Adani Group units scrapped a $600 million dollar bond sale after US prosecutors charged founder Gautam Adani with participating in an alleged bribe plot.
The Indian conglomerate decided not to proceed with the offering after announcements by the Department of Justice and the Securities and Exchange Commission, according to a source.
Mr Adani, one of the richest men in the world, was charged with allegedly participating in a scheme that involved promising to pay more than $250 million in bribes to Indian government officials to secure solar energy contracts and concealed the plan as they sought to raise money from US investors.
Hours before, units of the conglomerate had priced the bond offering that was subsequently cancelled.
“The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars,” said Breon Peace, US attorney for the Eastern District of New York, which brought the case.
US law allows federal prosecutors to pursue foreign corruption allegations if they involve certain links to American investors or markets.
Adani Green Energy UP dollar notes issued in March slid a record 15 cents to as low as 80 cents, according to data compiled by Bloomberg. Other securities from group companies dropped the most since a short-seller report in 2023 by Hindenburg Research to as low as 74 cents. That report last year had also sparked a more than $150 billion rout in Adani Group stocks at the time.
Mr Adani, 62, is widely perceived as a key ally of Indian Prime Minister Narendra Modi. The billionaire denies receiving political favours but says his conglomerate always aligns its business strategies to the policy priorities of the government, regardless of who is in power.
Adani Group has a wide-ranging presence across the South Asian country and beyond, in businesses including ports, coal mines, highways and airports. The group attracts capital from investors around the world.
The US charges are a setback for Mr Adani’s group, which had been seeking to rebuild investor confidence after Hindenburg Research accused it of stock manipulation and accounting fraud last year. The group strenuously denied those allegation and its bonds had earlier rebounded from that crisis.
After also initially dropping on the short-seller’s claims, Mr Adani’s fortune has also rebounded. He is the world’s 18th richest person, worth $85.5 billion, and the second-wealthiest in India, according to the Bloomberg Billionaires Index.
Prosecutors in Brooklyn alleged on Wednesday that Mr Adani and other defendants lied about the plan as they sought to raise money from US investors. The five-count indictment also accuses Mr Adani’s nephew Sagar Adani and Vneet Jaain, executives at an Indian renewable energy company, of breaking federal laws.
Prosecuting the case would take months, if not years, meaning that it will fall to the incoming Trump administration’s Justice Department to determine how to proceed. Mr Peace, the Brooklyn US attorney who was appointed during the Biden administration, is expected to step down and be replaced by Donald Trump's pick.
Ken Griffin
The era of explosive growth in multi-strategy hedge funds is over, according to billionaire Ken Griffin, who runs one of the biggest such firms.
“That chapter has come and gone,” the Citadel founder said in an interview with Bloomberg News in Oxford, UK, on November 18. “The AUM (assets under management) flows into multi-strategy funds are basically a push today.”
These funds have gobbled up cash in recent years by delivering mostly steady gains even during periods of market volatility, driven by a broad variety of investing approaches in their trading teams. Their ability to charge higher fees, spend big to recruit the best traders and fuel their positions with borrowed money have made them the most influential force in the $4.5 trillion hedge fund industry.
Citadel’s capital has risen more than five times to $65 billion since 2008, while rival Millennium Management has expanded at the same clip to over $70 billion, and DE Shaw & Co has amassed more than $60 billion.
Many of the top players are no longer actively raising cash as a talent crunch and challenges moving in and out of leveraged bets curtail their ability to keep growing.
Assets managed by multi-strategy hedge funds dropped slightly to $366 billion this year, the first decline since 2016, from just $134 billion in 2017, according to Goldman Sachs Group.
For Mr Griffin, the growth trajectory was boosted by capital returns to investors, known as limited partners or LPs.
The AUM flows into multi-strategy funds are basically a push today
Ken Griffin,
founder, Citadel Advisers
“Let’s face it: that was driven by the fact that we in particular were returning billions of dollars of capital a year back to LPs. They were looking to put that money to work,” he said.
Citadel has regularly given back profits to control its size, returning $25 billion to clients since 2017.
In an industry known for its secrecy and reluctance to speak in public forums, Mr Griffin has been a notable outlier. He’s backed a lower-tax and free-market agenda.
Mr Griffin is estimated to have a net worth of $42.1 billion, according to the Bloomberg Billionaires Index.
