India’s Adani Group has revived plans for major infrastructure investments in the US, where the group’s founder has been charged with bribery, the Financial Times reported yesterday.
Since the election of US President Donald Trump, the conglomerate has reactivated potential plans to fund projects in sectors such as nuclear power and utilities, as well as an East Coast port, the report said, citing four people close to founder and chair Gautam Adani.
US federal prosecutors in New York unsealed an indictment in November last year accusing Gautam Adani of bribing Indian officials to persuade them to buy electricity produced by Adani Green Energy.
Photo: Reuters
“We know what we want to do, but we will wait until this [case] resolves,” the newspaper quoted a person close to Adani as saying.
The Adani Group has said the charges were “baseless” and that it would seek “all possible legal recourse.”
The group had previously been in talks with US companies on potential partnerships and had looked at petrochemical investments in Texas, the newspaper said.
After Trump’s election win, Gautam Adani said the group planned to invest US$10 billion in US energy security and infrastructure projects, creating a potential 15,000 jobs.
Trump has vowed to make it easier for energy companies to drill on federal land and build pipelines.
“Once Trump came in, we have reactivated some plans,” the newspaper said, citing another source it did not name.
The US Securities and Exchange Commission last month asked Indian authorities for help in its investigation of Gautam Adani and his nephew Sagar Adani over allegations of securities fraud and a US$265 million bribery scheme.
Ryanair, Transavia, Volotea and other low-cost airlines are feeling the financial pain from high jet fuel prices as a result of the Middle East war and are cutting flights. The closure of the Strait of Hormuz has taken a huge chunk of oil supplies off the market, sending the price of jet fuel soaring and triggering fears of shortages that could force airlines to cancel flights. Airlines are not waiting for a lack of supplies to react. “Travel alert: Airlines are cutting thousands of flights right now,” Travel Therapy host Karen Schaler said in an Instagram reel this past weekend.
MANAGING RISKS: Taiwan has secured LNG sufficient to cover 95 percent of electricity demand for next month, UBS said, describing the government’s approach as proactive UBS Group AG has raised its forecast for Taiwan’s economic growth this year to 8 percent, up from 6.9 percent previously, and said expansion could reach as high as 8.6 percent if external energy shocks are avoided. The upgrade reflects a stronger-than-expected first-quarter performance and sustained momentum in artificial intelligence (AI)-driven exports, which UBS said are providing a firm foundation for growth despite geopolitical and energy risks. Taiwan’s GDP expanded 13.69 percent year-on-year in the first quarter, the fastest growth since the second quarter of 1987, the Directorate-General of Budget, Accounting and Statistics (DGBAS) reported on Thursday. On a seasonally
The list of Asian stocks that benefit from business partnership with Nvidia Corp is getting longer, as the region further integrates into the artificial intelligence (AI) chip giant’s business ecosystem. Just in the past week, South Korea’s LG Electronics Inc, Taiwan’s Nanya Technology Corp (南亞科技), as well as China’s Huizhou Desay SV Automotive Co (德賽西威) and Pateo Connect Technology Shanghai Corp (博泰車聯) have become the latest to rally on news of tie-ups, supply-chain participation or product collaboration with the US chip designer. Asian suppliers account for about 90 percent of Nvidia’s production costs, up from about 65 percent last year, data compiled
The Fair Trade Commission’s (FTC) ongoing review of Grab Holdings Ltd’s US$600 million acquisition of Foodpanda Taiwan’s operations, announced on March 23, has taken on fresh urgency as industry experts warn that the transaction could embed significant Chinese cybersecurity vulnerabilities into Taiwan’s digital infrastructure through Grab’s deep ties to autonomous-driving firm WeRide (文遠知行). Less than 16 months after the FTC blocked Uber Eats’ direct attempt to acquire Foodpanda Taiwan — citing potential combined market shares of 80 to 90 percent — the emergence of Grab as the buyer has prompted questions about whether the same competitive harm is simply being rerouted
RSS