NOVEMBERASIA BUSINESS OUTLOOK8NEWSROOMGautam Adani-led Adani Power may stop supplying power to Bangladesh if that country does not settle its dues by November 7, said people aware of the development.Unpaid bills totalling around $850 million (Rs 7,200 crore) have forced Adani Power Jharkhand Ltd, a subsidiary of Adani Power, to already cut its power supply to Bangladesh by half.Adani Power had last month written to the Bangladesh Power Development Board (BPDB), asking it to clear the dues by October 31, the people said. The BPDB, in turn, provided a letter of credit (LC) of $170 million (Rs 1,500 crore) to ensure payment security, they said."The LC received was not in line with the power purchase agreement. Adani may be forced to shut the power supply around November 10," said a person aware of the development. Adani Power's Godda power plant in Jharkhand shut down one of its units last week to reduce power supply, the person said. The 1,496 MW plant operates at 700 MW from a single unit.Adani Group chairman Gautam Adani had this September written to Muhammad Yunus, the chief adviser to the Bangladesh government, seeking his intervention in the early liquidation of $800 million of receivables to the power producer.Adani's letter stated that the company had invested $2 billion in building the plant and associated transmission infrastructure and delivered it in a record time of 3.5 years despite being impacted by three waves of Covid-19. Intel will lose its spot in the Dow Jones Industrial Average after a 25-year run to Nvidia, S&P Dow Jones Indices said on Friday, the latest blow to the struggling chipmaker that was among the first two technology firms to be included in the blue-chip index.Once the dominant force in chipmaking, Intel has in recent years ceded its manufacturing edge to rival TSMC and missed out on the generative artificial intelligence boom after missteps including passing on an investment in ChatGPT-owner OpenAI.Intel's shares have declined 54 per cent this year, making it the worst performer on the index and leaving it with the lowest stock price on the price-weighted Dow.The stock fell about 1 per cent in extended trading on Friday, while Nvidia was up 1.5 percent.Launched in 1968, the Silicon Valley pioneer sold memory chips before switching to processors that helped launch the personal computer industry.In the 1990s, "Intel Inside" stickers turned commodity electronic components into premium products, and eventually became ubiquitous on laptops.Nvidia has emerged as a cornerstone of the global semiconductor industry, thanks to the essential role its chips play in powering generative AI technologies which has driven a seven-fold surge in its shares over the past two years.The company's shares have risen more than two-fold this year alone.Once popular only among gamers who hunted for PCs with Nvidia's graphics processors, the company is now the second-most valuable in the world and is seen as a barometer for the AI market. BANGLADESH TO LOSE POWER SUPPLY FROM INDIA OWING TO PENDING DUESINTEL LOSES ITS SPOT IN DOW JONES INDUSTRIAL AVERAGE, NVIDIA TO REPLACE IT
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