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Gautam Adani, his nephew Sagar Adani, and several executives of Indian firms Adani Green Energy and Azure Power have been charged in the US over an alleged bribery scheme.

They allegedly bribed, or promised bribes to, officials in India for lucrative renewable energy contracts.

But if the indictment charges are related to their alleged actions within India, why are they charged in the US? Or more specifically, can they be indicted in the US?

<a href="https://www.wionews.com/business-economy/adani-bribery-case-allegations-made-by-us-prosecutors-are-baseless-denied-adani-group-777976">Also read: Adani bribery case | Allegations made by US prosecutors are baseless, denied: Adani Group</a> 
&nbsp;

In the interconnected world of global business, an action a company take in its home base country can expose it to US scrutiny and punitive actions as long as American markets, investors and other stakeholders&nbsp;are impacted or involved. Action can apply if the company or its subsidiaries trade in US stock exchanges, has US operations even if board members and executives&nbsp;are based in foreign countries, or raise funds through venture capital, bonds or loans.

Broadly speaking, anything that violates US securities laws, and its Foreign Corrupt Practices Act (FCPA) is fair game even if the companies and people involved are not US residents or citizens.

WATCH: Indian Billionaire Gautam Adani Charged By US Over Alleged $250 Million Bribe Plot 
&nbsp;

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In Adani's case, there are several causes that make the US law extend its arms to something that appears prima facie not within its jurisdiction.

One is the alleged obstruction of justice in the US. Two, the alleged lying to US officials. Three, the accused having served in some capacity in companies trading in the US stock markets. And four, the company raised capital - through investments or bond issues- in the American markets on schemes that are allegedly tainted by corruption.&nbsp;

All these have been alleged, though not proven.&nbsp;

A broad picture emerges in the nature of charges from the parallel probe opened by the Securities and Exchange Commission, the US market regulator.

In order to understand that probe, it's important you know about Azure Power. The solar power company, founded in New Delhi, had raised investment capital in the US in the past years and trades on the New York Stock Exchange.&nbsp;

The SEC said in a release that Adani Green’s note offering had raised $175 million from US investors even as the alleged bribery scheme was ongoing.

A note offering is a sale of a variety of debt securities, wherein companies raise investments through loans or corporate bonds.

<h2>What the SEC chargesheet says about Adani Green and Azure power officials</h2>

SEC, in a release, said it charged Gautam Adani and Sagar Adani as well as Cyril Cabanes, an executive of Azure Power Global Ltd., for conduct arising out of the bribery scheme.&nbsp;

It claimed the scheme was orchestrated to enable the two renewable energy companies 'to capitalise on a multi-billion-dollar solar energy project awarded to the companies by the Indian government.'&nbsp;

Even as the bribes were being paid, Adani Green raised more than $175 million from US investors.&nbsp;Azure Power’s stock was trading on the New York Stock Exchange too.&nbsp;This is how it becomes an issue that the US can prosecute.

<a href="https://www.wionews.com/business-economy/gautam-adani-indicted-in-us-over-multimillion-dollar-bribery-what-are-the-charges-what-you-should-know-777917">Also read: Gautam Adani indicted in US over multimillion dollar bribery: What are the charges? What you should know</a> 
&nbsp;

The SEC said it has taken two actions against Adani and Azure.

In one, it charged Gautam Adani, who serves as chairman of Adani Green’s Board of Directors, and his nephew, Sagar Adani, who is the executive director of Adani Green’s board, "for orchestrating the bribery scheme."

That scheme was for paying or promising hundreds of millions of dollars in bribes to the Indian officials "to secure their commitment to purchase energy at above-market rates that would benefit Adani Green and Azure Power".&nbsp;

The SEC alleged that Gautam and Sagar "induced" US investors to buy Adani Green bonds while misrepresenting its compliance on corruption and bribery.

In the documentation related to the note offering, Adani Green made statements about its anti-bribery and anti-corruption efforts. This, the SEC alleged, were "materially false or misleading in light of Gautam and Sagar Adani’s conduct."

The second action involves Cyril Cabanes, a former member of Azure Power’s Board of Directors.

Cabanes has been charged with violating FCPA for his role in the alleged bribery scheme.&nbsp;

SEC charges are seeking a permanent injunction on Cabanes, a civil penalty, and an officer and director bar.&nbsp;

Cabanes allegedly facilitated the authorisation of bribes in furtherance of the scheme while in the United States and abroad.

"Cyril Cabanes participated in the underlying bribery scheme while serving as director of a US public company,” said Sanjay Wadhwa, Acting Director of the SEC’s Division of Enforcement, as quoted by SEC.

“We will continue to vigorously pursue and hold individuals, including senior corporate officers and directors, accountable when they violate our securities laws,” Wadwa added.

The SEC is seeking civil penalties and permanent injunctions on the accused, as well as barring them from holding official and director positions in companies with business in America.

The SEC action is separate from, yet related to, the broader criminal charges filed by the US Justice Department against Gautam Adani, Sagar Adani, Cyril Cabanes and some other executives linked to the Adani group and Azure power.

For its part, the Adani group called the allegations made in the US "baseless and denied." It noted that the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty, while adding&nbsp;"all possible legal recourse will be sought."

Gautam Adani, his nephew Sagar Adani, and several executives of Indian firms Adani Green Energy and Azure Power have been charged in the US over an alleged bribery scheme.

Gautam Adani, his nephew Sagar Adani, and several executives of Indian firms Adani Green Energy and Azure Power have been charged in the US over an alleged bribery scheme. They allegedly bribed, or promised bribes to, officials in India for lucrative renewable energy contracts. But if the indictment charges are related to their alleged actions within India, why are they charged in the US? Or more specifically, can they be indicted in the US? Also read: Adani bribery case | Allegations made by US prosecutors are baseless, denied: Adani Group In the interconnected world of global business, an action a company take in its home base country can expose it to US scrutiny and punitive actions as long as American markets, investors and other stakeholders are impacted or involved. Action can apply if the company or its subsidiaries trade in US stock exchanges, has US operations even if board members and executives are based in foreign countries, or raise funds through venture capital, bonds or loans. Broadly speaking, anything that violates US securities laws, and its Foreign Corrupt Practices Act (FCPA) is fair game even if the companies and people involved are not US residents or citizens. WATCH: Indian Billionaire Gautam Adani Charged By US Over Alleged $250 Million Bribe Plot × In Adani's case, there are several causes that make the US law extend its arms to something that appears prima facie not within its jurisdiction. One is the alleged obstruction of justice in the US. Two, the alleged lying to US officials. Three, the accused having served in some capacity in companies trading in the US stock markets. And four, the company raised capital - through investments or bond issues- in the American markets on schemes that are allegedly tainted by corruption. All these have been alleged, though not proven. A broad picture emerges in the nature of charges from the parallel probe opened by the Securities and Exchange Commission, the US market regulator. In order to understand that probe, it's important you know about Azure Power. The solar power company, founded in New Delhi, had raised investment capital in the US in the past years and trades on the New York Stock Exchange. The SEC said in a release that Adani Green’s note offering had raised $175 million from US investors even as the alleged bribery scheme was ongoing. A note offering is a sale of a variety of debt securities, wherein companies raise investments through loans or corporate bonds. What the SEC chargesheet says about Adani Green and Azure power officials SEC, in a release, said it charged Gautam Adani and Sagar Adani as well as Cyril Cabanes, an executive of Azure Power Global Ltd., for conduct arising out of the bribery scheme. It claimed the scheme was orchestrated to enable the two renewable energy companies 'to capitalise on a multi-billion-dollar solar energy project awarded to the companies by the Indian government.' Even as the bribes were being paid, Adani Green raised more than $175 million from US investors. Azure Power’s stock was trading on the New York Stock Exchange too. This is how it becomes an issue that the US can prosecute. Also read: Gautam Adani indicted in US over multimillion dollar bribery: What are the charges? What you should know The SEC said it has taken two actions against Adani and Azure. In one, it charged Gautam Adani, who serves as chairman of Adani Green’s Board of Directors, and his nephew, Sagar Adani, who is the executive director of Adani Green’s board, "for orchestrating the bribery scheme." That scheme was for paying or promising hundreds of millions of dollars in bribes to the Indian officials "to secure their commitment to purchase energy at above-market rates that would benefit Adani Green and Azure Power". The SEC alleged that Gautam and Sagar "induced" US investors to buy Adani Green bonds while misrepresenting its compliance on corruption and bribery. In the documentation related to the note offering, Adani Green made statements about its anti-bribery and anti-corruption efforts. This, the SEC alleged, were "materially false or misleading in light of Gautam and Sagar Adani’s conduct." The second action involves Cyril Cabanes, a former member of Azure Power’s Board of Directors. Cabanes has been charged with violating FCPA for his role in the alleged bribery scheme. SEC charges are seeking a permanent injunction on Cabanes, a civil penalty, and an officer and director bar. Cabanes allegedly facilitated the authorisation of bribes in furtherance of the scheme while in the United States and abroad. "Cyril Cabanes participated in the underlying bribery scheme while serving as director of a US public company,” said Sanjay Wadhwa, Acting Director of the SEC’s Division of Enforcement, as quoted by SEC. “We will continue to vigorously pursue and hold individuals, including senior corporate officers and directors, accountable when they violate our securities laws,” Wadwa added. The SEC is seeking civil penalties and permanent injunctions on the accused, as well as barring them from holding official and director positions in companies with business in America. The SEC action is separate from, yet related to, the broader criminal charges filed by the US Justice Department against Gautam Adani, Sagar Adani, Cyril Cabanes and some other executives linked to the Adani group and Azure power. For its part, the Adani group called the allegations made in the US "baseless and denied." It noted that the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty, while adding "all possible legal recourse will be sought."

If Adani is accused of bribes in India, why is he being charged in US? What SEC parallel probe says

Industrialist Gautam S Adani, his nephew Sagar S Adani and several executives of his firm Adani Green Energy have been charged in the US over a $250 million bribery scheme in India for getting renewable energy contracts that would have earned projected profits of more than $2 billion after tax.&nbsp;

The charges unveiled by the US justice department late Wednesday (Nov 21) alleged that several Adani officials engaged in bribing Indian officials in a multi-year scheme from 2020 to 2024. These bribes were hidden from US investors who were approached by the Adani group to raise billions of dollars, it alleged.

The charges are allegations and the defendants are presumed innocent unless and until proven guilty, the justice department said in a release. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;

The investigation is being carried out by FBI along with other financial crime agencies. 
 
Watch: Gautam Adani Charged By US Over Alleged $250 Million Bribe Plot

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Gautam S Adani and the other business executives "allegedly bribed the Indian government to finance lucrative contracts designed to benefit their businesses" and "defrauded investors by raising capital on the basis of false statements about bribery and corruption...[and] allegedly attempted to conceal the bribery conspiracy by obstructing the government’s investigation," claimed FBI Assistant Director in Charge Dennehy. &nbsp;

The offences were for "massive state energy supply contracts through corruption and fraud at the expense of US investors."

"The Criminal Division will continue to aggressively prosecute corrupt, deceptive and obstructive conduct that violates US law, no matter where in the world it occurs,” the release&nbsp;quoted Deputy Assistant Attorney General Lisa H Miller as saying.

Here are the details and specific allegations against Adani and his executives,&nbsp;along with a response from Adani Green.

<h2>What did the US Justice Department say about Adani charges?</h2>

The justice department alleged that the Adani executives ran a scheme 'to pay hundreds of millions of dollars in bribes and conceal' the scheme from US investors.&nbsp;

The bribes, allegedly worth more than $250 million, were promised to Indian government officials to secure solar energy contracts, said the release issued by the US Attorney's Office in Eastern District of New York.

<h2>Who are the Adani-linked&nbsp;executives indicted by US justice department?</h2>

The US justice depatment named as defendants Gautam S Adani, aged 62; Sagar S Adani, 30; Vneet S Jain, 53; Ranjit Gupta, 54; Cyril Cabanes, 50; Saurabh Agarwal, 48; Deepak Malhotra, 45; and Rupesh Agarwal, 50.

<h2>What did the US justice department indictment say about Gautam Adani bribe scheme?</h2>

&gt; The five-count criminal indictment unsealed in a Brooklyn federal court charged the Adani executives with 'conspiracies to commit securities and wire fraud and substantive securities fraud' in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions based on false and misleading statements. &nbsp;

<a href="https://www.wionews.com/india-news/major-setback-for-adani-group-sebi-issues-notice-as-chairperson-buch-faces-scrutiny-770755">Also read: Major setback for Adani Group, SEBI issues notice as chairperson Buch faces scrutiny</a>

&gt; It specifically charged Ranjit Gupta, Rupesh Agarwal, Cyril Cabanes, Saurabh Agarwal and Deepak Malhotra with conspiracy to violate the Foreign Corrupt Practices Act.

They allegedly orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars.

&gt; Gautam S Adani, Sagar R Adani and Vneet S Jaain lied about the bribery scheme as they sought to raise capital from US and international investors, said United States Attorney Peace Breon Peace when announcing the charges.&nbsp;

<h2>What exactly is the Adani bribe scheme as alleged by US Justice&nbsp;Department?</h2>

&gt; The scheme was to pay more than $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice, stated Deputy Assistant Attorney General Miller. &nbsp;

&gt; Between 2020 and 2024, the executives allegedly bribed Indian government officials for contracts projected to generate $2 billion in profits after tax for 20 years. &nbsp;

&gt; "On several occasions, Gautam S. Adani personally met with an Indian government official to advance the bribery scheme, and the defendants held in-person meetings with each other to discuss aspects of its execution," the justice department alleged. &nbsp;

&gt; The executives 'frequently discussed their efforts on the bribery scheme' including through an electronic messaging application and 'extensively documented their corrupt efforts,' it claimed.

<a href="https://www.wionews.com/business-economy/hindenburg-vs-adani-sebi-chief-madhabis-link-needs-judicial-probe-ex-official-eas-sarma-tells-wion-749745">Also read: Hindenburg vs Adani: Sebi chief Madhabi's links need judicial probe, ex-official EAS Sarma tells WION</a>

&gt; Sagar R Adani, alleged the US department, 'used his cellular phone to track specific details of the bribes offered and promised to government officials'.

&gt; Vneet S Jaain used his cellular phone to photograph a document summarising various bribe amounts a US issuer owed the company for its respective portion of the bribes, alleged the justice department.

