2024-11-20 22:26:00
In today’s newsletter:
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Gautam Adani indicted on US bribery charges
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A watershed Hong Kong national security trial
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The future of Mumbai’s biggest slum
Good morning. Indian tycoon Gautam Adani has been indicted in 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 officials in exchange for billions of dollars’ worth of solar power contracts and concealing such payments from US banks and investors.
Adani, one of Asia’s richest people and a supporter of Prime Minister Narendra Modi, was indicted in Brooklyn on charges including securities fraud and conspiracy alongside seven other business executives, including his nephew Sagar Adani.
The indictments threaten to reignite a public relations crisis for Adani Group, the conglomerate he chairs, which has spent much of last year trying to move past the damaging claims of accounting fraud and stock market manipulation made by US short seller Hindenburg Research.
Follow this developing story here. And for more on Adani scroll down to today’s in-depth piece, which looks at his controversial plan to redevelop Mumbai’s largest slum.
Here’s what else we’re keeping tabs on today:
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Economic data: Hong Kong reports October inflation data.
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Pony AI’s New York IPO: Shares of the Chinese robotaxi company will begin trading on Nasdaq. (Reuters)
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Sri Lanka: The new parliament convenes, and leftist President Anura Kumara Dissanayake is expected to outline his priorities in a policy speech.
Five more top stories
1. Former media tycoon Jimmy Lai denied asking the US to intervene during Hong Kong’s 2019 anti-government protests, as he testified for the first time in a watershed national security trial that could land him in prison for life. Lai, a fierce critic of the Chinese Communist party, faces charges of colluding with foreign forces and conspiracy to publish seditious material.
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More from Hong Kong: A top executive at US hedge fund Bridgewater Associates has bought a $12.2mn home in one of the city’s most exclusive neighbourhoods, in a move that drew a round of applause at a finance conference in the territory.
2. Ukraine has launched British-made Storm Shadow missiles at military targets in Russia for the first time, according to four people familiar with the matter. The move 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.
3. The US Department of Justice is expected to ask a judge to force Google to divest one or more of its core products, including its Chrome browser and Android mobile operating system, among the potential remedies to curb its power over online search. The requests come after Google was found in August to have illegally monopolised the search market.
4. Former Wall Street trader Bill Hwang has been sentenced to 18 years in prison, capping an extraordinary fall from grace for the Archegos founder who was convicted of fraud and market manipulation earlier this year. The judge in the case said Hwang’s actions warranted “serious punishment”, and compared the scale of his crimes to those of FTX’s Sam Bankman-Fried.
5. More than 40,000 people marched on the New Zealand capital this week, in a show of anger at a proposed overhaul of a treaty underpinning Maori rights. The protest demonstrated the deep divisions in New Zealand, where the political pendulum has swung away from the progressive policies championed by former prime minister Jacinda Ardern.
News in-depth
The future of Mumbai’s Dharavi slum, the famous setting for the 2008 hit film Slumdog Millionairehas become a political flashpoint ahead of state elections this week. Opposition parties allege a contract to redevelop Dharavi was wrongly awarded to Gautam Adani, a powerful tycoon widely thought to have close ties to Prime Minister Narendra Modi. Residents of Dharavi are concerned about Adani’s plan to transform the area into a “world-class” district, which is expected to displace an estimated 700,000 of the roughly 1mn people who live there.
We’re also reading . . .
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Delhi’s toxic smog: What Indian media primly labels the “winter haze” is a collective action problem, writes John Reed.
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Robotics revolution: Our latest visual story shows how advances in physical AI mean machines are learning skills previously thought impossible.
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Xi Jinping in Latin America: Two summit photographs serve as metaphors for the eclipse of the US by China in one of the world’s most resource-rich regions, writes Michael Stott.
Chart of the day
Aid deliveries to Gaza have plummeted since Israel’s invasion of Rafah in May and hit all-time lows in November. The shortages have led to an increase in looting by armed gangs who act with the tacit support of the Israeli military, officials say.
Take a break from the news
From navigating future crises and driving recovery in left-behind regions to the migration, digital currencies and the care economy, here are the year’s best economics books as selected by Martin Wolf.
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#Gautam #Adani #indicted
**Q: What are the main factors contributing to the humanitarian crisis in Gaza, and how are they connected to the current political situation?**
**Interview with Dr. Sarah Elman, Middle East Analyst**
**Q: Good morning, Dr. Elman. Thank you for joining us today. Let’s start with the situation in Gaza. Could you elaborate on the claim that armed gangs are operating with the tacit support of the Israeli military? What evidence do we have regarding this assertion?**
**Dr. Elman**: Good morning, and thank you for having me. The situation in Gaza is incredibly complex. Reports suggest that as aid deliveries have dwindled dramatically, armed groups have become more active, often engaging in looting and other forms of violence. Witnesses and local officials have indicated that these gangs are functioning with a sort of unwritten approval from the Israeli military, which might be due to the military’s focus on larger operational goals rather than policing the area. However, it’s important to note that the Israeli government denies any direct support for these gangs.
**Q: This situation must be impacting the humanitarian crisis in Gaza. What can you tell us about that?**
**Dr. Elman**: The humanitarian crisis in Gaza has reached dire levels. With aid deliveries at all-time lows, essential resources such as food and medical supplies are increasingly scarce. As these armed groups loot aid, the already fragile support systems are further destabilized. This not only heightens the suffering of ordinary citizens but also exacerbates tensions within the region.
**Q: Shifting gears, let’s discuss the situation in India. Gautam Adani’s recent indictment for bribery charges has drawn significant attention. How might this affect his conglomerate and the broader political landscape in India?**
**Dr. Elman**: Adani’s indictment could potentially inflict serious damage on Adani Group’s reputation and business operations. Given that Adani is closely aligned with Prime Minister Modi, this situation may also impact the ruling government, especially as state elections approach. The opposition is likely to leverage these developments as evidence of corruption and mismanagement, which could sway public opinion against Modi’s administration.
**Q: The redevelopment plans for Mumbai’s Dharavi slum are also under scrutiny. Can you provide insight into the local residents’ concerns?**
**Dr. Elman**: Absolutely. Residents of Dharavi are worried that the redevelopment plans, which may transform the area into a “world-class” district, could lead to mass displacement. With an estimated 700,000 people potentially affected, many fear losing their homes and livelihoods without adequate compensation or relocation plans. This issue resonates deeply, especially in an area that has been historically marginalized.
**Q: Lastly, how do you see these intertwined issues in Gaza and India shaping the narratives in international discourse?**
**Dr. Elman**: These issues are part of broader global narratives concerning governance, human rights, and the impact of economic power on political structures. They highlight the struggles for agency and equity in both regions. As international attention remains focused on such crises, it’s crucial that we engage not only with the facts but also with the human stories behind them. These scenarios compel us to reflect on how economic interests often overshadow the welfare of vulnerable populations.
**Q: Thank you, Dr. Elman, for your insights on these complex issues. It has been a pleasure speaking with you today.**
**Dr. Elman**: Thank you for having me.