He donated more than $100 million to pro-Republican political action committees in this presidential cycle, according to campaign finance tracker OpenSecrets, and last month predicted that Donald Trump would win the presidency.
When asked about a potential Trump trade for the next four years, Mr Griffin took a long pause before predicting that companies previously subjected to a regulatory onslaught were going to do better.
“The biggest shift is not a particular company per se, but it’s that the animal spirits in America are being reignited,” Mr Griffin said.
He predicted that businesses under the new administration will be willing to take more risk, build more factories, put more money back into research and development, and allocate more money to long-term investments from customer acquisition to new technology.
“That’s the biggest sea change,” Mr Griffin added. “That’s going to lift all boats.”
Lei Jun
Chinese smartphone maker Xiaomi is now aiming to deliver 130,000 electric vehicles in 2024, up from a previous target of 120,000, raising its target by more than 8 per cent in a show of confidence in the fledgling business.
Billionaire co-founder Lei Jun unveiled the revised goal on social media just hours before the Chinese company was slated to report quarterly earnings.
That underscores the entrepreneur’s desire to take Xiaomi – best known for affordable gadgets and devices – deeper into a market crowded with deep-pocketed players such as Tesla and BYD.
Mr Jun has a net worth of $24.6 billion, according to the Bloomberg Billionaires Index.
Analysts expect Xiaomi to grow its revenue by about 27 per cent in the September quarter thanks to contributions from its nascent EV business.
But net income is projected to slip, reflecting the cut-throat competition with established Chinese EV players and a fierce rivalry between both domestic and global brands in the world’s largest smartphone arena.
Compiled from Bloomberg
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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RESULT
Bayern Munich 3 Chelsea 2
Bayern: Rafinha (6'), Muller (12', 27')
Chelsea: Alonso (45' 3), Batshuayi (85')
UAE currency: the story behind the money in your pockets
Sholto Byrnes on Myanmar politics
Dirham Stretcher tips for having a baby in the UAE
Selma Abdelhamid, the group's moderator, offers her guide to guide the cost of having a young family:
• Buy second hand stuff
They grow so fast. Don't get a second hand car seat though, unless you 100 per cent know it's not expired and hasn't been in an accident.
• Get a health card and vaccinate your child for free at government health centres
Ms Ma says she discovered this after spending thousands on vaccinations at private clinics.
• Join mum and baby coffee mornings provided by clinics, babysitting companies or nurseries.
Before joining baby classes ask for a free trial session. This way you will know if it's for you or not. You'll be surprised how great some classes are and how bad others are.
• Once baby is ready for solids, cook at home
Take the food with you in reusable pouches or jars. You'll save a fortune and you'll know exactly what you're feeding your child.
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The years Ramadan fell in May
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
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%3Cp%3E1.%20Go%20to%20%3Cstrong%3Echrome%3A%2F%2Fflags%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E2.%20Find%20and%20enable%20%3Cstrong%3EExpansion%20pack%20for%20the%20Site%20Search%20starter%20pack%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E3.%20Restart%20Chrome%20Canary%3C%2Fp%3E%0A%3Cp%3E4.%20Go%20to%20%3Cstrong%3Echrome%3A%2F%2Fsettings%2FsearchEngines%3C%2Fstrong%3E%20in%20the%20address%20bar%20and%20find%20the%20%3Cstrong%3EChat%20with%20Gemini%3C%2Fstrong%3E%20shortcut%20under%20%3Cstrong%3ESite%20Search%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E5.%20Open%20a%20new%20tab%20and%20type%20%40%20to%20see%20the%20Chat%20with%20Gemini%20shortcut%20along%20with%20other%20Omnibox%20shortcuts%20to%20search%20tabs%2C%20history%20and%20bookmarks%3C%2Fp%3E%0A
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The five pillars of Islam
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Read more about the coronavirus
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The specs
Engine: 3.0-litre twin-turbo flat-six
Power: 480hp at 6,500rpm
Torque: 570Nm from 2,300-5,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 10.4L/100km
Price: from Dh547,600
On sale: now
'Ashkal'