&gt; Rupesh Agarwal 'prepared and distributed to other defendants multiple analyses using PowerPoint and Excel', summarising various options for paying and concealing bribe payments, it claimed.

&gt; Gautam S Adani, Sagar R Adani and Vneet S Jaain 'conspired to misrepresent' Adani Green's anti-bribery and corruption practices and conceal the scheme from US investors and international financial institutions in order to obtain financing, it alleged.

&gt; Gautam S Adani, Sagar R Adani and Vneet S Jaain caused Adani Green Energy and some of its subsidiaries 'to raise capital on the basis of false and misleading statements in connection with two US dollar-denominated syndicate loans totalling more than $2 billion from investors and two bond offerings for more than $1 billion underwritten by international financial institutions, which were marketed and sold to investors in the US, claimed the US justice department.

&gt; Gautam S Adani, Sagar R Adani and Vneet S. Jaain caused Adani Green 'to make false statements in their consolidated financial statements and to the market and investors regarding the bribery scheme, it alleged.

&gt; Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra and Rupesh Agarwal 'conspired to obstruct the grand jury, FBI and US Securities and Exchange Commission (SEC) investigations into the bribery scheme, said the indictment. &nbsp;

&gt; They agreed to delete electronic materials related to the bribery scheme, including emails, electronic messages and 'bribery analyses.

&gt; They later withheld material information from an internal investigation by a US issuer company and 'falsely denied their participation' in the scheme to representatives of the FBI, DOJ and SEC at meetings in Brooklyn, New York. On this account, Cabanes, Agarwal, Malhotra and Rupesh Agarwal have been charged with conspiracy to obstruct justice.

<h2>How has Adani Green responded to charges?</h2>

In a statement, an Adani Group spokesperson said&nbsp;the allegations "are baseless and denied." 
 
As stated by the US Department of Justice itself, said the spokesperson, "the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty."

"All possible legal recourse will be sought," it added. 
 
Earlier, Adani Green said in a statement:&nbsp; "The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against our Board members, Gautam Adani and Sagar Adani. The United States Department of Justice have also included our Board member, Vneet Jaain, in such criminal indictment."

In light of these developments, it added, "our subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings."

&nbsp;

Industrialist Gautam S Adani, his nephew Sagar S Adani and several executives of his firm Adani Green Energy have been charged in the US over a $250 million bribery scheme in India for getting renewable energy contracts that would have earned projected profits of more than $2 billion after tax.

Industrialist Gautam S Adani, his nephew Sagar S Adani and several executives of his firm Adani Green Energy have been charged in the US over a $250 million bribery scheme in India for getting renewable energy contracts that would have earned projected profits of more than $2 billion after tax. The charges unveiled by the US justice department late Wednesday (Nov 21) alleged that several Adani officials engaged in bribing Indian officials in a multi-year scheme from 2020 to 2024. These bribes were hidden from US investors who were approached by the Adani group to raise billions of dollars, it alleged. The charges are allegations and the defendants are presumed innocent unless and until proven guilty, the justice department said in a release. The investigation is being carried out by FBI along with other financial crime agencies. Watch: Gautam Adani Charged By US Over Alleged $250 Million Bribe Plot × Gautam S Adani and the other business executives "allegedly bribed the Indian government to finance lucrative contracts designed to benefit their businesses" and "defrauded investors by raising capital on the basis of false statements about bribery and corruption...[and] allegedly attempted to conceal the bribery conspiracy by obstructing the government’s investigation," claimed FBI Assistant Director in Charge Dennehy. The offences were for "massive state energy supply contracts through corruption and fraud at the expense of US investors." "The Criminal Division will continue to aggressively prosecute corrupt, deceptive and obstructive conduct that violates US law, no matter where in the world it occurs,” the release quoted Deputy Assistant Attorney General Lisa H Miller as saying. Here are the details and specific allegations against Adani and his executives, along with a response from Adani Green. What did the US Justice Department say about Adani charges? The justice department alleged that the Adani executives ran a scheme 'to pay hundreds of millions of dollars in bribes and conceal' the scheme from US investors. The bribes, allegedly worth more than $250 million, were promised to Indian government officials to secure solar energy contracts, said the release issued by the US Attorney's Office in Eastern District of New York. Who are the Adani-linked executives indicted by US justice department? The US justice depatment named as defendants Gautam S Adani, aged 62; Sagar S Adani, 30; Vneet S Jain, 53; Ranjit Gupta, 54; Cyril Cabanes, 50; Saurabh Agarwal, 48; Deepak Malhotra, 45; and Rupesh Agarwal, 50. What did the US justice department indictment say about Gautam Adani bribe scheme? > The five-count criminal indictment unsealed in a Brooklyn federal court charged the Adani executives with 'conspiracies to commit securities and wire fraud and substantive securities fraud' in a multi-billion-dollar scheme to obtain funds from US investors and global financial institutions based on false and misleading statements. Also read: Major setback for Adani Group, SEBI issues notice as chairperson Buch faces scrutiny > It specifically charged Ranjit Gupta, Rupesh Agarwal, Cyril Cabanes, Saurabh Agarwal and Deepak Malhotra with conspiracy to violate the Foreign Corrupt Practices Act. They allegedly orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars. > Gautam S Adani, Sagar R Adani and Vneet S Jaain lied about the bribery scheme as they sought to raise capital from US and international investors, said United States Attorney Peace Breon Peace when announcing the charges. What exactly is the Adani bribe scheme as alleged by US Justice Department? > The scheme was to pay more than $250 million in bribes to Indian government officials, to lie to investors and banks to raise billions of dollars, and to obstruct justice, stated Deputy Assistant Attorney General Miller. > Between 2020 and 2024, the executives allegedly bribed Indian government officials for contracts projected to generate $2 billion in profits after tax for 20 years. > "On several occasions, Gautam S. Adani personally met with an Indian government official to advance the bribery scheme, and the defendants held in-person meetings with each other to discuss aspects of its execution," the justice department alleged. > The executives 'frequently discussed their efforts on the bribery scheme' including through an electronic messaging application and 'extensively documented their corrupt efforts,' it claimed. Also read: Hindenburg vs Adani: Sebi chief Madhabi's links need judicial probe, ex-official EAS Sarma tells WION > Sagar R Adani, alleged the US department, 'used his cellular phone to track specific details of the bribes offered and promised to government officials'. > Vneet S Jaain used his cellular phone to photograph a document summarising various bribe amounts a US issuer owed the company for its respective portion of the bribes, alleged the justice department. > Rupesh Agarwal 'prepared and distributed to other defendants multiple analyses using PowerPoint and Excel', summarising various options for paying and concealing bribe payments, it claimed. > Gautam S Adani, Sagar R Adani and Vneet S Jaain 'conspired to misrepresent' Adani Green's anti-bribery and corruption practices and conceal the scheme from US investors and international financial institutions in order to obtain financing, it alleged. > Gautam S Adani, Sagar R Adani and Vneet S Jaain caused Adani Green Energy and some of its subsidiaries 'to raise capital on the basis of false and misleading statements in connection with two US dollar-denominated syndicate loans totalling more than $2 billion from investors and two bond offerings for more than $1 billion underwritten by international financial institutions, which were marketed and sold to investors in the US, claimed the US justice department. > Gautam S Adani, Sagar R Adani and Vneet S. Jaain caused Adani Green 'to make false statements in their consolidated financial statements and to the market and investors regarding the bribery scheme, it alleged. > Cyril Cabanes, Saurabh Agarwal, Deepak Malhotra and Rupesh Agarwal 'conspired to obstruct the grand jury, FBI and US Securities and Exchange Commission (SEC) investigations into the bribery scheme, said the indictment. > They agreed to delete electronic materials related to the bribery scheme, including emails, electronic messages and 'bribery analyses. > They later withheld material information from an internal investigation by a US issuer company and 'falsely denied their participation' in the scheme to representatives of the FBI, DOJ and SEC at meetings in Brooklyn, New York. On this account, Cabanes, Agarwal, Malhotra and Rupesh Agarwal have been charged with conspiracy to obstruct justice. How has Adani Green responded to charges? In a statement, an Adani Group spokesperson said the allegations "are baseless and denied." As stated by the US Department of Justice itself, said the spokesperson, "the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty." "All possible legal recourse will be sought," it added. Earlier, Adani Green said in a statement: "The United States Department of Justice and the United States Securities and Exchange Commission have issued a criminal indictment and brought a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against our Board members, Gautam Adani and Sagar Adani. The United States Department of Justice have also included our Board member, Vneet Jaain, in such criminal indictment." In light of these developments, it added, "our subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings."

Gautam Adani indicted in US over multimillion dollar bribery: What are the charges? What you should know

A Bloomberg report shows that US Securities and Exchange Commission Chair Gary Gensler intends to resign on January 20th. This comes as he faces strong opposition from Wall Street and the cryptocurrency industry over his aggressive agenda.

Gensler said, "The Securities and Exchange Commission is a remarkable agency." he added, "The staff and the commission are deeply mission-driven, focused on protecting investors, facilitating capital formation and ensuring that the markets work for investors and issuers alike."

Upon his departure, the SEC will be led by an acting chair, who is widely believed to be one of two republican commissioners, Mark Uyeda or Hester Peirce. President Joe Biden selected Gensler, a self-described "markets guy," in 2021.

Gensler has pursued an aggressive agenda, which includes improvements to stock trading, disclosures about climate risk, and crackdowns on crypto scofflaws. The nominee for head of the SEC that the Trump administration selects may want to ease Gensler's signature regulations. The new chief is expected to adopt a stance that is more crypto-friendly.

Trump's SEC will likely relax its enforcement policies regarding the use of third-party messaging applications by brokers, banks, and hedge funds.

A potential regulation shift by the SEC may have a profound impact on the digital asset business. Crypto fraudsters, along with corporations like DRW Holdings and proprietary trading giant Coinbase Global, were relentlessly pursued by Gensler for failing to register with the government.

The industry strongly disagreed, claiming he had not adequately accounted for the new asset class within established frameworks that were decades old.

A Bloomberg report shows that US Securities and Exchange Commission Chair Gary Gensler intends to resign on January 20th. This comes as he faces strong opposition from Wall Street and the cryptocurrency industry over his aggressive agenda.

A Bloomberg report shows that US Securities and Exchange Commission Chair Gary Gensler intends to resign on January 20th. This comes as he faces strong opposition from Wall Street and the cryptocurrency industry over his aggressive agenda. Gensler said, "The Securities and Exchange Commission is a remarkable agency." he added, "The staff and the commission are deeply mission-driven, focused on protecting investors, facilitating capital formation and ensuring that the markets work for investors and issuers alike." Upon his departure, the SEC will be led by an acting chair, who is widely believed to be one of two republican commissioners, Mark Uyeda or Hester Peirce. President Joe Biden selected Gensler, a self-described "markets guy," in 2021. Gensler has pursued an aggressive agenda, which includes improvements to stock trading, disclosures about climate risk, and crackdowns on crypto scofflaws. The nominee for head of the SEC that the Trump administration selects may want to ease Gensler's signature regulations. The new chief is expected to adopt a stance that is more crypto-friendly. Trump's SEC will likely relax its enforcement policies regarding the use of third-party messaging applications by brokers, banks, and hedge funds. A potential regulation shift by the SEC may have a profound impact on the digital asset business. Crypto fraudsters, along with corporations like DRW Holdings and proprietary trading giant Coinbase Global, were relentlessly pursued by Gensler for failing to register with the government. The industry strongly disagreed, claiming he had not adequately accounted for the new asset class within established frameworks that were decades old.

US SEC Chair Gary Gensler to step down in January

Almost two out of three Nigerian households are experiencing food insecurity, with many families cutting back or going without meals altogether due to financial constraints. This is according to the statistics agency in Nigeria.

The National Bureau of Statistics study showed that the percentage of families who said they did not have enough food to eat due to lack of money doubled to 62.4 per cent in 2023 from 37 per cent in 2019.

The research indicated that 12.3 per cent of households went without food for a whole day. That highlights the effects of soaring food inflation, which reached a near-three-decade peak of 41 per cent in June.

The report also indicated that about 21 per cent of households depend on assistance from family and friends. A quarter of boys and girls are considered underweight for their age, up from 19 per cent four years ago.

This is only one example of how inadequate nutrition leads to physical effects like stunted growth.

A further analysis states that the average cost of a nutritious diet has increased by 30 per cent in the five months leading up to September.

President Bola Tinubu's fiscal measures are driving up food costs, and the annual inflation rate hit 33.9 per cent in October. Tinubu lifted currency regulations after taking over the government in May 2023. This led to the devaluation of the naira by 72 per cent. Tinubu removed fuel and power subsidies, causing prices to more than double.

Despite the president's reforms being praised by global investors and financial institutions, protests sparked in August.

Thousands of Nigerians took to the streets to voice their disapproval of the country's skyrocketing food costs. The situation of food insecurity is once again showing signs of an escalation in tensions.

Almost two out of three Nigerian households are experiencing food insecurity, with many families cutting back or going without meals altogether due to financial constraints.

Almost two out of three Nigerian households are experiencing food insecurity, with many families cutting back or going without meals altogether due to financial constraints. This is according to the statistics agency in Nigeria. The National Bureau of Statistics study showed that the percentage of families who said they did not have enough food to eat due to lack of money doubled to 62.4 per cent in 2023 from 37 per cent in 2019. The research indicated that 12.3 per cent of households went without food for a whole day. That highlights the effects of soaring food inflation, which reached a near-three-decade peak of 41 per cent in June. The report also indicated that about 21 per cent of households depend on assistance from family and friends. A quarter of boys and girls are considered underweight for their age, up from 19 per cent four years ago. This is only one example of how inadequate nutrition leads to physical effects like stunted growth. A further analysis states that the average cost of a nutritious diet has increased by 30 per cent in the five months leading up to September. President Bola Tinubu's fiscal measures are driving up food costs, and the annual inflation rate hit 33.9 per cent in October. Tinubu lifted currency regulations after taking over the government in May 2023. This led to the devaluation of the naira by 72 per cent. Tinubu removed fuel and power subsidies, causing prices to more than double. Despite the president's reforms being praised by global investors and financial institutions, protests sparked in August. Thousands of Nigerians took to the streets to voice their disapproval of the country's skyrocketing food costs. The situation of food insecurity is once again showing signs of an escalation in tensions.

