Will Smith has been banned from attending the Academy Awards for the next decade after slapping Chris Rock during the ceremony last month.
On Friday, the Academy of Motion Pictures Arts and Sciences called Smith’s behavior “unacceptable” in a letter to organization members and said the recently minted Academy Award winner would not be allowed at any events or programs hosted by the group for 10 years.
“This action we are taking today in response to Will Smith’s behavior is a step toward a larger goal of protecting the safety of our performers and guests, and restoring trust in the Academy,” the group wrote in a letter to members, obtained by NBC News.
“I accept and respect the academy’s decision,” “Smith said in response to the ban.
Smith confronted Rock onstage after the comedian made a joke about the close-cropped hair of Jada Pinkett Smith, Smith’s wife. Pinkett Smith has alopecia, a skin condition that can result in hair loss. After striking Rock, Smith returned to his seat and screamed profanities at his fellow star.
The academy’s board was initially set to convene on April 18 to discuss possible disciplinary actions, including a potential suspension or ban from the organization. However, last week Smith resigned from the group calling his own actions “shocking, painful, and inexcusable.”
Smith apologized to the academy and his fellow nominees during his acceptance speech for the best actor award, which he won for his portrayal of Richard Williams in “King Richard.” He apologized to Rock via social media the day after the ceremony.
Rock, meanwhile, has refrained from making public comments about the slap. He told a crowd at a comedy show last week in Boston that he was “still processing what happened.”
“During our telecast, we did not adequately address the situation in the room,” academy executives said in the letter Friday. “For this, we are sorry. This was an opportunity for us to set an example for our guests, viewers and our Academy family around the world, and we fell short — unprepared for the unprecedented.”
The academy has said that Smith refused to leave the ceremony after he struck the comedian. However, there are conflicting reports about whether Smith was actually asked to leave or if it was just suggested that he depart before his award category was called.
The Los Angeles Police Department was ready to arrest Smith at the awards ceremony, according to a producer of the show, but Rock declined to press charges.
Read the full letter from the academy:
The 94th Oscars were meant to be a celebration of the many individuals in our community who did incredible work this past year; however, those moments were overshadowed by the unacceptable and harmful behavior we saw Mr. Smith exhibit on stage.
During our telecast, we did not adequately address the situation in the room. For this, we are sorry. This was an opportunity for us to set an example for our guests, viewers and our Academy family around the world, and we fell short — unprepared for the unprecedented.
Today, the Board of Governors convened a meeting to discuss how best to respond to Will Smith’s actions at the Oscars, in addition to accepting his resignation. The Board has decided, for a period of 10 years from April 8, 2022, Mr. Smith shall not be permitted to attend any Academy events or programs, in person or virtually, including but not limited to the Academy Awards.
We want to express our deep gratitude to Mr. Rock for maintaining his composure under extraordinary circumstances. We also want to thank our hosts, nominees, presenters and winners for their poise and grace during our telecast.
This action we are taking today in response to Will Smith’s behavior is a step toward a larger goal of protecting the safety of our performers and guests, and restoring trust in the Academy. We also hope this can begin a time of healing and restoration for all involved and impacted.
IMF hikes global growth forecast as inflation cools
The IMF has revised its global economic outlook upwards.
Norberto Duarte | Afp | Getty Images
The International Monetary Fund on Monday revised upward its global growth projections for the year, but warned that higher interest rates and Russia’s invasion of Ukraine would likely still weigh on activity.
In its latest economic update, the institution said the global economy will grow 2.9% this year — which represents a 0.2 percentage point improvement from its previous forecast in October. However, it said that number would still mean a fall from an expansion of 3.4% in 2022.
It also revised its projection for 2024 down to 3.1%.
“Growth will remain weak by historical standards, as the fight against inflation and Russia’s war in Ukraine weigh on activity,” Pierre-Olivier Gourinchas, director of the research department at the IMF, said in a blog post.
