly $750 million (Dh2.75 billion) in its digital arm, days after securing a $5.7bn investment from Facebook as the Indian conglomerate looks to pare debt.
The deal adds to a flurry of fund raising activity announced by the oil-to-telecoms group in recent weeks including a $7bn share sale, as it aims to eliminate $21.4bn net debt by the end of this year.
Reliance on Thursday reported a 39 per cent fall in March quarter profit, hit by a sharp fall in oil prices and lower fuel demand, and said at the time that it had received investor interest for a Facebook-like deal. Not further detail were provided.
The deal with Silver Lake values Jio Platforms – the digital services entity that houses Reliance's telecoms arm Jio Infocomm and other businesses, at about $65bn, Reliance said in a regulatory filing.
It represents a 12.5 per cent premium to the equity valuation of the Facebook investment.
Facebook said in April it will buy a 9.99 per cent stake in Jio Platforms, looking to capitalise on WhatsApp’s extensive reach in the country and roll out services for India’s grocers and small businesses.
Shares in the Mumbai-based conglomerate, led by billionaire Mukesh Ambani, Asia's richest man, were trading down 1 per cent in a broader Mumbai market that was down 4.2 per cent as of 8.04am UAE time.
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Abu Dhabi Grand Slam Jiu-Jitsu World Tour Calendar 2018/19
July 29: OTA Gymnasium in Tokyo, Japan
Sep 22-23: LA Convention Centre in Los Angeles, US
Nov 16-18: Carioca Arena Centre in Rio de Janeiro, Brazil
Feb 7-9: Mubadala Arena in Abu Dhabi, UAE
Mar 9-10: Copper Box Arena in London, UK
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No more lice
Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
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Mia Man’s tips for fermentation
- Start with a simple recipe such as yogurt or sauerkraut
- Keep your hands and kitchen tools clean. Sanitize knives, cutting boards, tongs and storage jars with boiling water before you start.
- Mold is bad: the colour pink is a sign of mold. If yogurt turns pink as it ferments, you need to discard it and start again. For kraut, if you remove the top leaves and see any sign of mold, you should discard the batch.
- Always use clean, closed, airtight lids and containers such as mason jars when fermenting yogurt and kraut. Keep the lid closed to prevent insects and contaminants from getting in.
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Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