Nigeria's hunger crisis escalates: Food inflation soars to 41% in Africa's most populous nation

Myanmar's garment industry is a rare bright spot in an economy severely impacted by the military coup of 2021 and ongoing civil conflict. Despite the political turmoil, the sector's export earnings reached $7.6 billion in 2022, up from $5.7 billion in 2019.

A significant portion of these exports goes to the European Union, with brands like Adidas, H&amp;M, and bestsellers continuing to source from Myanmar. However, the industry’s growth has not translated into better conditions for workers who face harsh realities.

Workers like Wai Wai are among the thousands labouring in Myanmar’s garment factories, earning as little as $3 a day. With daily wages barely covering basic expenses like rent and food, many workers skip meals to send money back home to family members affected by conflict in other regions.

Wai Wai spoke to AFP and said, "Before the coup, we can work overtime until 9 pm and earn extra money for personal expenses. But the salary we earn right now is for supporting our family, and the money left is only enough for food; we don't have any extra money."

Despite the country’s export boom, factory workers struggle with rising costs, including cotton prices, which have more than doubled, and frequent power shortages that hinder productivity.

Thin Thin Khine, another garment factory worker, spoke to AFP. "In the past, we could buy new 2 or 3 [pieces of] clothes every month, but now we can't afford to buy new clothes, cosmetics or things for personal care. Food is more important than anything, and we can only spend money on food."

The situation has worsened since the military coup, with reports of widespread worker rights violations, including bans on unions and arrests of union leaders. Additionally, a conscription law enacted this year has raised fears among workers, particularly women, who are at risk of being drafted into the military.

While global companies like Bestsellers have continued sourcing from Myanmar, they face increasing pressure to balance operations with ethical concerns. The ongoing challenges in Myanmar’s garment sector highlight the complex intersection of economic growth, worker exploitation, and political instability.

Myanmar's garment industry is a rare bright spot in an economy severely impacted by the military coup of 2021 and ongoing civil conflict. Despite the political turmoil, the sector's export earnings reached $7.

Myanmar's garment industry is a rare bright spot in an economy severely impacted by the military coup of 2021 and ongoing civil conflict. Despite the political turmoil, the sector's export earnings reached $7.6 billion in 2022, up from $5.7 billion in 2019. A significant portion of these exports goes to the European Union, with brands like Adidas, H&M, and bestsellers continuing to source from Myanmar. However, the industry’s growth has not translated into better conditions for workers who face harsh realities. Workers like Wai Wai are among the thousands labouring in Myanmar’s garment factories, earning as little as $3 a day. With daily wages barely covering basic expenses like rent and food, many workers skip meals to send money back home to family members affected by conflict in other regions. Wai Wai spoke to AFP and said, "Before the coup, we can work overtime until 9 pm and earn extra money for personal expenses. But the salary we earn right now is for supporting our family, and the money left is only enough for food; we don't have any extra money." Despite the country’s export boom, factory workers struggle with rising costs, including cotton prices, which have more than doubled, and frequent power shortages that hinder productivity. Thin Thin Khine, another garment factory worker, spoke to AFP. "In the past, we could buy new 2 or 3 [pieces of] clothes every month, but now we can't afford to buy new clothes, cosmetics or things for personal care. Food is more important than anything, and we can only spend money on food." The situation has worsened since the military coup, with reports of widespread worker rights violations, including bans on unions and arrests of union leaders. Additionally, a conscription law enacted this year has raised fears among workers, particularly women, who are at risk of being drafted into the military. While global companies like Bestsellers have continued sourcing from Myanmar, they face increasing pressure to balance operations with ethical concerns. The ongoing challenges in Myanmar’s garment sector highlight the complex intersection of economic growth, worker exploitation, and political instability.

Sewing for a living: Low wages plague Myanmar's garment sector

Federal Reserve Chair Jerome Powell said the US Central Bank will not predict the economy's fate until it knows what policies the next trump government will impose.

The fed did not react in this way to the 2016 election of Donald Trump. At least not according to the minutes of the FED meetings during that year. Back then, the FED staff began projecting a fiscal boost to the GDP from the expected tax cuts.

In addition, Powell was one of the few policymakers who factored in changes to fiscal policy when making predictions. Powell, at his November 7th press conference, said, "There's nothing to model right now. We don't guess, we don't speculate, and we don't assume."

However, back in December 2016, Powell noted, "It seems likely that more accommodative fiscal policy will arrive during 2017." He added, "I have therefore followed the staff baseline in assuming a personal income tax cut of 1 per cent of GDP as a placeholder."

Given that Trump's policies are expected to reawaken pricing pressures and that policymakers are still fighting the highest inflation in four decades, Powell's unusually cautious stance compared to 2016 is striking.

At some point, their ability to cut rates further will be contingent upon their assessment of the interplay between tax, tariff, and immigration policies and their impact on the economy.

After falling out with presidents who reduced taxes in the past, Central bankers face a political minefield when deciding how and when to position themselves behind fiscal stimulus. They risk being seen as going against the administration's policies if they increase borrowing costs too quickly or insufficiently to counteract the consequences.

As it happened in 2021, inflation might rise sharply if rates are raised too slowly or too late.

Federal Reserve Chair Jerome Powell said the US Central Bank will not predict the economy's fate until it knows what policies the next trump government will impose.

Federal Reserve Chair Jerome Powell said the US Central Bank will not predict the economy's fate until it knows what policies the next trump government will impose. The fed did not react in this way to the 2016 election of Donald Trump. At least not according to the minutes of the FED meetings during that year. Back then, the FED staff began projecting a fiscal boost to the GDP from the expected tax cuts. In addition, Powell was one of the few policymakers who factored in changes to fiscal policy when making predictions. Powell, at his November 7th press conference, said, "There's nothing to model right now. We don't guess, we don't speculate, and we don't assume." However, back in December 2016, Powell noted, "It seems likely that more accommodative fiscal policy will arrive during 2017." He added, "I have therefore followed the staff baseline in assuming a personal income tax cut of 1 per cent of GDP as a placeholder." Given that Trump's policies are expected to reawaken pricing pressures and that policymakers are still fighting the highest inflation in four decades, Powell's unusually cautious stance compared to 2016 is striking. At some point, their ability to cut rates further will be contingent upon their assessment of the interplay between tax, tariff, and immigration policies and their impact on the economy. After falling out with presidents who reduced taxes in the past, Central bankers face a political minefield when deciding how and when to position themselves behind fiscal stimulus. They risk being seen as going against the administration's policies if they increase borrowing costs too quickly or insufficiently to counteract the consequences. As it happened in 2021, inflation might rise sharply if rates are raised too slowly or too late.

Powell's wait-and-watch on Trump policies is a switch from 2016

Egypt kept its interest rates at a record high for the fifth straight meeting even as it weighed the impact of subsidy cuts. The country is also eyeing a closure to the International Monetary Fund's review for a bailout.

The monetary policy committee of Egypt's central bank said that the deposit rate and lending rate would remain unchanged at 27.25 per cent and 28.25 per cent, respectively. Authorities are being cautious following an 8 percentage point increase in interest rates in two stages earlier this year. This comes after an average 9.2 per cent increase in the fuel price in October.

Subsidy cuts to enhance government finances are the goal of an IMF-backed reform package, which includes fuel price hikes. Inflation in Egypt has started to mirror the country's third fuel adjustment in 2024. the real picture will be clearer once the December data is revealed.

The IMF said negotiations had made "substantial progress" but added more meetings would be scheduled in the coming days. Egyptian Prime Minister Mostafa Madbouly said the discussions with the IMF were "positive," and the lender's evaluation would be completed within the next two days.

Meanwhile, a widespread sell-off in developing markets and rising demand for dollars has caused the Egyptian pound to fall to its lowest level since a devaluation in March. The pound hit a low of 49.8 to the dollar, its worst level since Egypt allowed it to fall over 40 per cent to entice international investment and end its economic crisis.

Egypt kept its interest rates at a record high for the fifth straight meeting even as it weighed the impact of subsidy cuts. The country is also eyeing a closure to the International Monetary Fund's review for a bailout.

Egypt kept its interest rates at a record high for the fifth straight meeting even as it weighed the impact of subsidy cuts. The country is also eyeing a closure to the International Monetary Fund's review for a bailout. The monetary policy committee of Egypt's central bank said that the deposit rate and lending rate would remain unchanged at 27.25 per cent and 28.25 per cent, respectively. Authorities are being cautious following an 8 percentage point increase in interest rates in two stages earlier this year. This comes after an average 9.2 per cent increase in the fuel price in October. Subsidy cuts to enhance government finances are the goal of an IMF-backed reform package, which includes fuel price hikes. Inflation in Egypt has started to mirror the country's third fuel adjustment in 2024. the real picture will be clearer once the December data is revealed. The IMF said negotiations had made "substantial progress" but added more meetings would be scheduled in the coming days. Egyptian Prime Minister Mostafa Madbouly said the discussions with the IMF were "positive," and the lender's evaluation would be completed within the next two days. Meanwhile, a widespread sell-off in developing markets and rising demand for dollars has caused the Egyptian pound to fall to its lowest level since a devaluation in March. The pound hit a low of 49.8 to the dollar, its worst level since Egypt allowed it to fall over 40 per cent to entice international investment and end its economic crisis.

Egypt eyes the completion of a key IMF review

We are already into week two of COP29 deliberations, but delegates are yet to reach an agreement. Meanwhile, COP30 preparations are already underway.

The discussions hit a wall after an initial proposal sparked widespread anger. The delegates need to come to a consensus on deep differences over how to scale up international climate finance.

Host Azerbaijan announced preliminary agreements on Thursday. However, they failed to address crucial points, such as the source and amount of funding that might be mobilised to assist developing nations.

One of the key causes of global warming, the usage of fossil fuels, was also barely touched upon. More than 60 nations took turns criticising the possible deal, leading to a heated five-hour discussion.

With just a day left, it seemed like there wasn't much consensus. A number of nations, like the United States, Panama, and Vanuatu, were adamant that a final deal had to recognise a historic commitment made at last year's COP meeting in Dubai. Raise efficiency, move away from fossil fuels, and expand renewable power.

However, on behalf of the Arab group, Saudi Arabia's negotiator Albara Tawfiq argued that Riyadh is against the global stocktake's goal of restating last year's fossil fuel vow. The kingdom warned that Arab countries "will not accept any text that targets specific sectors, including fossil fuels."

Separately, developing countries criticised wealthy countries like the US and the EU for being vague about the money they are ready to pay. On the other hand, the US and EU retaliated by claiming the proposed deal was inadequate to meet their emissions reduction goals. Clearly, the annual meeting is turning out to be another eventless calendar event.

Brazil is already looking forward to COP30 next year. Belem, Brazil, is the site of next year's climate summit. Amid its booming oil output, Brazil has been striving to establish itself as a climate leader.

COP30 presents a valuable chance to do just that. Belem is well-known as the entry point to the Amazon jungle. However, some are concerned that the little coastal city does not have the necessary infrastructure to hold a COP meeting.

Andre Correa Do Lago, Brazil's Secretary for Climate, Energy and the Environment, argued that Belem's location would be an asset. He said, "We are not trying to hide the problems we have, and, as you know, deforestation is our main source of emissions." He added, "So we are taking the world to the place where we have our biggest source of emissions, and we're going to show to the world how complex the Amazon region is."

We are already into week two of COP29 deliberations, but delegates are yet to reach an agreement. Meanwhile, COP30 preparations are already underway. The discussions hit a wall after an initial proposal sparked widespread anger.

We are already into week two of COP29 deliberations, but delegates are yet to reach an agreement. Meanwhile, COP30 preparations are already underway. The discussions hit a wall after an initial proposal sparked widespread anger. The delegates need to come to a consensus on deep differences over how to scale up international climate finance. Host Azerbaijan announced preliminary agreements on Thursday. However, they failed to address crucial points, such as the source and amount of funding that might be mobilised to assist developing nations. One of the key causes of global warming, the usage of fossil fuels, was also barely touched upon. More than 60 nations took turns criticising the possible deal, leading to a heated five-hour discussion. With just a day left, it seemed like there wasn't much consensus. A number of nations, like the United States, Panama, and Vanuatu, were adamant that a final deal had to recognise a historic commitment made at last year's COP meeting in Dubai. Raise efficiency, move away from fossil fuels, and expand renewable power. However, on behalf of the Arab group, Saudi Arabia's negotiator Albara Tawfiq argued that Riyadh is against the global stocktake's goal of restating last year's fossil fuel vow. The kingdom warned that Arab countries "will not accept any text that targets specific sectors, including fossil fuels." Separately, developing countries criticised wealthy countries like the US and the EU for being vague about the money they are ready to pay. On the other hand, the US and EU retaliated by claiming the proposed deal was inadequate to meet their emissions reduction goals. Clearly, the annual meeting is turning out to be another eventless calendar event. Brazil is already looking forward to COP30 next year. Belem, Brazil, is the site of next year's climate summit. Amid its booming oil output, Brazil has been striving to establish itself as a climate leader. COP30 presents a valuable chance to do just that. Belem is well-known as the entry point to the Amazon jungle. However, some are concerned that the little coastal city does not have the necessary infrastructure to hold a COP meeting. Andre Correa Do Lago, Brazil's Secretary for Climate, Energy and the Environment, argued that Belem's location would be an asset. He said, "We are not trying to hide the problems we have, and, as you know, deforestation is our main source of emissions." He added, "So we are taking the world to the place where we have our biggest source of emissions, and we're going to show to the world how complex the Amazon region is."

COP29 delegates still appear far from reaching consensus

Within the corruption allegations by US prosecutors against Gautam Adani are the reactions of his conglomerate to a Bloomberg news item from earlier this year detailing an investigation into bribes by the Justice Department.

The indictment calls the group's denials of the news report on a probe false, including that the company lied to the Indian stock exchanges BSE and NSE on March 19, 2024. As far as SEBI rules are concerned, this amounts to deceiving Indian investors.

The indictment cites a March 15 Bloomberg news report. In the report, Bloomberg said that US authorities were investigating allegations of possible collusion between an Adani firm, its wealthy chairman, and Indian officials about a potential energy project.

However, in response, the Adani Group denied being aware of any such investigation against the chairman. According to the prosecution, the rejection was allegedly to advance the fraud plan. The indictment cited that a grand jury had sent a subpoena and search warrant to Sagar Adani, Gautam Adani's nephew, a year before.

Further denials made by Adani Group's business managers and lawyers to investors, Indian stock exchanges and lenders over several weeks are included in the indictment. One such email response to Bloomberg referred to the story as "baseless," "malicious," and "defamatory."