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Results
6.30pm: Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m, Winner: RB Money To Burn, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)
7.05pm: Handicap (TB) $68,000 (Turf) 2,410m, Winner: Star Safari, William Buick, Charlie Appleby
7.40pm: Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m, Winner: Secret Protector, William Buick, Charlie Appleby
8.15pm: Al Maktoum Challenge Round 2 - Group 2 (TB) $293,000 (D) 1,900m, Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass
8.50pm: Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m, Winner: Zakouski, William Buick, Charlie Appleby
9.25pm: Handicap (TB) $65,000 (T) 1,000m, Winner: Motafaawit, Sam Hitchcock, Doug Watson
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
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How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Killing of Qassem Suleimani
Pakistan World Cup squad
Sarfraz Ahmed (c), Fakhar Zaman, Imam-ul-Haq, Abid Ali, Babar Azam, Haris Sohail, Shoaib Malik, Mohammad Hafeez(subject to fitness), Imad Wasim, Shadab Khan, Hasan Ali, Faheem Ashraf, Junaid Khan, Shaheen Shah Afridi, Mohammad Hasnain
Two additions for England ODIs: Mohammad Amir and Asif Ali
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
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How it works
Booklava works on a subscription model. On signing up you receive a free book as part of a 30-day-trial period, after which you pay US$9.99 (Dh36.70) per month to gain access to a library of books and discounts of up to 30 per cent on selected titles. You can cancel your subscription at any time. For more details go to www.booklava.com
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RESULTS
2.15pm Maiden (PA) Dh40,000 (Dirt) 1,200m
Winner Shawall, Abdul Aziz Al Balushi (jockey), Majed Al Jahouri (trainer)
2.45pm Handicap (PA) Dh40,000 (D) 1,200m
Winner Anna Bella Aa, Fabrice Veron, Abdelkhir Adam
3.15pm Handicap (PA) Dh40,000 (D) 1,200m
Winner AF Thayer, Tadhg O’Shea, Ernst Oertel
3.45pm Handicap (PA) Dh40,000 (D) 1,700m
Winner Taajer, Fabrice Veron, Eric Lemartinel
4.15pm The Ruler of Sharjah Cup – Prestige (PA) Dh250,000 (D) 1,700m
Winner Jawaal, Jim Crowley, Majed Al Jahouri
4.45pm Handicap (TB) Dh40,000 (D) 2,000m
Winner Maqaadeer, Jim Crowley, Doug Watson
Ramy%3A%20Season%203%2C%20Episode%201
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
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Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
Results
5.30pm: Maiden Dh165,000 (Turf) 1,600m; Winner: Al Battar, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer).
6.05pm: Maiden Dh165,000 (Dirt) 1,200m; Winner: Good Fighter, Richard Mullen, Satish Seemar.
6.40pm: Handicap Dh185,000 (T) 1,200m; Winner: Way Of Wisdom, Tadhg O’Shea, Satish Seemar.
7.15pm: Handicap Dh170,000 (D) 2,200m; Winner: Immortalised, Tadhg O’Shea, Satish Seemar.
7.50pm: Handicap Dh185,000 (T) 2,000m; Winner: Franz Kafka, James Doyle, Simon Crisford.
8.25pm: Handicap Dh185,000 (D) 1,200m; Winner: Mayadeen, Connor Beasley, Doug Watson.
9pm: Handicap Dh185,000 (T) 1,600m; Winner: Chiefdom, Mickael Barzalona, Salem bin Ghadayer
Day 3, Abu Dhabi Test: At a glance
Moment of the day Just three balls remained in an exhausting day for Sri Lanka’s bowlers when they were afforded some belated cheer. Nuwan Pradeep, unrewarded in 15 overs to that point, let slip a seemingly innocuous delivery down the legside. Babar Azam feathered it behind, and Niroshan Dickwella dived to make a fine catch.
Stat of the day - 2.56 Shan Masood and Sami Aslam are the 16th opening partnership Pakistan have had in Tests in the past five years. That turnover at the top of the order – a new pair every 2.56 Test matches on average – is by far the fastest rate among the leading Test sides. Masood and Aslam put on 114 in their first alliance in Abu Dhabi.
The verdict Even by the normal standards of Test cricket in the UAE, this has been slow going. Pakistan’s run-rate of 2.38 per over is the lowest they have managed in a Test match in this country. With just 14 wickets having fallen in three days so far, it is difficult to see 26 dropping to bring about a result over the next two.
Mohammed bin Zayed Majlis
Zayed Sustainability Prize
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Killing of Qassem Suleimani
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Mohammed bin Zayed Majlis
Mountain%20Boy
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Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
Killing of Qassem Suleimani
