Iran opens registration for the June presidential election after Raisi died in a helicopter crash
Dubai (AP): Iran opened a five-day registration period Thursday for hopefuls wanting to run in the June 28 presidential election to replace the late Ebrahim Raisi, who was killed in a helicopter crash earlier this month with seven others.
The election comes as Iran grapples with the aftermath of the May 19 crash, as well as heightened tensions between Tehran and the United States, and protests including those over the 2022 death of Mahsa Amini that have swept the country.
While Supreme Leader Ayatollah Ali Khamenei, 85, maintains final say over all matters of state, presidents in the past have bent the Islamic Republic of Iran toward greater interaction or increased hostility with the West.
The five-day period will see those between the ages of 40 to 75 with at least a master's degree register as potential candidates. All candidates ultimately must be approved by Iran's 12-member Guardian Council, a panel of clerics and jurists ultimately overseen by Khamenei. That panel has never accepted a woman, for instance, nor anyone calling for radical change within the country's governance.
Ahmad Vahidi, Iran's interior minister, opened the registration period. The Interior Ministry, in charge of the country's police, run Iranian elections with no substantial international observation.
“These elections, like the parliamentary elections, will be held in complete safety and health, with good competition and wide participation of all dear people," Vahidi said.
Raisi, a protege of Khamenei, won Iran's 2021 presidential election after the Guardian Council disqualified all of the candidates with the best chance to potentially challenge him. That vote saw the lowest turnout in Iran's history for a presidential election. This year's parliamentary vote saw an even-lower turnout amid widespread boycott calls.
That likely was a sign of voters' discontent with both a hard-line cleric sanctioned by the U.S. in part over his involvement in mass executions in 1988, and Iran's Shiite theocracy over four decades after its 1979 Islamic Revolution.
Who will run — and potentially be accepted — remains in question. The country's acting president, Mohammad Mokhber, a previously behind-the-scenes bureaucrat, could be a front-runner, because he's already been seen meeting with Khamenei. Also discussed as possible aspirants are former hard-line President Mohammad Ahmadinejad and former reformist President Mohammad Khatami — but whether they'd be allowed to run is another question.
The five-day registration period will close on Tuesday. The Guardian Council is expected to issue its final list of candidates within 10 days afterwards. That will allow for a shortened two-week campaign before the vote in late June.
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Adani touts financial strength, shows can grow without external debt
New Delhi (PTI): Billionaire Gautam Adani's conglomerate on Monday touted its financial and credit details of its portfolio companies to investors, showcasing its robust profits and cash flows that can sustain growth without reliance on external debt.
The ports-to-energy conglomerate, which has been hit by an indictment in a US court against its founder chairman Gautam Adani and two other executives for allegedly bribing Indian official to secure solar power contracts, in a presentation to the investors highlighted its consistently expanding profits and cash flows, which over a period have led to lowering dependence on debt for its growth ambitions.
Equity now accounts for almost two third of its total asset creation, a stark contrast to five years ago. In the last six months, the group has invested close to Rs 75,227 crore, against a total debt increase of only Rs 16,882 crore.
A note was also shared with the investors, along with presentations.
Outlining the group's liquidity position, the note said, "Adani Portfolio companies have sufficient liquidity to cover all debt servicing requirements for at least 12 months. As of September 30, 2024, Adani Portfolio companies had a cash of Rs 53,024 crore, which was close to 21 per cent of its total gross debt outstanding".
This amount, it said, was sufficient to cover the next 28 months of debt servicing requirement.
GROWTH WITHOUT DEBT
In the past, the group has announced plans to invest over Rs 8 lakh crore (USD 100 billion) across portfolio companies in the next ten years.
The Fund Flows from Operations (FFO) or cash profits stood at Rs 58,908 crore for the last twelve months and is growing over 30 per cent for the past five years. On the basis of this, even after assuming no growth, the group will be able to invest Rs 5.9 lakh crore only from its internal cash accruals over the next ten years, leaving very little dependency on external debt.
Further, at the portfolio level, there is very low debt gearing of 2.46x -- which means it has massive headroom for debt, according to the presentation.
Other highlights from the presentation included EBITDA (earnings before interest tax and depreciation) for the last twelve months, which it said is highly stable and hence predictable due to its infrastructure projects, which grew by 17 per cent to Rs 83,440 crore.
Also, existing annual cash flows alone can pay the entire debt in 3 years.
Gross assets/investments increased by Rs 75,227 crore, against total debt increase of only Rs 16,882 crore. Asset base has now increased to Rs 5.5 lakh crore.
Average cost of borrowing at 8.2 per cent, lowest in the last 5 years, due to upgrade in ratings across group companies, it said.
Adani Group's long-term debt from domestic banks was Rs 94,400 crore. This stood against a cash balance of Rs 53,024 crore, most of which was parked with Indian banks.
Borrowings from global banks were 27 per cent of total debt.