US prosecutors in the indictment said, "These false statements concealed both the United States government's investigation and the bribery scheme from investors and financial institutions." The indictment added, "All to ensure the conglomerate's and the Indian energy company's continued access to capital in the United States and elsewhere."

In response to the indictment and media reports on the charges, Adani Group denied the allegations and called them baseless in a mandatory stock exchange filing. The statement also said, "There are no allegations made against the company."

Adani Group spokesperson said, "The allegations made by the US Department of Justice and the US. Securities and Exchange Commission against directors of Adani Green are baseless and denied."

The spokesperson citing the US DOJ said, "The charges in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty." the statement added, "all possible legal recourse will be sought."

After Adani Group's shares lost nearly 27 billion dollars in market value on Thursday, the conglomerate's stocks continued their slump on Friday. While benchmark indices opened in the green on Friday, the Sensex and nifty 50 are down over 10 per cent from their recent highs. The blue-chip nifty 50 index hit a five-month low on Thursday, nearing a technical correction territory.

Analysts say the charges on Gautam Adani will likely accelerate the sell-off in Indian stocks by foreign investors. India has already seen global investors pull out 14 billion dollars from the domestic market since September, including a record outflow last month.

Nitin Chanduka, a strategist at Bloomberg Intelligence, said, "The US charges on Adani Group could further spark risk-off sentiment.” He added, “India's market is already grappling with the sharpest earnings downgrades since the pandemic, with rich valuations resulting in a strong foreign exodus."

Within the corruption allegations by US prosecutors against Gautam Adani are the reactions of his conglomerate to a Bloomberg news item from earlier this year detailing an investigation into bribes by the Justice Department.

Within the corruption allegations by US prosecutors against Gautam Adani are the reactions of his conglomerate to a Bloomberg news item from earlier this year detailing an investigation into bribes by the Justice Department. The indictment calls the group's denials of the news report on a probe false, including that the company lied to the Indian stock exchanges BSE and NSE on March 19, 2024. As far as SEBI rules are concerned, this amounts to deceiving Indian investors. The indictment cites a March 15 Bloomberg news report. In the report, Bloomberg said that US authorities were investigating allegations of possible collusion between an Adani firm, its wealthy chairman, and Indian officials about a potential energy project. However, in response, the Adani Group denied being aware of any such investigation against the chairman. According to the prosecution, the rejection was allegedly to advance the fraud plan. The indictment cited that a grand jury had sent a subpoena and search warrant to Sagar Adani, Gautam Adani's nephew, a year before. Further denials made by Adani Group's business managers and lawyers to investors, Indian stock exchanges and lenders over several weeks are included in the indictment. One such email response to Bloomberg referred to the story as "baseless," "malicious," and "defamatory." US prosecutors in the indictment said, "These false statements concealed both the United States government's investigation and the bribery scheme from investors and financial institutions." The indictment added, "All to ensure the conglomerate's and the Indian energy company's continued access to capital in the United States and elsewhere." In response to the indictment and media reports on the charges, Adani Group denied the allegations and called them baseless in a mandatory stock exchange filing. The statement also said, "There are no allegations made against the company." Adani Group spokesperson said, "The allegations made by the US Department of Justice and the US. Securities and Exchange Commission against directors of Adani Green are baseless and denied." The spokesperson citing the US DOJ said, "The charges in the indictment are allegations, and the defendants are presumed innocent unless and until proven guilty." the statement added, "all possible legal recourse will be sought." After Adani Group's shares lost nearly 27 billion dollars in market value on Thursday, the conglomerate's stocks continued their slump on Friday. While benchmark indices opened in the green on Friday, the Sensex and nifty 50 are down over 10 per cent from their recent highs. The blue-chip nifty 50 index hit a five-month low on Thursday, nearing a technical correction territory. Analysts say the charges on Gautam Adani will likely accelerate the sell-off in Indian stocks by foreign investors. India has already seen global investors pull out 14 billion dollars from the domestic market since September, including a record outflow last month. Nitin Chanduka, a strategist at Bloomberg Intelligence, said, "The US charges on Adani Group could further spark risk-off sentiment.” He added, “India's market is already grappling with the sharpest earnings downgrades since the pandemic, with rich valuations resulting in a strong foreign exodus."

Adani charges to weigh further on global funds' exit from stocks

The founder of a vast ports-to-power business conglomerate and India's second-wealthiest man, Gautam Adani, is currently facing serious charges of bribery and securities fraud in two separate investigations brought by US authorities. It's the first time an Indian business leader of this standing faces such charges.&nbsp;

Ratings agency Moody's downgraded the outlook for the Adani firms.&nbsp;The group's top investor, GQG partners, reportedly lost about 25 per cent of its investment value.&nbsp;

Adani Green Energy plans to use the US corporate bond market to raise $600 million, but the group firm cancelled the issuance only hours before the five-count criminal indictment became public.&nbsp;

Adani dollar bonds fell by a record, and the group firms' stocks crashed between 10 per cent and 20 per cent.&nbsp;The market reaction wiped $23 billion from Adani Group stocks in just the first hour of trading.&nbsp;&nbsp;That marked the worst decline since a short seller report in 2023 by Hindenburg research, which caused a more than $150 billion decline in the value of Adani group firm stocks.&nbsp;

Hindenburg's research highlighted the Department of Justice's press statement on the charges against the Adani group in a post on X. 
&nbsp; 
What are the allegations?&nbsp;

US prosecutors accused billionaire tycoon Gautam Adani of conspiring to bribe Indian government officials with over $250 million in exchange for solar energy contracts.&nbsp;

From the 54-page indictment, here are a few key points:&nbsp;

-Gautam Adani met with Indian officials many times in person in the bribery scheme.&nbsp;

-Even while in the United States, conspirators met in person and spoke via a messaging app to plan the execution.&nbsp;

-They photographed a paper summarising the amounts proposed and used mobile phones to trace the whereabouts and receivers of the promised bribes.&nbsp;

-They meticulously documented their bribery activities electronically.&nbsp;

-To ascertain the optimal payment mode, they created Excel and PowerPoint presentations.&nbsp;

-One presented a synopsis of Gautam Adani's proposals and dubbed the one that included paying the Indian energy company directly a "development fee."&nbsp;

-code names, including "V," "snake," and "numero uno minus one," were often used by the defendants to refer to each other.&nbsp;

-Many referred to Gautam Adani as "the big man," "numero uno," and "Mr. A."&nbsp;

-A PowerPoint slide and email conversations were among the pieces of evidence that some group members destroyed to conceal their involvement in the operation.&nbsp;

-While the FBI was handing Sagar Adani, his nephew and co-defendant, the search warrant and grand jury subpoena, Gautam Adani sent himself images of every page.&nbsp;

The Adani group was indicted on many serious offences by the US district court, including that the company lied to the Indian stock exchanges BSE and NSE on March 19, 2024.&nbsp;

As far as SEBI legislation is concerned, this amounts to deceiving Indian investors.&nbsp;

The founder of a vast ports-to-power business conglomerate and India's second-wealthiest man, Gautam Adani, is currently facing serious charges of bribery and securities fraud in two separate investigations brought by US authorities.

The founder of a vast ports-to-power business conglomerate and India's second-wealthiest man, Gautam Adani, is currently facing serious charges of bribery and securities fraud in two separate investigations brought by US authorities. It's the first time an Indian business leader of this standing faces such charges. Ratings agency Moody's downgraded the outlook for the Adani firms. The group's top investor, GQG partners, reportedly lost about 25 per cent of its investment value. Adani Green Energy plans to use the US corporate bond market to raise $600 million, but the group firm cancelled the issuance only hours before the five-count criminal indictment became public. Adani dollar bonds fell by a record, and the group firms' stocks crashed between 10 per cent and 20 per cent. The market reaction wiped $23 billion from Adani Group stocks in just the first hour of trading. That marked the worst decline since a short seller report in 2023 by Hindenburg research, which caused a more than $150 billion decline in the value of Adani group firm stocks. Hindenburg's research highlighted the Department of Justice's press statement on the charges against the Adani group in a post on X. What are the allegations? US prosecutors accused billionaire tycoon Gautam Adani of conspiring to bribe Indian government officials with over $250 million in exchange for solar energy contracts. From the 54-page indictment, here are a few key points: -Gautam Adani met with Indian officials many times in person in the bribery scheme. -Even while in the United States, conspirators met in person and spoke via a messaging app to plan the execution. -They photographed a paper summarising the amounts proposed and used mobile phones to trace the whereabouts and receivers of the promised bribes. -They meticulously documented their bribery activities electronically. -To ascertain the optimal payment mode, they created Excel and PowerPoint presentations. -One presented a synopsis of Gautam Adani's proposals and dubbed the one that included paying the Indian energy company directly a "development fee." -code names, including "V," "snake," and "numero uno minus one," were often used by the defendants to refer to each other. -Many referred to Gautam Adani as "the big man," "numero uno," and "Mr. A." -A PowerPoint slide and email conversations were among the pieces of evidence that some group members destroyed to conceal their involvement in the operation. -While the FBI was handing Sagar Adani, his nephew and co-defendant, the search warrant and grand jury subpoena, Gautam Adani sent himself images of every page. The Adani group was indicted on many serious offences by the US district court, including that the company lied to the Indian stock exchanges BSE and NSE on March 19, 2024. As far as SEBI legislation is concerned, this amounts to deceiving Indian investors.

Gautam Adani's global ambitions at risk after bribery case 

India's major equity indexes plummet on Thursday following the indictment of the Adani group's chairman, Gautam Adani, by US authorities for his involvement in a $265 million bribery conspiracy.

Gautam Adani and seven other defendants, including his nephew Sagar Adani, allegedly colluded to bribe Indian government officials, according to U.S. authorities. According to the US Department of Justice (DoJ), the solar contracts would have generated a profit of over $2 billion over roughly 20 years. Adani group is yet to respond to the allegations.

The group's flagship company, Adani Enterprises sank 22.3 per cent, while Adani Ports lost 20 per cent. They were the Nifty's biggest drags. The other group stocks tumbled between 8.5 per cent and 20 per cent, with the group companies losing about $22 billion in combined market value in early trade.

The news, which had triggered the dollar bond prices for Adani companies to fall sharply in early Asia trade, also affected other sectors. 11 of the 13 major sectors posted losses, with state-owned lenders leading with a 3.6 per cent drop, followed by the energy sub-index, which lost 2.2 per cent.

The charges follow earlier accusations of fraud by Hindenburg Research. In 2023, Hindenburg’s report alleged that Adani’s conglomerate engaged in "brazen stock manipulation and accounting fraud scheme over the course of decades.". &nbsp;

India's major equity indexes plummet on Thursday following the indictment of the Adani group's chairman, Gautam Adani, by US authorities for his involvement in a $265 million bribery conspiracy.

India's major equity indexes plummet on Thursday following the indictment of the Adani group's chairman, Gautam Adani, by US authorities for his involvement in a $265 million bribery conspiracy. Gautam Adani and seven other defendants, including his nephew Sagar Adani, allegedly colluded to bribe Indian government officials, according to U.S. authorities. According to the US Department of Justice (DoJ), the solar contracts would have generated a profit of over $2 billion over roughly 20 years. Adani group is yet to respond to the allegations. The group's flagship company, Adani Enterprises sank 22.3 per cent, while Adani Ports lost 20 per cent. They were the Nifty's biggest drags. The other group stocks tumbled between 8.5 per cent and 20 per cent, with the group companies losing about $22 billion in combined market value in early trade. The news, which had triggered the dollar bond prices for Adani companies to fall sharply in early Asia trade, also affected other sectors. 11 of the 13 major sectors posted losses, with state-owned lenders leading with a 3.6 per cent drop, followed by the energy sub-index, which lost 2.2 per cent. The charges follow earlier accusations of fraud by Hindenburg Research. In 2023, Hindenburg’s report alleged that Adani’s conglomerate engaged in "brazen stock manipulation and accounting fraud scheme over the course of decades.".

Markets react: Adani Group loses over $22 bn as Indian equities turn red

Former billionaire investor Sung Kook "Bill" Hwang was sentenced to 18 years in prison on Wednesday over the collapse of Archegos Capital Management, which cost Wall Street banks more than $10 billion.

Hwang was sentenced by US&nbsp;District Judge Alvin Hellerstein in Manhattan, where a jury convicted Hwang in July on 10 criminal charges including wire fraud, securities fraud and market manipulation.

"The amount of losses that were caused by your conduct are larger than any other losses I have dealt with," Hellerstein said before announcing the sentence.

Archegos' March 2021 implosion took less than a week, stunning Wall Street and Hwang's lenders.

The US&nbsp;Attorney's office in Manhattan sought a 21-year prison term for Hwang - unusually long for a white-collar case - and for him to forfeit $12.35 billion and make restitution to victims.

"It stands among a rare class of cases that truly could be described as a national calamity," prosecutor Andrew Thomas said at the sentencing hearing before Hellerstein.

Hellerstein did not reach a decision on Wednesday on whether Hwang must forfeit money or pay restitution. The sentencing hearing is expected to resume on Thursday.

Before sentencing Hwang, Hellerstein asked the defendant's lawyer, Dani James, how she thought Hwang compared to Sam

Bankman-Fried, who was sentenced in March to 25 years in prison for stealing $8 billion from users of the now-bankrupt FTX exchange.

"Mr. Bankman-Fried was literally stealing from his customers," James said. "I don't think that's what's happened here."

Hwang had asked for no prison, forfeiture or restitution, and to remain free on bail while he appealed his conviction. James said his low risk of committing more crimes meant a lengthy prison term served no purpose.

"The notion that he would commit a crime in the future, it's just not so," James said.

Bankman-Fried denies wrongdoing and is appealing his conviction.

<h2>Started as family office</h2>

Hwang, 60, was a protégé of late hedge-fund billionaire Julian Robertson.

He set up Archegos in New York as a family office in 2013, the year after his former hedge fund Tiger Asia Management pleaded guilty to wire fraud in an insider-trading case.

Prosecutors accused Hwang of lying to banks about Archegos' portfolio so he could borrow money aggressively and make concentrated bets on media and technology stocks such as ViacomCBS, now called Paramount Global.

While Archegos eventually managed $36 billion, Hwang's borrowing helped him amass $160 billion of exposure to stocks.

His downfall occurred when Hwang was unable to meet margin calls, as the prices of some of his favorite stocks began falling and various banks unloaded stocks that had backed his so-called total return swaps.

