Gautam Adani indicted in the US

In in the present day’s e-newsletter:

• Gautam Adani indicted on US bribery expenses

• A watershed Hong Kong nationwide safety trial

• The way forward for Mumbai’s largest slum

Good morning. Indian tycoon Gautam Adani has been indicted within the US for an alleged multimillion-dollar bribery scheme.

Federal prosecutors in New York accused Adani of orchestrating a years-long scheme to bribe Indian officers in trade for billions of {dollars}’ value of solar energy contracts and concealing such funds from US banks and traders.

Adani, considered one of Asia’s richest folks and a supporter of Prime Minister Narendra Modi, was indicted in Brooklyn on expenses together with securities fraud and conspiracy alongside seven different enterprise executives, together with his nephew Sagar Adani.

The indictments threaten to reignite a public relations disaster for Adani Group, the conglomerate he chairs, which has spent a lot of final 12 months making an attempt to maneuver previous the damaging claims of accounting fraud and inventory market manipulation made by US brief vendor Hindenburg Analysis.

Follow this developing story here. And for extra on Adani scroll all the way down to in the present day’s in-depth piece, which seems at his controversial plan to redevelop Mumbai’s largest slum.

Right here’s what else we’re retaining tabs on in the present day:

• Financial information: Hong Kong stories October inflation information.

• Pony AI’s New York IPO: Shares of the Chinese robotaxi company will start buying and selling on Nasdaq. (Reuters)

• Sri Lanka: The brand new parliament convenes, and leftist President Anura Kumara Dissanayake is anticipated to stipulate his priorities in a coverage speech. 

5 extra high tales

1. Former media tycoon Jimmy Lai denied asking the US to intervene throughout Hong Kong’s 2019 anti-government protests, as he testified for the first time in a watershed national security trial that would land him in jail for all times. Lai, a fierce critic of the Chinese language Communist occasion, faces expenses of colluding with overseas forces and conspiracy to publish seditious materials.

• Extra from Hong Kong: A high govt at US hedge fund Bridgewater Associates has purchased a $12.2mn house in one of many metropolis’s most unique neighbourhoods, in a transfer that drew a round of applause at a finance convention within the territory.

2. Ukraine has launched British-made Storm Shadow missiles at navy targets in Russia for the primary time, in accordance with 4 folks aware of the matter. The transfer follows Kyiv’s first use of US long-range Atacms missiles on Russian soil on Tuesday, after authorisation from US President Joe Biden. Here’s what to know about the attack.

• Extra information: The US and a number of other European embassies in Kyiv have quickly closed their doorways after Washington obtained intelligence that Russia is planning a large-scale attack on the Ukrainian capital.

3. The US Division of Justice is anticipated to ask a decide to power Google to divest a number of of its core merchandise, together with its Chrome browser and Android mobile operating system, among the many potential cures to curb its energy over on-line search. The requests come after Google was present in August to have illegally monopolised the search market.

4. Former Wall Avenue dealer Invoice Hwang has been sentenced to 18 years in jail, capping a rare fall from grace for the Archegos founder who was convicted of fraud and market manipulation earlier this 12 months. The decide within the case mentioned Hwang’s actions warranted “severe punishment”, and compared the scale of his crimes to those of FTX’s Sam Bankman-Fried.

5. Greater than 40,000 folks marched on the New Zealand capital this week, in a present of anger at a proposed overhaul of a treaty underpinning Maori rights. The protest demonstrated the deep divisions in New Zealand, the place the political pendulum has swung away from the progressive policies championed by former prime minister Jacinda Ardern.

Information in-depth

The way forward for Mumbai’s Dharavi slum, the well-known setting for the 2008 hit movie Slumdog Millionaire, has develop into a political flashpoint forward of state elections this week. Opposition events allege a contract to redevelop Dharavi was wrongly awarded to Gautam Adani, a robust tycoon broadly thought to have shut ties to Prime Minister Narendra Modi. Residents of Dharavi are involved about Adani’s plan to rework the realm right into a “world-class” district, which is anticipated to displace an estimated 700,000 of the roughly 1mn people who dwell there.

We’re additionally studying . . . 

• Delhi’s poisonous smog: What Indian media primly labels the “winter haze” is a collective action problem, writes John Reed.

• Robotics revolution: Our newest visible story reveals how advances in bodily AI imply machines are studying skills previously thought impossible.

• Xi Jinping in Latin America: Two summit photographs function metaphors for the eclipse of the US by China in one of many world’s most resource-rich areas, writes Michael Stott.

Chart of the day

Support deliveries to Gaza have plummeted since Israel’s invasion of Rafah in Might and hit all-time lows in November. The shortages have led to a rise in looting by armed gangs who act with the tacit support of the Israeli military, officers say.

Take a break from the information

From navigating future crises and driving restoration in left-behind areas to the migration, digital currencies and the care financial system, listed here are the 12 months’s best economics books as chosen by Martin Wolf.