The Fund turned more positive on the global economy due to better-than-expected domestic factors in several countries, such as the United States.
“Economic growth proved surprisingly resilient in the third quarter of last year, with strong labor markets, robust household consumption and business investment, and better-than-expected adaptation to the energy crisis in Europe,” Gourinchas said, also noting that inflationary pressures have come down.
In addition, China announced the reopening of its economy after strict Covid-19 lockdowns, which is expected to contribute to higher global growth. A weaker U.S. dollar has also brightened the prospects for emerging countries that hold debt in foreign currency.
However, the picture isn’t totally positive. IMF Managing Director Kristalina Georgieva warned earlier this month that the economy was not as bad as some feared, “but less bad doesn’t quite yet mean good.”
“We have to be cautious,” she said during a CNBC-moderated panel at the World Economic Forum in Davos, Switzerland.
The IMF on Monday warned of several factors that could deteriorate the outlook in the coming months. These included the fact that China’s Covid reopening could stall; inflation could remain high; Russia’s invasion of Ukraine could shake energy and food costs even further; and markets could turn sour on worse-than-expected inflation prints.
IMF calculations say that about 84% of nations will face lower headline inflation this year compared to 2022, but they still forecast an annual average rate of 6.6% in 2023 and of 4.3% in 2024.
As such, the Washington, D.C.-based institution said one of the main policy priorities is that central banks keep addressing the surge in consumer prices.
“Clear central bank communication and appropriate reactions to shifts in the data will help keep inflation expectations anchored and lessen wage and price pressures,” the IMF said in its latest report.
“Central banks’ balance sheets will need to be unwound carefully, amid market liquidity risks,” it added.
Most Adani shares continue losses; founder loses $28 billion in month
Gautam Adani, chairperson of Indian conglomerate Adani Group, at the World Congress of Accountants in Mumbai on Nov. 19, 2022. Founder Gautam Adani, the richest man in Asia and once second only to Elon Musk, fell out of the world’s top five richest to rank seventh on the Bloomberg’s Billionaire Index.
Indranil Mukherjee | Afp | Getty Images
Shares of most of Adani Group companies continued to see sharp losses for a third consecutive trading session as the company attempted to rebut short seller firm Hindenburg’s report, which accused the conglomerate of stock manipulation and an “accounting fraud scheme.”
Adani Enterprises erased earlier gains of up to 10% and last traded flat in Mumbai’s afternoon trade after the group published a lengthy response of over 400 pages to Hindenburg’s report over the weekend, saying that it will exercise its rights to “pursue remedies” to protect its investors “before all appropriate authorities.”
Adani Enterprises’ stock price remains more than 25% lower in the month to date, Refinitiv data showed. It proceeded with a secondary share sale worth $2.5 billion, which were overshadowed by a rout that wiped out a total of $48 billion as of last week’s close.
His net worth fell $27.9 billion year to date, the index showed. It peaked at $150 billion on Sept. 20, 2022, before falling to to $92.7 billion as of last week’s close, according to the index.
Despite small gains seen in Adani Enterprises, other affiliates of the Adani Group continued to plunge.
Adani Group said Hindenburg’s allegations were a “calculated attack on India, independence, integrity and quality of Indian institutions, and growth story and ambition of India,” in the response it released over the weekend.
The group’s chief financial officer Jugeshinder Singh said in an interview with CNBC-TV18, an affiliate of CNBC, that the value of Adani Enterprises has not changed “simply because” of share price volatility, adding it instead lies in its “ability to incubate new businesses.”
He added that he is confident Adani Enterprises‘ follow-on public offering will be fully subscribed, calling Hindenburg’s report “simply a lie” and the timing of the report “malicious.”
Hindenburg on Monday morning described the group’s response “bloated” and claimed it “ignores every key allegation” against the conglomerate that it raised.
“Fraud cannot be obfuscated by nationalism of a bloated response that ignores every key allegation we raised,” the short seller titled its response to Adani Group.
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