More than $100 billion of market value in Hwang's stocks was wiped out. Several banks suffered losses, including Credit Suisse, which lost $5.5 billion, and Nomura Holdings (8604.T), opens new tab. Credit Suisse is now part of UBS (UBSG.S), opens new tab.

Hwang's lawyers' request for no punishment also cited Hwang's Christian faith and his nonprofit Grace and Mercy Foundation, which has since 2006 donated at least $600 million to combat homelessness, poverty and human trafficking, among other causes.

In a statement to the court before Hellerstein announced the sentence, Hwang said he hoped the punishment would "allow me to serve as much as I can given the circumstances."

Hwang's lawyers have said his net worth has fallen to "at most" $55.3 million.

Hwang's co-defendant, former Archegos Chief Financial Officer Patrick Halligan, was convicted at the same trial on three criminal charges. His sentencing is scheduled for Jan. 27. Both chose not to testify at their two-month trial.

Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION&nbsp;audience. 
&nbsp;

Former billionaire investor Sung Kook "Bill" Hwang was sentenced to 18 years in prison on Wednesday over the collapse of Archegos Capital Management, which cost Wall Street banks more than $10 billion.

Former billionaire investor Sung Kook "Bill" Hwang was sentenced to 18 years in prison on Wednesday over the collapse of Archegos Capital Management, which cost Wall Street banks more than $10 billion. Hwang was sentenced by US District Judge Alvin Hellerstein in Manhattan, where a jury convicted Hwang in July on 10 criminal charges including wire fraud, securities fraud and market manipulation. "The amount of losses that were caused by your conduct are larger than any other losses I have dealt with," Hellerstein said before announcing the sentence. Archegos' March 2021 implosion took less than a week, stunning Wall Street and Hwang's lenders. The US Attorney's office in Manhattan sought a 21-year prison term for Hwang - unusually long for a white-collar case - and for him to forfeit $12.35 billion and make restitution to victims. "It stands among a rare class of cases that truly could be described as a national calamity," prosecutor Andrew Thomas said at the sentencing hearing before Hellerstein. Hellerstein did not reach a decision on Wednesday on whether Hwang must forfeit money or pay restitution. The sentencing hearing is expected to resume on Thursday. Before sentencing Hwang, Hellerstein asked the defendant's lawyer, Dani James, how she thought Hwang compared to Sam Bankman-Fried, who was sentenced in March to 25 years in prison for stealing $8 billion from users of the now-bankrupt FTX exchange. "Mr. Bankman-Fried was literally stealing from his customers," James said. "I don't think that's what's happened here." Hwang had asked for no prison, forfeiture or restitution, and to remain free on bail while he appealed his conviction. James said his low risk of committing more crimes meant a lengthy prison term served no purpose. "The notion that he would commit a crime in the future, it's just not so," James said. Bankman-Fried denies wrongdoing and is appealing his conviction. Started as family office Hwang, 60, was a protégé of late hedge-fund billionaire Julian Robertson. He set up Archegos in New York as a family office in 2013, the year after his former hedge fund Tiger Asia Management pleaded guilty to wire fraud in an insider-trading case. Prosecutors accused Hwang of lying to banks about Archegos' portfolio so he could borrow money aggressively and make concentrated bets on media and technology stocks such as ViacomCBS, now called Paramount Global. While Archegos eventually managed $36 billion, Hwang's borrowing helped him amass $160 billion of exposure to stocks. His downfall occurred when Hwang was unable to meet margin calls, as the prices of some of his favorite stocks began falling and various banks unloaded stocks that had backed his so-called total return swaps. More than $100 billion of market value in Hwang's stocks was wiped out. Several banks suffered losses, including Credit Suisse, which lost $5.5 billion, and Nomura Holdings (8604.T), opens new tab. Credit Suisse is now part of UBS (UBSG.S), opens new tab. Hwang's lawyers' request for no punishment also cited Hwang's Christian faith and his nonprofit Grace and Mercy Foundation, which has since 2006 donated at least $600 million to combat homelessness, poverty and human trafficking, among other causes. In a statement to the court before Hellerstein announced the sentence, Hwang said he hoped the punishment would "allow me to serve as much as I can given the circumstances." Hwang's lawyers have said his net worth has fallen to "at most" $55.3 million. Hwang's co-defendant, former Archegos Chief Financial Officer Patrick Halligan, was convicted at the same trial on three criminal charges. His sentencing is scheduled for Jan. 27. Both chose not to testify at their two-month trial. Disclaimer: This story has been published from a news agency feed with minimal edits to adhere to WION's style guide. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Ex-billionaire Bill Hwang jailed for 18 years over collapse of Archegos Capital Management

The opposition has come out strongly in response to US charges against Gautam Adani, demanding immediate accountability. &nbsp;&nbsp;

Leader of opposition Rahul Gandhi hit back at the government for allegedly shielding Gautam Adani as fresh allegations surfaced.&nbsp;

Rahul Gandhi said, and I quote, "It is now pretty clear and established in America that Mr Adani has broken both Indian law and American laws. He has been indicted in the US. I am wondering why Mr Adani is running around a free man in this country. CMs have been arrested...Adani has done apparently one Rs 2000 Crore scam and multiple others probably, but he is running scot-free...We have been raising this again and again...It is a vindication of what we have been saying.”&nbsp;

Meanwhile, congress leader Jairam Ramesh reiterated the party’s call for a joint parliamentary committee probe, stating the indictment validates their allegations of irregularities in Adani's business dealings. &nbsp;Pawan Khera described the charges as a betrayal of Indian investors, citing claims that Adani's group bribed Indian officials with $265 million between 2020 and 2024 to secure contracts. &nbsp;AAP leader Sanjay Singh called for a supreme court-monitored investigation, accusing Adani of tarnishing India's reputation globally.&nbsp;

The US Securities and Exchange Commission has charged Gautam Adani and his group with securities fraud and conspiracy. &nbsp;&nbsp;

Prosecutors allege that Adani Green Energy, in partnership with US-based Azure Power, paid bribes to secure a $12 billion solar power deal to supply 12 gigawatts of energy to the Indian government. &nbsp;The indictment also highlights a March 2024 incident where Adani's group allegedly misled Indian stock exchanges. These allegations have added fuel to the opposition’s demand for transparency and accountability in Adani's business dealings.&nbsp;

The BJP has pushed back against the allegations, emphasizing that charges are yet to be proven. Party spokesperson Amit Malviya argued that the alleged bribes were paid to state governments in opposition-ruled states, including Odisha, Tamil Nadu, Chhattisgarh, and Andhra Pradesh. &nbsp;He questioned why Congress has not addressed corruption under its leadership in these states. &nbsp;&nbsp;

However, opposition leaders like Shiv Sena’s Priyanka Chaturvedi criticized regulatory bodies such as SEBI for failing to act against Adani earlier, calling it a lapse in corporate governance. &nbsp;The political debate continues to intensify as both sides trade accusations over the scandal.&nbsp;

The opposition has come out strongly in response to US charges against Gautam Adani, demanding immediate accountability. Leader of opposition Rahul Gandhi hit back at the government for allegedly shielding Gautam Adani as fresh allegations surfaced.

The opposition has come out strongly in response to US charges against Gautam Adani, demanding immediate accountability. Leader of opposition Rahul Gandhi hit back at the government for allegedly shielding Gautam Adani as fresh allegations surfaced. Rahul Gandhi said, and I quote, "It is now pretty clear and established in America that Mr Adani has broken both Indian law and American laws. He has been indicted in the US. I am wondering why Mr Adani is running around a free man in this country. CMs have been arrested...Adani has done apparently one Rs 2000 Crore scam and multiple others probably, but he is running scot-free...We have been raising this again and again...It is a vindication of what we have been saying.” Meanwhile, congress leader Jairam Ramesh reiterated the party’s call for a joint parliamentary committee probe, stating the indictment validates their allegations of irregularities in Adani's business dealings. Pawan Khera described the charges as a betrayal of Indian investors, citing claims that Adani's group bribed Indian officials with $265 million between 2020 and 2024 to secure contracts. AAP leader Sanjay Singh called for a supreme court-monitored investigation, accusing Adani of tarnishing India's reputation globally. The US Securities and Exchange Commission has charged Gautam Adani and his group with securities fraud and conspiracy. Prosecutors allege that Adani Green Energy, in partnership with US-based Azure Power, paid bribes to secure a $12 billion solar power deal to supply 12 gigawatts of energy to the Indian government. The indictment also highlights a March 2024 incident where Adani's group allegedly misled Indian stock exchanges. These allegations have added fuel to the opposition’s demand for transparency and accountability in Adani's business dealings. The BJP has pushed back against the allegations, emphasizing that charges are yet to be proven. Party spokesperson Amit Malviya argued that the alleged bribes were paid to state governments in opposition-ruled states, including Odisha, Tamil Nadu, Chhattisgarh, and Andhra Pradesh. He questioned why Congress has not addressed corruption under its leadership in these states. However, opposition leaders like Shiv Sena’s Priyanka Chaturvedi criticized regulatory bodies such as SEBI for failing to act against Adani earlier, calling it a lapse in corporate governance. The political debate continues to intensify as both sides trade accusations over the scandal.

Charges against Adani spark renewed calls for parliamentary probe

The Adani Group on Thursday (Nov 21) reacted to the indictment of chairperson Gautam Adani in New York over his role in an alleged multibillion-dollar bribery and fraud scheme.

The Adani Group on Thursday (Nov 21) reacted to the indictment of chairperson Gautam Adani in New York over his role in an alleged multibillion-dollar bribery and fraud scheme. In a statement, the Adani Group said that the allegations made by the United States (US) Department of Justice and Exchange Commission against the Directors of Adani Green were "baseless and denied." 'The charges in indictment are allegations' The Adani Group said that as stated by the US Department of Justice itself, "the charges in the indictment are allegations and the defendants are presumed innocent unless and until proven guilty." All possible legal recourse will be sought..." Adani Group Spokesperson says, "The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied. As stated by the US Department of Justice itself, "the charges in the indictment are… pic.twitter.com/rSuxuHTFUo — ANI (@ANI) November 21, 2024 × Also read | Gautam Adani indicted in US over multimillion dollar bribery: What are the charges? What you should know "The Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance," the statement added. In an earlier statement, Adani Group said that its subsidiaries have presently decided not to proceed with the proposed USD-denominated bond offerings. The charges against Gautam Adani American authorities said that Gautam Adani, and seven other defendants, including his nephew Sagar, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years and develop India's largest solar power plant project. Also watch | World DNA: Gautam Adani charged in bribery scheme × Prosecutors also said the Adanis and another executive at Adani Green Energy, former CEO Vneet Jaain, raised more than $3 billion in loans and bonds by hiding their corruption from lenders and investors. 'Numero uno' and 'the big man' As per the indictment, some conspirators referred privately to Gautam Adani with the code names "Numero uno" and "the big man," while Sagar Adani allegedly used his cellphone to track specifics about the bribes. Also read | Adani bribery case- He should be arrested: Rahul Gandhi, other Indian leaders react A report by the news agency Reuters said that Gautam, Sagar, and Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy, and the Adanis were also charged in a US Securities and Exchange Commission (SEC) civil case. The other five defendants were charged with conspiring to violate the Foreign Corrupt Practices Act, a US anti-bribery law, and four were charged with conspiring to obstruct justice. (With inputs from agencies)

Adani bribery case | Allegations made by US prosecutors are baseless, denied: Adani Group

Bangladesh is losing an alarming $355 million in tax revenues each year due to corporate profit shifting and tax evasion by individuals, particularly through the use of offshore tax havens. According to the State of Tax Justice 2024 report, corporations account for the largest share of the losses, shifting $335.9 million abroad, while $19.1 million is lost to individuals evading taxes by holding wealth in foreign properties.&nbsp;

This loss represents 21.4% of Bangladesh's annual health expenditures.

The report also highlights an alarming $492 billion in tax losses each year resulting from income underreporting and tax haven use by multinational corporations and rich individuals. Almost half of these losses are facilitated by eight countries: Australia, Canada, Israel, Japan, New Zealand, South Korea, the UK, and the US.

Bangladesh's Struggling Revenue System and Moody's Downgrade

Widespread&nbsp;tax evasion and irregularities&nbsp;have&nbsp;contributed&nbsp;to&nbsp;Bangladesh's fiscal&nbsp;problems.&nbsp;Bangladesh&nbsp;tried&nbsp;to reduce&nbsp;corporate tax rates to attract investment,&nbsp;but&nbsp;its&nbsp;corporate&nbsp;multinationals&nbsp;shifted&nbsp;all their potential&nbsp;profits abroad&nbsp;--&nbsp;a&nbsp;record&nbsp;of&nbsp;$1.3 billion&nbsp;last&nbsp;year&nbsp;alone.

This tax revenue shortfall coincides with Bangladesh's broader economic struggles, as highlighted by a recent downgrade by Moody's. The downgrade&nbsp;resulted&nbsp;from&nbsp;increasing&nbsp;political risks,&nbsp;poor&nbsp;growth&nbsp;outlooks, and a&nbsp;worsening&nbsp;law and order situation. While the immediate impact on the economy may be limited, experts warn that it could lead to higher borrowing costs and more stringent credit reviews for businesses, affecting both local and foreign investments.

The downgrade is a big setback for Bangladesh in consolidating its steps to stabilise the economy and attract foreign investment. Experts feared that the downgrade could increase the cost of doing business significantly, particularly with regard to international trade, and further difficulties in accessing financing. Confirmation charges for letters of credit may increase, and the overall climate for FDI will suffer due to the lack of political stability perceived.

Although the interim government has initiated reforms, the absence of a clear election roadmap and the ongoing political uncertainty raise concerns among international investors. Until these issues are addressed, experts predict a continued struggle to boost investment and stabilise the economy.

Bangladesh is losing an alarming $355 million in tax revenues each year due to corporate profit shifting and tax evasion by individuals, particularly through the use of offshore tax havens.

