US stock markets plunged on Monday as a mix of trade tensions, economic uncertainty, and the threat of a looming federal government shutdown drove investors into a panic. The steep selloff that started last week gathered pace, with the three main indexes experiencing huge losses.&nbsp;
The S&amp;P 500 has fallen over 8 per cent from its February 19 all-time high, while the Nasdaq Composite has entered formal correction territory after falling more than 10 per cent from its high in December. The selling tide has wiped out trillions of dollars of market capitalisation, fuelling concern for a global economic downturn.
A combination of factors has contributed to the market's weakening, such as high stock valuations, changing trade policy, and lacklustre corporate earnings. The uncertainties caused by tariff disagreements with Canada, Mexico, and Europe are prompting business leaders to revisit their strategic frame of mind, says Peter Orszag, CEO of Lazard. Investors have reacted by retreating from equities, resulting in indiscriminate losses for most sectors.
The market decline has erased considerable value, with the S&amp;P 500 declining more than 8.6 per cent from its February peak, representing a loss of over $4 trillion in market cap. The Nasdaq Composite's greater than 10 per cent drop from its December peak highlights the sharp volatility engulfing the markets.
Technology shares have been among the hardest hit during the recent selloff. Tesla's value dropped by over $125 billion in a single day, with Apple and Nvidia losing about 5 per cent each. The broader S&amp;P 500 technology sector also fell 4.3 per cent. Other sectors have not been spared either; the stock of Delta Air Lines fell by 14 per cent following the company's decision to cut its profit forecasts for the first quarter in half, due to fear of economic conditions.
<h2>Volatility surges on recession fears</h2>
Investor nervousness about a recession has also picked up. In a recent interview, when asked if he foresaw a recession this year, US President Donald Trump admitted that the economy was experiencing a "period of transition" but declined to make a categorical forecast. Ross Mayfield, an investment strategist at Baird, observed that the administration seems to be prepared to tolerate short-term economic discomfort to realise its longer-term policy objectives.
Despite the market upheaval, the White House has kept resisting recession fears, insisting that economic fundamentals are strong. White House National Economic Council Director Kevin Hassett said that although there are short-term blips in economic figures, there are still grounds for optimism in the economy's future. He also stated that trade uncertainties would soon be resolved and that tax cuts would yield long-term gains in investment and wages. However, few investors are optimistic, as sustained volatility reflects sustained nervousness.
Soon, investors will be closely watching a few key indicators that may affect market stability, including future inflation readings, Federal Reserve interest rate determinations, and any government efforts to stabilise the economy. Investment analyst Dan Coatsworth stated that worries regarding high stock valuations have been building for quite some time now, with numerous market participants predicting a correction. As market volatility persists, investors are urged to stay up to date and think about diversification plans to contain risks.
With uncertainty hanging over financial markets, everyone waits with bated breath for the coming economic data and government policy decisions to decide whether this decline is a temporary dip or the beginning of a more extended economic downturn.
(With inputs from agencies)

Business & Economy: The market decline has erased considerable value, with the S&P 500 declining more than 8.6 per cent from its February peak, representing a loss of over $4 trillion in market cap.

US stock markets plunged on Monday as a mix of trade tensions, economic uncertainty, and the threat of a looming federal government shutdown drove investors into a panic. The steep selloff that started last week gathered pace, with the three main indexes experiencing huge losses. The S&P 500 has fallen over 8 per cent from its February 19 all-time high, while the Nasdaq Composite has entered formal correction territory after falling more than 10 per cent from its high in December. The selling tide has wiped out trillions of dollars of market capitalisation, fuelling concern for a global economic downturn. A combination of factors has contributed to the market's weakening, such as high stock valuations, changing trade policy, and lacklustre corporate earnings. The uncertainties caused by tariff disagreements with Canada, Mexico, and Europe are prompting business leaders to revisit their strategic frame of mind, says Peter Orszag, CEO of Lazard. Investors have reacted by retreating from equities, resulting in indiscriminate losses for most sectors. The market decline has erased considerable value, with the S&P 500 declining more than 8.6 per cent from its February peak, representing a loss of over $4 trillion in market cap. The Nasdaq Composite's greater than 10 per cent drop from its December peak highlights the sharp volatility engulfing the markets. Technology shares have been among the hardest hit during the recent selloff. Tesla's value dropped by over $125 billion in a single day, with Apple and Nvidia losing about 5 per cent each. The broader S&P 500 technology sector also fell 4.3 per cent. Other sectors have not been spared either; the stock of Delta Air Lines fell by 14 per cent following the company's decision to cut its profit forecasts for the first quarter in half, due to fear of economic conditions. Volatility surges on recession fears Investor nervousness about a recession has also picked up. In a recent interview, when asked if he foresaw a recession this year, US President Donald Trump admitted that the economy was experiencing a "period of transition" but declined to make a categorical forecast. Ross Mayfield, an investment strategist at Baird, observed that the administration seems to be prepared to tolerate short-term economic discomfort to realise its longer-term policy objectives. Despite the market upheaval, the White House has kept resisting recession fears, insisting that economic fundamentals are strong. White House National Economic Council Director Kevin Hassett said that although there are short-term blips in economic figures, there are still grounds for optimism in the economy's future. He also stated that trade uncertainties would soon be resolved and that tax cuts would yield long-term gains in investment and wages. However, few investors are optimistic, as sustained volatility reflects sustained nervousness. Soon, investors will be closely watching a few key indicators that may affect market stability, including future inflation readings, Federal Reserve interest rate determinations, and any government efforts to stabilise the economy. Investment analyst Dan Coatsworth stated that worries regarding high stock valuations have been building for quite some time now, with numerous market participants predicting a correction. As market volatility persists, investors are urged to stay up to date and think about diversification plans to contain risks. With uncertainty hanging over financial markets, everyone waits with bated breath for the coming economic data and government policy decisions to decide whether this decline is a temporary dip or the beginning of a more extended economic downturn. (With inputs from agencies)

US stock markets crash amid recession fears and trade uncertainty

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 
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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

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US stock markets crash amid recession fears and trade uncertainty

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