Bangladesh is losing an alarming $355 million in tax revenues each year due to corporate profit shifting and tax evasion by individuals, particularly through the use of offshore tax havens. According to the State of Tax Justice 2024 report, corporations account for the largest share of the losses, shifting $335.9 million abroad, while $19.1 million is lost to individuals evading taxes by holding wealth in foreign properties. This loss represents 21.4% of Bangladesh's annual health expenditures. The report also highlights an alarming $492 billion in tax losses each year resulting from income underreporting and tax haven use by multinational corporations and rich individuals. Almost half of these losses are facilitated by eight countries: Australia, Canada, Israel, Japan, New Zealand, South Korea, the UK, and the US. Bangladesh's Struggling Revenue System and Moody's Downgrade Widespread tax evasion and irregularities have contributed to Bangladesh's fiscal problems. Bangladesh tried to reduce corporate tax rates to attract investment, but its corporate multinationals shifted all their potential profits abroad -- a record of $1.3 billion last year alone. This tax revenue shortfall coincides with Bangladesh's broader economic struggles, as highlighted by a recent downgrade by Moody's. The downgrade resulted from increasing political risks, poor growth outlooks, and a worsening law and order situation. While the immediate impact on the economy may be limited, experts warn that it could lead to higher borrowing costs and more stringent credit reviews for businesses, affecting both local and foreign investments. The downgrade is a big setback for Bangladesh in consolidating its steps to stabilise the economy and attract foreign investment. Experts feared that the downgrade could increase the cost of doing business significantly, particularly with regard to international trade, and further difficulties in accessing financing. Confirmation charges for letters of credit may increase, and the overall climate for FDI will suffer due to the lack of political stability perceived. Although the interim government has initiated reforms, the absence of a clear election roadmap and the ongoing political uncertainty raise concerns among international investors. Until these issues are addressed, experts predict a continued struggle to boost investment and stabilise the economy.

Bangladesh Faces Annual Tax Loss of $355 Million Due to Tax Evasion

During Donald Trump's first term in office, Wall Street learnt one thing: he uses the stock market as a scoreboard. Back then, Trump even contemplated removing Federal Reserve chairman Jerome Powell, whom he held responsible for a deep selloff on Wall Street. At one point previously, the president-elect claimed credit for stock market gains.

Trump is now preparing for a second term as president, and the stock market is in the front and centre again. The catch is that he's also bringing economic policy ideas that many experts believe might lead to slower growth and higher inflation.

Investors have enjoyed the S&amp;P 500 index's more than 50 per cent increase since the beginning of 2023. Their best hope for maintaining market momentum into 2025 and beyond would be Trump's reluctance to do anything that could halt the rally.

Eric Sterner, chief investment officer at Apollon Wealth Management, said, "Trump considers the stock market performance as an important part of his scorecard." the CIO said, "he regularly started his speeches as president in his first term with the question, ‘how’s your 401k doing?’ when the markets were riding high."

Sterner added, "So he clearly does not want to create any policies that threaten the current bull market.”

The S&amp;P 500 index had its greatest trading session after election day ever following Trump's victory on November 5. US equity funds received a whopping 56 billion dollars in the week ending November 13, the highest since March. Despite a little decline last week, the Dow Jones, the technology-heavy NASDAQ, and the S&amp;P 500 have all reached several milestones since election results day. The investment community has extensively discussed every one of Trump's policy risks.&nbsp;

So, where does all this excitement come from?

Wall Street expects that if Trump's own policies lead to a falling stock market, he will revoke them.

Emily Leveille, portfolio manager at Thornburg Investment Management, said, "If some of these (Trump) policies start to impact his popularity, start to impact the stock market in a way that he perceives as being negative, I think that he’ll pivot.”

Or, as Barclays strategists wrote in a note to clients, "We think the president-elect should be taken seriously, but not literally."

During Donald Trump's first term in office, Wall Street learnt one thing: he uses the stock market as a scoreboard. Back then, Trump even contemplated removing Federal Reserve chairman Jerome Powell, whom he held responsible for a deep selloff on Wall Street.

During Donald Trump's first term in office, Wall Street learnt one thing: he uses the stock market as a scoreboard. Back then, Trump even contemplated removing Federal Reserve chairman Jerome Powell, whom he held responsible for a deep selloff on Wall Street. At one point previously, the president-elect claimed credit for stock market gains. Trump is now preparing for a second term as president, and the stock market is in the front and centre again. The catch is that he's also bringing economic policy ideas that many experts believe might lead to slower growth and higher inflation. Investors have enjoyed the S&P 500 index's more than 50 per cent increase since the beginning of 2023. Their best hope for maintaining market momentum into 2025 and beyond would be Trump's reluctance to do anything that could halt the rally. Eric Sterner, chief investment officer at Apollon Wealth Management, said, "Trump considers the stock market performance as an important part of his scorecard." the CIO said, "he regularly started his speeches as president in his first term with the question, ‘how’s your 401k doing?’ when the markets were riding high." Sterner added, "So he clearly does not want to create any policies that threaten the current bull market.” The S&P 500 index had its greatest trading session after election day ever following Trump's victory on November 5. US equity funds received a whopping 56 billion dollars in the week ending November 13, the highest since March. Despite a little decline last week, the Dow Jones, the technology-heavy NASDAQ, and the S&P 500 have all reached several milestones since election results day. The investment community has extensively discussed every one of Trump's policy risks. So, where does all this excitement come from? Wall Street expects that if Trump's own policies lead to a falling stock market, he will revoke them. Emily Leveille, portfolio manager at Thornburg Investment Management, said, "If some of these (Trump) policies start to impact his popularity, start to impact the stock market in a way that he perceives as being negative, I think that he’ll pivot.” Or, as Barclays strategists wrote in a note to clients, "We think the president-elect should be taken seriously, but not literally."

Trump's another stint at the White House brings hope for Wall Street

Comcast is reportedly planning to spin off its cable network channels, a process expected to take about a year. The announcement could come as soon as Wednesday.

The new company will have networks like E!, Syfy, Golf Channel, USA, and Oxygen. Bravo will stay with Comcast's NBCUniversal as it's closely related to the Peacock streaming.

Mark Lazarus, currently Chairman of NBCUniversal’s Media Group, will lead the new entity as CEO. Anand Kini, NBCUniversal’s Chief Financial Officer, will take on the role of CFO and COO. Comcast CEO Brian Roberts will retain a voting position but will not serve on the board or as an officer.

The spinoff aims to provide flexibility for the cable networks, allowing them to explore mergers, private equity deals, or other strategic moves. Comcast plans to maintain the new entity's tax-free status, with a share structure mirroring its own.

This decision comes as traditional pay-tv networks face challenges from the growing popularity of streaming platforms. Comcast has been investing heavily in its streaming service, Peacock, as part of this industry shift.

Despite declining pay-tv subscriptions, traditional networks remain profitable. Comcast’s media segment reported $8.23 billion in revenue for Q3 2024, bolstered by the Olympics. Excluding the Games, the segment still saw 5% revenue growth.

The separation process will involve reviewing licensing agreements and determining how MSNBC and CNBC will align with NBC News. Formal discussions on these matters are yet to take place.

Comcast shares rose over 2 per cent&nbsp;in after-hours trading following the news.

Comcast is reportedly planning to spin off its cable network channels, a process expected to take about a year. The announcement could come as soon as Wednesday.

Comcast is reportedly planning to spin off its cable network channels, a process expected to take about a year. The announcement could come as soon as Wednesday. The new company will have networks like E!, Syfy, Golf Channel, USA, and Oxygen. Bravo will stay with Comcast's NBCUniversal as it's closely related to the Peacock streaming. Mark Lazarus, currently Chairman of NBCUniversal’s Media Group, will lead the new entity as CEO. Anand Kini, NBCUniversal’s Chief Financial Officer, will take on the role of CFO and COO. Comcast CEO Brian Roberts will retain a voting position but will not serve on the board or as an officer. The spinoff aims to provide flexibility for the cable networks, allowing them to explore mergers, private equity deals, or other strategic moves. Comcast plans to maintain the new entity's tax-free status, with a share structure mirroring its own. This decision comes as traditional pay-tv networks face challenges from the growing popularity of streaming platforms. Comcast has been investing heavily in its streaming service, Peacock, as part of this industry shift. Despite declining pay-tv subscriptions, traditional networks remain profitable. Comcast’s media segment reported $8.23 billion in revenue for Q3 2024, bolstered by the Olympics. Excluding the Games, the segment still saw 5% revenue growth. The separation process will involve reviewing licensing agreements and determining how MSNBC and CNBC will align with NBC News. Formal discussions on these matters are yet to take place. Comcast shares rose over 2 per cent in after-hours trading following the news.

Comcast to spin off cable network channels into a new entity

A slew of events that demonstrate the US government's growing support for the digital asset market under crypto advocate Donald Trump, bitcoin surged to a fresh all-time high of $94,000.

At the top of the tape is news that the president-elect's Trump media &amp; technology group is negotiating to acquire digital-asset marketplace Bakkt holdings. This led to a notable increase in both entities' stock prices and gave bitcoin another fillip.

Nasdaq is all set to introduce options on the $43 billion shares of Bitcoin trust as soon as Tuesday. Other advancements feature Goldman Sachs's initiative to spin off its digital-asset platform. These moves indicate the increasing integration of cryptocurrency and its foundational blockchain technology within the financial system.

Chris Weston, head of research at Pepperstone Group, said, "The crypto scene is on the move once again." He added that trump media's play for Bakkt is "another piece of positive news that is lifting sentiment."

On Wednesday, bitcoin reached a new peak of $94,000. The top digital asset has experienced a 40 per cent increase since Trump's election victory on November 5. The boost comes from Trump's strategy to position the US as a global crypto hub. Bitcoin has more than doubled in value this year, outpacing global stocks.

Trump has committed to establishing a favourable regulatory environment in the US for digital assets and plans to implement a strategic reserve of Bitcoin. The schedule for executing his commitments and the practicality of the Bitcoin reserve are still unclear.

These questions contribute to discussions regarding the potential for Bitcoin and the broader cryptocurrency market to sustain their upward momentum.

Data&nbsp;indicates that the open interest in the options market is centred around bullish positions on Bitcoin, hitting $100,000 by year-end.

A slew of events that demonstrate the US government's growing support for the digital asset market under crypto advocate Donald Trump, bitcoin surged to a fresh all-time high of $94,000.

A slew of events that demonstrate the US government's growing support for the digital asset market under crypto advocate Donald Trump, bitcoin surged to a fresh all-time high of $94,000. At the top of the tape is news that the president-elect's Trump media & technology group is negotiating to acquire digital-asset marketplace Bakkt holdings. This led to a notable increase in both entities' stock prices and gave bitcoin another fillip. Nasdaq is all set to introduce options on the $43 billion shares of Bitcoin trust as soon as Tuesday. Other advancements feature Goldman Sachs's initiative to spin off its digital-asset platform. These moves indicate the increasing integration of cryptocurrency and its foundational blockchain technology within the financial system. Chris Weston, head of research at Pepperstone Group, said, "The crypto scene is on the move once again." He added that trump media's play for Bakkt is "another piece of positive news that is lifting sentiment." On Wednesday, bitcoin reached a new peak of $94,000. The top digital asset has experienced a 40 per cent increase since Trump's election victory on November 5. The boost comes from Trump's strategy to position the US as a global crypto hub. Bitcoin has more than doubled in value this year, outpacing global stocks. Trump has committed to establishing a favourable regulatory environment in the US for digital assets and plans to implement a strategic reserve of Bitcoin. The schedule for executing his commitments and the practicality of the Bitcoin reserve are still unclear. These questions contribute to discussions regarding the potential for Bitcoin and the broader cryptocurrency market to sustain their upward momentum. Data indicates that the open interest in the options market is centred around bullish positions on Bitcoin, hitting $100,000 by year-end.

Bitcoin breaches $94,000: Can Trump-led rally boost Bitcoin above $100,000?

Is a private equity billionaire going to be the treasury secretary of the US, one of the most important cabinet positions yet to be filled by incoming president Donald Trump?

Marc Rowan, the CEO of Appolo Global Management Inc, is a top contender for the post that has massive implications for US financial and economic policy affecting the nation and rest of the world, according to various media reports.

Watch: What Trump 2.0 Means For India | GRAVITAS

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Rowan, 62, has gone to Florida from his base in Hong Kong, and is set to meet Trump on Wednesday (Nov 20) to make his case for the job, the Financial Times reported.

According to the British newspaper, Rowan has the support of several Trump donors.

Other top names for the job include hedge fund investor Scott Bessent, former Federal Reserve governor Kevin Warsh and Tennessee Senator Bill Hagerty.

Trump will interview both Rowan and Warsh on Wednesday, Bloomberg news agency reported citing sources.

<a href="https://www.wionews.com/opinions-blogs/office-for-profit-how-trumps-return-will-add-to-his-wealth-and-raise-ethical-questions-777315">Also read: Office for profit: How Trump's return will add to his wealth and raise ethical questions&nbsp;</a> 
 
Trump tapped another billionaire, Howard Lutnick from the investment firm Cantor Fitzgerald, as commerce secretary on Tuesday.

Rowan, a Wharton School of Business graduate, was part of the team that adviced Trump during the early stages of Covid pandemic that hit the US at the fag end of his first term.

Rowan's&nbsp;investment firm Apollo Global Management has assets under management worth over $700 billion.

According to a report in Times of Israel, Rowan was an ardent critic of antisemitism in US educational institutions in the wake of Gaza war after Israel was attacked by Hamas terroists last October.

<a href="https://www.wionews.com/world/trump-20-cabinet-brendan-carr-to-be-chairperson-of-federal-communications-commission-776955">Also read: Trump 2.0 cabinet: Brendan Carr to be chairperson of Federal Communications Commission</a>

Financial industry veterans becoming treasury secretary is nothing new in the 'revolving door' of industry-government jobs of the US.&nbsp;

If Rowan is named by Trump and approved by Senate, he will have influence over the $24 trillion private equity market, said a report on Fortune magazine.

(With inputs from agencies)

Is a private equity billionaire going to be the treasury secretary of the US, one of the most important cabinet positions yet to be filled by incoming president Donald Trump?

Is a private equity billionaire going to be the treasury secretary of the US, one of the most important cabinet positions yet to be filled by incoming president Donald Trump? Marc Rowan, the CEO of Appolo Global Management Inc, is a top contender for the post that has massive implications for US financial and economic policy affecting the nation and rest of the world, according to various media reports. Watch: What Trump 2.0 Means For India | GRAVITAS × Rowan, 62, has gone to Florida from his base in Hong Kong, and is set to meet Trump on Wednesday (Nov 20) to make his case for the job, the Financial Times reported. According to the British newspaper, Rowan has the support of several Trump donors. Other top names for the job include hedge fund investor Scott Bessent, former Federal Reserve governor Kevin Warsh and Tennessee Senator Bill Hagerty. Trump will interview both Rowan and Warsh on Wednesday, Bloomberg news agency reported citing sources. Also read: Office for profit: How Trump's return will add to his wealth and raise ethical questions Trump tapped another billionaire, Howard Lutnick from the investment firm Cantor Fitzgerald, as commerce secretary on Tuesday. Rowan, a Wharton School of Business graduate, was part of the team that adviced Trump during the early stages of Covid pandemic that hit the US at the fag end of his first term. Rowan's investment firm Apollo Global Management has assets under management worth over $700 billion. According to a report in Times of Israel, Rowan was an ardent critic of antisemitism in US educational institutions in the wake of Gaza war after Israel was attacked by Hamas terroists last October. Also read: Trump 2.0 cabinet: Brendan Carr to be chairperson of Federal Communications Commission Financial industry veterans becoming treasury secretary is nothing new in the 'revolving door' of industry-government jobs of the US. If Rowan is named by Trump and approved by Senate, he will have influence over the $24 trillion private equity market, said a report on Fortune magazine. (With inputs from agencies)

Another billionaire in Team Trump 2.0? Marc Rowan a top contender for treasury secretary

Will Google be forced to sell Chrome, world's most popular web browser? The US justice department is moving to make the Big Tech giant part with the browser over antitrust concerns and a decision from a federal judge might come in coming days, according to reports.

Chrome will be worth around $20 billion if it is ordered to be sold, reported Bloomberg news agency, which cited people in the know.

Watch: Gravitas: Google loses anti-trust battle in India

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Google, owned by Alphabet Inc, reacted with alarm. Its vice president of regulatory affairs, Lee-Anne Mulholland claimed that the justice department continues to push a "radical agenda that goes far beyond the legal issues in this case.”

Mulholland said the government is "putting its thumb on the scale in these ways would harm consumers, developers and American technological leadership at precisely the moment it is most needed.”

The US antitrust watchdogs and several American states have sued Google for dominating the search and online advertising markets.&nbsp; 
 
<a href="https://www.wionews.com/world/google-spends-27-billion-to-bring-back-ai-genius-noam-shazeer-who-quit-after-it-rejected-his-chatbot-763274">Also read: Google spends $2.7 billion to bring back AI genius Noam Shazeer who quit after firm rejected his chatbot</a> 
 
Besides suggesting the sale, justice depatment will also ask that Google implements steps on artificial intelligence and Android, said the Bloomberg report.

If the sale and other demands are implemented, it would be the most far-reaching crackdown on a tech company in the US, two decades after the govenement's failed attempt to break up the other Big Tech giant, Microsoft.

With more than three billion monthly active users, Chrome enjoyed web browser market share of nearly 65 per cent as of October, according to the web traffic tracker Similarweb.

Google has recently introduced its AI-generated answers from its chatbot Gemini on its flagship search engine.

While there's no clear mention of how much money Chrome makes, it is an integral part of Google ecosystem, which generates nearly 56 per cent of its revenue from search advertising.

Together with its number one search engine, Chrome web browser, YouTube video platform and Android operating system for smartphones, Google is the undisputed leader in online traffic.

<a href="https://www.wionews.com/business-economy/google-ordered-to-open-its-app-store-to-competition-in-landmark-ruling-765416">Also read:&nbsp; Google ordered to open its app store to competition in landmark ruling</a>

But over the past few years, Google has faced several accusations and court cases including some from the US government about its monopolistic practices.

The antitrust court case dates back years and a judge concluded this August that Google illegally monopolised the search market.

(With inputs from agencies) 
&nbsp;

Will Google be forced to sell Chrome, world's most popular web browser? The US justice department is moving to make the Big Tech giant part with the browser over antitrust concerns and a decision from a federal judge might come in coming days, according to reports.

Will Google be forced to sell Chrome, world's most popular web browser? The US justice department is moving to make the Big Tech giant part with the browser over antitrust concerns and a decision from a federal judge might come in coming days, according to reports. Chrome will be worth around $20 billion if it is ordered to be sold, reported Bloomberg news agency, which cited people in the know. Watch: Gravitas: Google loses anti-trust battle in India × Google, owned by Alphabet Inc, reacted with alarm. Its vice president of regulatory affairs, Lee-Anne Mulholland claimed that the justice department continues to push a "radical agenda that goes far beyond the legal issues in this case.” Mulholland said the government is "putting its thumb on the scale in these ways would harm consumers, developers and American technological leadership at precisely the moment it is most needed.” The US antitrust watchdogs and several American states have sued Google for dominating the search and online advertising markets. Also read: Google spends $2.7 billion to bring back AI genius Noam Shazeer who quit after firm rejected his chatbot Besides suggesting the sale, justice depatment will also ask that Google implements steps on artificial intelligence and Android, said the Bloomberg report. If the sale and other demands are implemented, it would be the most far-reaching crackdown on a tech company in the US, two decades after the govenement's failed attempt to break up the other Big Tech giant, Microsoft. With more than three billion monthly active users, Chrome enjoyed web browser market share of nearly 65 per cent as of October, according to the web traffic tracker Similarweb. Google has recently introduced its AI-generated answers from its chatbot Gemini on its flagship search engine. While there's no clear mention of how much money Chrome makes, it is an integral part of Google ecosystem, which generates nearly 56 per cent of its revenue from search advertising. Together with its number one search engine, Chrome web browser, YouTube video platform and Android operating system for smartphones, Google is the undisputed leader in online traffic. Also read: Google ordered to open its app store to competition in landmark ruling But over the past few years, Google has faced several accusations and court cases including some from the US government about its monopolistic practices. The antitrust court case dates back years and a judge concluded this August that Google illegally monopolised the search market. (With inputs from agencies)

Will Google be forced to sell Chrome, the world's most-used web browser? Decision likely soon

US President-elect Donald Trump nominated Howard Lutnick, the co-chair of his transition team, as his commerce secretary on Tuesday – a choice set to bring a tougher stance on China from the incoming administration.

Lutnick will also lead the country's tariff and trade agenda, with "additional direct responsibility for the Office of the United States Trade Representative," Trump said in a statement.

Tariffs are a key part of Trump's economic agenda, and he has promised sweeping duties on all imports when he returns to the White House.

Lutnick is chief executive of financial services firm Cantor Fitzgerald, and a Trump ally originally tipped as a frontrunner for treasury secretary.

But he was instead named to helm Commerce, a smaller department that works to boost US industry and has a key role in policy to shore up the US semiconductor sector and reduce reliance on Asia.

Under President Joe Biden, the Commerce Department stepped up export controls on critical technologies like quantum computing and semiconductor manufacturing goods, taking aim at access by adversaries like Beijing.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/trumps-another-stint-at-the-white-house-brings-hope-for-wall-street-777584">Trump's another stint at the White House brings hope for Wall Street</a>

Trump's administration could harden this stance.

Lutnick has, during the US election campaign, expressed support for a tariff level of 60 percent on Chinese goods, alongside a 10 per cent tariff on all imports.

Both are among proposals that Trump has floated, with the Republican taking aim at countries which have been "ripping us off for years."

Lutnick also previously lamented the loss of manufacturing jobs in the United States and offshoring to China.

"I'm all in with Donald Trump," Lutnick told podcaster Anthony Pompliano last month.

In the same interview, he slammed electric cars as "coastal elite nonsense" and blamed China for being the source of fentanyl in the United States.

The deadly drug, many times more powerful than heroin, is responsible for tens of thousands of overdose deaths a year.

"China is attacking America from its guts," he charged.

<h2>Crypto support</h2>

Lutnick was initially tipped to head the Treasury Department but a tussle over the position spilled into the public eye last weekend.

Trump's health secretary pick Robert F. Kennedy Jr. expressed support for Lutnick, saying on social media that "Bitcoin will have no stronger advocate" than him.

The world's richest man Elon Musk also threw his support behind Lutnick for Treasury chief while calling the other top contender, hedge fund manager Scott Bessent, "a business-as-usual choice."

Also read |&nbsp;<a href="https://www.wionews.com/world/americans-unhappy-with-trumps-win-can-buy-dirt-cheap-homes-on-this-tiny-italian-island-777541">Americans 'unhappy' with Trump's win can buy dirt-cheap homes on this tiny Italian island</a>

"Business-as-usual is driving America bankrupt, so we need change one way or another," said Musk, who Trump has tapped to lead a new Department of Government Efficiency, on social media.

Besides Cantor Fitzgerald, Lutnick heads financial technology firm BGC Group and real estate services firm Newmark Group.

He graduated from Haverford College and has a degree in economics, according to his biography on Cantor's website.

As co-chair of Trump's transition team, Lutnick has been identifying new hires for the president-elect's administration.

Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

US President-elect Donald Trump nominated Howard Lutnick, the co-chair of his transition team, as his commerce secretary on Tuesday – a choice set to bring a tougher stance on China from the incoming administration.

US President-elect Donald Trump nominated Howard Lutnick, the co-chair of his transition team, as his commerce secretary on Tuesday – a choice set to bring a tougher stance on China from the incoming administration. Lutnick will also lead the country's tariff and trade agenda, with "additional direct responsibility for the Office of the United States Trade Representative," Trump said in a statement. Tariffs are a key part of Trump's economic agenda, and he has promised sweeping duties on all imports when he returns to the White House. Lutnick is chief executive of financial services firm Cantor Fitzgerald, and a Trump ally originally tipped as a frontrunner for treasury secretary. But he was instead named to helm Commerce, a smaller department that works to boost US industry and has a key role in policy to shore up the US semiconductor sector and reduce reliance on Asia. Under President Joe Biden, the Commerce Department stepped up export controls on critical technologies like quantum computing and semiconductor manufacturing goods, taking aim at access by adversaries like Beijing. Also read | Trump's another stint at the White House brings hope for Wall Street Trump's administration could harden this stance. Lutnick has, during the US election campaign, expressed support for a tariff level of 60 percent on Chinese goods, alongside a 10 per cent tariff on all imports. Both are among proposals that Trump has floated, with the Republican taking aim at countries which have been "ripping us off for years." Lutnick also previously lamented the loss of manufacturing jobs in the United States and offshoring to China. "I'm all in with Donald Trump," Lutnick told podcaster Anthony Pompliano last month. In the same interview, he slammed electric cars as "coastal elite nonsense" and blamed China for being the source of fentanyl in the United States. The deadly drug, many times more powerful than heroin, is responsible for tens of thousands of overdose deaths a year. "China is attacking America from its guts," he charged. Crypto support Lutnick was initially tipped to head the Treasury Department but a tussle over the position spilled into the public eye last weekend. Trump's health secretary pick Robert F. Kennedy Jr. expressed support for Lutnick, saying on social media that "Bitcoin will have no stronger advocate" than him. The world's richest man Elon Musk also threw his support behind Lutnick for Treasury chief while calling the other top contender, hedge fund manager Scott Bessent, "a business-as-usual choice." Also read | Americans 'unhappy' with Trump's win can buy dirt-cheap homes on this tiny Italian island "Business-as-usual is driving America bankrupt, so we need change one way or another," said Musk, who Trump has tapped to lead a new Department of Government Efficiency, on social media. Besides Cantor Fitzgerald, Lutnick heads financial technology firm BGC Group and real estate services firm Newmark Group. He graduated from Haverford College and has a degree in economics, according to his biography on Cantor's website. As co-chair of Trump's transition team, Lutnick has been identifying new hires for the president-elect's administration. Disclaimer: This story has been published from a news agency feed with minimal edits for grammar and punctuation. The headline may have been changed to better reflect the content of the story or to make it more suitable for WION audience.

Trump appoints Wall Street investor Howard Lutnick as US commerce secretary

A Reuters report suggests India is considering selling minority stakes in four state-run banks as part of an effort to comply with public shareholding requirements set by the securities and exchange board of India.&nbsp;

According to the report, the finance ministry is preparing to seek approval from the federal cabinet in the coming months for the sale of stakes in Central Bank of India, Indian Overseas Bank, UCO Bank, and Punjab and Sind Bank.&nbsp;

As of September 2024, the Indian government holds substantial stakes in these banks. SEBI mandates that listed companies maintain at least 25 per cent public shareholding, though it has granted an exemption to government-owned entities until august 2026.&nbsp;

The Indian government is reportedly planning to sell these stakes via an offer for sale on the open market, though specific details on the timing and size of the stake sale will depend on market conditions. The move follows similar efforts by other public sector banks, such as Punjab National Bank and Bank of Maharashtra, which recently raised significant capital through qualified institutional placements.&nbsp;

Shares of the affected banks saw modest gains of 3 to 4 per cent following the news. However, the report did not comment on whether the government would be able to meet SEBI’s deadline or seek a further extension.&nbsp;

This planned stake sale comes as India continues its push for financial sector reforms, including increasing private participation and improving capital flows in state-run banks. The outcome will be closely watched by both domestic and international investors.&nbsp;

A Reuters report suggests India is considering selling minority stakes in four state-run banks as part of an effort to comply with public shareholding requirements set by the securities and exchange board of India.

A Reuters report suggests India is considering selling minority stakes in four state-run banks as part of an effort to comply with public shareholding requirements set by the securities and exchange board of India. According to the report, the finance ministry is preparing to seek approval from the federal cabinet in the coming months for the sale of stakes in Central Bank of India, Indian Overseas Bank, UCO Bank, and Punjab and Sind Bank. As of September 2024, the Indian government holds substantial stakes in these banks. SEBI mandates that listed companies maintain at least 25 per cent public shareholding, though it has granted an exemption to government-owned entities until august 2026. The Indian government is reportedly planning to sell these stakes via an offer for sale on the open market, though specific details on the timing and size of the stake sale will depend on market conditions. The move follows similar efforts by other public sector banks, such as Punjab National Bank and Bank of Maharashtra, which recently raised significant capital through qualified institutional placements. Shares of the affected banks saw modest gains of 3 to 4 per cent following the news. However, the report did not comment on whether the government would be able to meet SEBI’s deadline or seek a further extension. This planned stake sale comes as India continues its push for financial sector reforms, including increasing private participation and improving capital flows in state-run banks. The outcome will be closely watched by both domestic and international investors.

India prepares bank stake sale amid reform push

The Competition Commission of India (CCI) has imposed a fine of ₹213.14 crore ($25.4 million) on Meta over the 2021 privacy policy update of WhatsApp.&nbsp;

According to the CCI, users in India should not be forced to agree to share their WhatsApp data with other Meta companies or products for purposes unrelated to WhatsApp services. The commission said, "WhatsApp will not share user data collected on its platform with other Meta Companies or Meta Company Products for advertising purposes, for a period of 5 (five) years from the date of receipt of this order."

The CCI said that Meta, through WhatsApp, holds a dominant position in the market for over-the-top (OTT) messaging apps on smartphones in India. "Furthermore, it was also found that Meta holds a leading position compared to its competitors in online display advertising in India," CCI said in a press release.

Also read:&nbsp;<a href="https://www.wionews.com/india-news/delhi-aqi-hits-severe-plus-as-breathing-equals-smoking-49-cigarettes-daily-pm25-levels-60x-who-limit-777109">Delhi AQI hits 'severe plus' as breathing equals smoking 49 cigarettes daily</a>

The issue began in January 2021, when WhatsApp introduced updated terms of service and privacy policies. The in-app notification informed users that starting February 8, 2021, they would need to accept the updated terms, requiring them to consent to expanded data collection and mandatory data sharing with Meta companies, to continue using the app.

The CCI noted that under WhatsApp's earlier privacy policy from 2016, users could choose whether or not to share their data with Facebook. However, the 2021 update removed this choice, making data sharing with Meta mandatory for all users. This left users with no option but to accept the terms if they wanted to continue using the platform.

The watchdog concluded that this "take-it-or-leave-it" approach amounted to imposing unfair conditions under the Competition Act. "Given the network effects and lack of effective alternatives, the 2021 update forces users to comply, undermining their autonomy, and constitutes an abuse of Meta's dominant position," the CCI said.

The commission further added that allowing WhatsApp to share user data with Meta companies for non-WhatsApp-related purposes created barriers for competitors. "Sharing of WhatsApp users’ data between Meta companies for purposes other than providing WhatsApp Service creates an entry barrier for the rivals of Meta and thus, results in denial of market access in the display advertisement market," the CCI added.

(With inputs from agencies)

The Competition Commission of India (CCI) has imposed a fine of ₹213.14 crore ($25.4 million) on Meta over the 2021 privacy policy update of WhatsApp. According to the CCI, users in India should not be forced to agree to share their WhatsApp data with other Meta companies or products for purposes unrelated to WhatsApp services.

The Competition Commission of India (CCI) has imposed a fine of ₹213.14 crore ($25.4 million) on Meta over the 2021 privacy policy update of WhatsApp. According to the CCI, users in India should not be forced to agree to share their WhatsApp data with other Meta companies or products for purposes unrelated to WhatsApp services. The commission said, "WhatsApp will not share user data collected on its platform with other Meta Companies or Meta Company Products for advertising purposes, for a period of 5 (five) years from the date of receipt of this order." The CCI said that Meta, through WhatsApp, holds a dominant position in the market for over-the-top (OTT) messaging apps on smartphones in India. "Furthermore, it was also found that Meta holds a leading position compared to its competitors in online display advertising in India," CCI said in a press release. Also read: Delhi AQI hits 'severe plus' as breathing equals smoking 49 cigarettes daily The issue began in January 2021, when WhatsApp introduced updated terms of service and privacy policies. The in-app notification informed users that starting February 8, 2021, they would need to accept the updated terms, requiring them to consent to expanded data collection and mandatory data sharing with Meta companies, to continue using the app. The CCI noted that under WhatsApp's earlier privacy policy from 2016, users could choose whether or not to share their data with Facebook. However, the 2021 update removed this choice, making data sharing with Meta mandatory for all users. This left users with no option but to accept the terms if they wanted to continue using the platform. The watchdog concluded that this "take-it-or-leave-it" approach amounted to imposing unfair conditions under the Competition Act. "Given the network effects and lack of effective alternatives, the 2021 update forces users to comply, undermining their autonomy, and constitutes an abuse of Meta's dominant position," the CCI said. The commission further added that allowing WhatsApp to share user data with Meta companies for non-WhatsApp-related purposes created barriers for competitors. "Sharing of WhatsApp users’ data between Meta companies for purposes other than providing WhatsApp Service creates an entry barrier for the rivals of Meta and thus, results in denial of market access in the display advertisement market," the CCI added. (With inputs from agencies)

India's competition watchdog imposes $25.4 million fine on Meta over 2021 WhatsApp privacy policy

UK's prime minister Keir Starmer announced plans to resume discussions on a free trade agreement with India next year.

He aims for a significant achievement that eluded the previous prime minister - Rishi Sunak.

Starmer announced the plan after a bilateral meeting with Indian Prime Minister Narendra Modi during the Group of 20 summit in Brazil.

Discussions on trade deals between the two countries stalled in May following 14 rounds over two years. The talks were hindered initially by elections in India and subsequently in the UK.

The robust personal connection between Modi and Sunak was perceived as the most promising opportunity for finalising an agreement. Yet it remained out of reach.

Starmer at the G20 summit said, "A new trade deal with India will support jobs and prosperity in the UK, and represent a step forward in our mission to deliver growth and opportunity across our country."

The trade deal has several obstacles to be ironed out, and Starmer will face significant challenges in achieving it.

Nonetheless, Starmer, who assumed leadership in July, has emphasised that driving economic growth is his primary objective during his tenure.

Establishing a trade agreement with India and fostering closer economic relations with China are essential components in achieving that goal.

According to 10 Downing Street, the trading relationship between the UK and India reached 42 billion pounds in the year leading up to June 2024, with British exports representing approximately 40 per cent of the overall trade volume.

UK's prime minister Keir Starmer announced plans to resume discussions on a free trade agreement with India next year. He aims for a significant achievement that eluded the previous prime minister - Rishi Sunak.

UK's prime minister Keir Starmer announced plans to resume discussions on a free trade agreement with India next year. He aims for a significant achievement that eluded the previous prime minister - Rishi Sunak. Starmer announced the plan after a bilateral meeting with Indian Prime Minister Narendra Modi during the Group of 20 summit in Brazil. Discussions on trade deals between the two countries stalled in May following 14 rounds over two years. The talks were hindered initially by elections in India and subsequently in the UK. The robust personal connection between Modi and Sunak was perceived as the most promising opportunity for finalising an agreement. Yet it remained out of reach. Starmer at the G20 summit said, "A new trade deal with India will support jobs and prosperity in the UK, and represent a step forward in our mission to deliver growth and opportunity across our country." The trade deal has several obstacles to be ironed out, and Starmer will face significant challenges in achieving it. Nonetheless, Starmer, who assumed leadership in July, has emphasised that driving economic growth is his primary objective during his tenure. Establishing a trade agreement with India and fostering closer economic relations with China are essential components in achieving that goal. According to 10 Downing Street, the trading relationship between the UK and India reached 42 billion pounds in the year leading up to June 2024, with British exports representing approximately 40 per cent of the overall trade volume.

​UK PM Keir Starmer eyes revival of free trade talks with India

The enthusiasm sparked by Trump's victory is see-sawing since late last week. The S&amp;P 500 lost a third of its post-election gains and ended lower last week, while the NASDAQ 100 experienced a four-day decline.

However, the narrative shifted slightly on Monday, even as near-record prices of assets across the board did not deter investors.

In the innovative realm of cryptocurrency, investors keep moving the goal post higher.

Despite bitcoin's retreat from Wednesday's record peak, it has remained over 30 per cent higher since the presidential election.

On Monday, the OG token resumed its surge.

Wall Street stocks, on the other hand, floundered as benchmark treasury yields held close to 4.5 per cent.

A metric created by Owen Lamont, a portfolio manager at Acadian Asset Management, is to assess the current state of animal spirits.

The previous finance educator monitors the comparative performance of two stocks.

Warren Buffett's Berkshire Hathaway, a well-known entity that focuses on traditional companies, contrasts sharply with Michael Saylor's MicroStrategy, which has gained notoriety for his bold investments in Bitcoin.

Referred to as the Saylor-Buffett ratio, this metric offers insight into the prevailing sentiments of fear and greed in the market.

Although Berkshire has increased by 31 per cent this year, outperforming benchmark indices like the S&amp;P 500, it falls short when compared to MicroStrategy at this moment.

Saylor's MicroStrategy has experienced an impressive increase of over 400 per cent, driven by the ongoing surge in cryptocurrencies.

In Buffett versus Saylor, the comparative performance currently contributes to the indication of an overheated market.

Due to MicroStrategy's improved returns, the Saylor-Buffett ratio has surged to heights not seen since 2000.

While the internet frenzy characterised the dotcom era, the current landscape also reveals that speculation remains robust for emerging investments such as Bitcoin and artificial intelligence.

According to Owen Lamont, that surge in the ratio conveys a concerning indication.

Lamont said, "If we look at the big picture, I'm not sure we've reached extreme conditions just yet."

Regarding the crypto and AI bubbles, he said: "I don't know if we're in an AI bubble, but it sure feels like we're in a crypto bubble. Right now, we have two largely separate narrative streams: AI and crypto. If these two streams cross, it would be bad."

Lamont concludes, "The recent increase in the Saylor-Buffett ratio is one of the many small pieces of evidence...That all point in the same direction: the market is getting frothy."

The enthusiasm sparked by Trump's victory is see-sawing since late last week. The S&P 500 lost a third of its post-election gains and ended lower last week, while the NASDAQ 100 experienced a four-day decline.

The enthusiasm sparked by Trump's victory is see-sawing since late last week. The S&P 500 lost a third of its post-election gains and ended lower last week, while the NASDAQ 100 experienced a four-day decline. However, the narrative shifted slightly on Monday, even as near-record prices of assets across the board did not deter investors. In the innovative realm of cryptocurrency, investors keep moving the goal post higher. Despite bitcoin's retreat from Wednesday's record peak, it has remained over 30 per cent higher since the presidential election. On Monday, the OG token resumed its surge. Wall Street stocks, on the other hand, floundered as benchmark treasury yields held close to 4.5 per cent. A metric created by Owen Lamont, a portfolio manager at Acadian Asset Management, is to assess the current state of animal spirits. The previous finance educator monitors the comparative performance of two stocks. Warren Buffett's Berkshire Hathaway, a well-known entity that focuses on traditional companies, contrasts sharply with Michael Saylor's MicroStrategy, which has gained notoriety for his bold investments in Bitcoin. Referred to as the Saylor-Buffett ratio, this metric offers insight into the prevailing sentiments of fear and greed in the market. Although Berkshire has increased by 31 per cent this year, outperforming benchmark indices like the S&P 500, it falls short when compared to MicroStrategy at this moment. Saylor's MicroStrategy has experienced an impressive increase of over 400 per cent, driven by the ongoing surge in cryptocurrencies. In Buffett versus Saylor, the comparative performance currently contributes to the indication of an overheated market. Due to MicroStrategy's improved returns, the Saylor-Buffett ratio has surged to heights not seen since 2000. While the internet frenzy characterised the dotcom era, the current landscape also reveals that speculation remains robust for emerging investments such as Bitcoin and artificial intelligence. According to Owen Lamont, that surge in the ratio conveys a concerning indication. Lamont said, "If we look at the big picture, I'm not sure we've reached extreme conditions just yet." Regarding the crypto and AI bubbles, he said: "I don't know if we're in an AI bubble, but it sure feels like we're in a crypto bubble. Right now, we have two largely separate narrative streams: AI and crypto. If these two streams cross, it would be bad." Lamont concludes, "The recent increase in the Saylor-Buffett ratio is one of the many small pieces of evidence...That all point in the same direction: the market is getting frothy."

Does Saylor vs Buffett ratio indicate a crypto & AI bubble?

India's finance minister, Nirmala Sitharaman, called for lower interest rates and downplayed any dangers to economic growth.

The Reserve Bank of India has kept rates unchanged for over two years.

Sitharaman follows trade minister Piyush Goyal, who last week argued for a cut in interest rates, stating that economic growth required further stimulus.

The RBI governor, Shaktikanta Das, chose not to address Goyal's comments after the central bank kept rates steady for the tenth straight meeting in October. 
According to Das, a rate cut right now would be "Very risky."

The governor added that easing will only be considered if inflation reaches the central bank's target of 4 per cent.

The RBI's next policy decision is scheduled for December 6th.

Speaking at an event, Sitharaman said, given India's growth requirements, there are "Many different voices saying the cost of borrowing is really very stressful." She added, "Bank interest rates will have to be far more affordable."

For the current fiscal year, which ends in March 2025, the RBI projects growth of 7.2 per cent.

However, some analysts, notably those at investment banks like Goldman Sachs, have projected growth as low as 6.5 per cent.

Worries that consumers are cutting back on spending are fuelled by the lacklustre sales of all goods, from soaps to vehicles.

However, downplaying the growth risks, Sitharaman said the government is keeping a careful eye on the economy and is ready to take "All necessary measures" to increase economic activity.

She said, "Let me assure you the government is fully aware of the challenges posed by both domestic and global factors." The finance minister, citing strong economic fundamentals added, "There is no cause for undue concern."

India's finance minister, Nirmala Sitharaman, called for lower interest rates and downplayed any dangers to economic growth. The Reserve Bank of India has kept rates unchanged for over two years.

India's finance minister, Nirmala Sitharaman, called for lower interest rates and downplayed any dangers to economic growth. The Reserve Bank of India has kept rates unchanged for over two years. Sitharaman follows trade minister Piyush Goyal, who last week argued for a cut in interest rates, stating that economic growth required further stimulus. The RBI governor, Shaktikanta Das, chose not to address Goyal's comments after the central bank kept rates steady for the tenth straight meeting in October. According to Das, a rate cut right now would be "Very risky." The governor added that easing will only be considered if inflation reaches the central bank's target of 4 per cent. The RBI's next policy decision is scheduled for December 6th. Speaking at an event, Sitharaman said, given India's growth requirements, there are "Many different voices saying the cost of borrowing is really very stressful." She added, "Bank interest rates will have to be far more affordable." For the current fiscal year, which ends in March 2025, the RBI projects growth of 7.2 per cent. However, some analysts, notably those at investment banks like Goldman Sachs, have projected growth as low as 6.5 per cent. Worries that consumers are cutting back on spending are fuelled by the lacklustre sales of all goods, from soaps to vehicles. However, downplaying the growth risks, Sitharaman said the government is keeping a careful eye on the economy and is ready to take "All necessary measures" to increase economic activity. She said, "Let me assure you the government is fully aware of the challenges posed by both domestic and global factors." The finance minister, citing strong economic fundamentals added, "There is no cause for undue concern."

India's Finance Minister Nirmala Sitharaman calls for lower interest rates