Gautam Adani indicted: White House reacts, ‘confident’ in navigating crisis

WASHINGTON, Nov 22: The White House said it is aware of the allegations against Indian billionaire Gautam Adani, chairman of Adani Group, who was indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme.

US prosecutors said Gautam Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Group denied the allegations as “baseless”, while Indian government officials haven't commented so far.

During a media briefing on Thursday, White House press secretary Karine Jean-Pierre told reporters that the administration is aware of the charges against Adani.

Asserting that the relationship between India and the US is built on a strong foundation, the White House spokesperson has expressed confidence that the US can navigate the ongoing crisis surrounding bribery charges against Gautam Adani.

“Obviously, we're aware of these allegations, and I would have to refer you to the SEC (Securities and Exchange Commission) and DOJ (Department of Justice) about the specifics of those allegations against the Adani Group,” Karine Jean-Pierre said.

“What I will say is on the US and India relationship, we believe that it stands on an extremely strong foundation anchored in ties between our people and cooperation across a full range of global issues,” Jean-Pierre added.

Advocating strong India-US ties, the White House press secretary said, “What we believe and we are confident about is that we'll continue to navigate this issue as we have with other issues that may have come up as you just stated. And so the specifics of this, this is something that the SEC and DOJ can speak to directly, but again, we believe that…this relationship between the two nations has been built on a strong foundation.”

On Thursday, Adani Group called US charges that their billionaire founder Gautam Adani had paid more than $250 million in bribes “baseless”, as the opposition leader demanded the tycoon's arrest.

The stiff denial came after shares in the industrialist's conglomerate nosedived more than 23 per cent in Mumbai, the morning after a bombshell indictment in New York accused him of deliberately misleading international investors.

"The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless and denied," the conglomerate said in a statement.

"All possible legal recourse will be sought," it added.

Congress party leader Rahul Gandhi said the businessmen should be taken into custody.

"We demand that Adani be immediately arrested. But we know that won't happen as Modi is protecting him," Rahul Gandhi told reporters in New Delhi.

“Modi can't act even if he wants to, because he is controlled by Adani,” the Congress MP alleged.

The BJP, on the other hand, slammed Rahul Gandhi's attack on Prime Minister Modi as part of his long-running efforts to target its leader and noted that none of the four states named in American courts had a BJP government.

"Law will take its own course," said BJP spokesperson and MP Sambit Patra.

US charges Indian billionaire Gautam Adani with fraud

NEW YORK, Nov 21: Indian billionaire Gautam Adani has been charged with fraud in the US, which has accused him of orchestrating a $250m (£198m) bribery scheme and concealing it to raise money in the US.

The criminal charges, filed on Wednesday in New York, are the latest blow to 62-year-old Adani, one of Asia's richest men, whose business empire extends from ports and airports to renewable energy.

In the indictment, prosecutors alleged the tycoon and other senior executives had agreed to the payments to Indian officials to win contracts for his renewable energy company expected to yield more than $2bn in profits over 20 years.

The Adani Group has denied the allegations, calling them "baseless".

"All possible legal recourse will be sought," it said in a statement.

Shares of Adani Enterprises, the group's flagship firm, closed down 22% on Thursday. Other group firms also closed in the red. Adani Green Energy, which is the firm at the centre of the allegations, said it wouldn't proceed with a $600m bond offering.

The conglomerate has been operating under a cloud since 2023, when US short-seller Hindenburg Research published a report accusing it of decades of "brazen" stock manipulation and accounting fraud.

The claims, which Adani denied, prompted a major market sell-off and an investigation by India's market regulator Securities and Exchange Board of India (Sebi).

Later, Hindenburg also accused Sebi's chief Madhabi Puri Buch of having links with off-shore funds used by the Adani group - both Ms Buch and the group have denied this.

But the US indictment is one of the biggest challenges the group has faced. Apart from Mr Adani there are seven other defendants, including his nephew.

Reports of the bribery probe into the company have been circulating for months.

Prosecutors said the US started investigating the company in 2022, and found the inquiry obstructed.

They allege that executives raised $3bn in loans and bonds, including from US firms, on the backs of false and misleading statements related to the firm's anti-bribery practices and policies, as well as reports of the bribery probe.

“As alleged, the defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and... lied about the bribery scheme as they sought to raise capital from U.S. and international investors,” US Attorney Breon Peace said in a statement announcing the charges.

“My office is committed to rooting out corruption in the international marketplace and protecting investors from those who seek to enrich themselves at the expense of the integrity of our financial markets,” he added.

On several occasions Adani met personally with government officials to advance the bribery scheme, officials said.

The US Attorney positions in the US are appointed by the president. The filing comes just weeks after Donald Trump won election to the White House, pledging to overhaul the US Justice Department.

After Trump won, Mr Adani had congratulated him on social media and pledged last week to invest $10bn in the US.

Trump Reiterates Vow To Stop Wars In Ukraine, Gaza

PALM BEACH (United States), Nov 16: US President-elect Donald Trump on Thursday promised a "strong military", as he repeated his pledge to end the war between Russia and Ukraine.

Trump, who campaigned on an "America First" foreign policy, has said previously that he wanted to strike a deal between Kyiv and Moscow, without giving details, and end bloodshed in the Middle East.

"We have to get back to a great country with low taxes and a strong military. We're going to fix our military, we did once and now we're going to have to do it again," he said Thursday at a gala organized by the America First Policy Institute at his Mar-a-Lago resort in Palm Beach, Florida.

"We're going to work on the Middle East and we're going to work very hard on Russia and Ukraine. It's got to stop," Trump added.

He also criticized the "big chunk" of US spending on Afghanistan, from where American troops withdrew in 2021 after two decades of fighting an insurgency by the Taliban, which returned to power that year.

Trump's re-election has the potential to upend the almost three-year conflict between Russia and Ukraine, throwing into question Washington's multibillion-dollar support for Kyiv, which is crucial to its defense.

The Republican said on the campaign trail that he could end the fighting within hours and has indicated he would talk directly with Russian President Vladimir Putin.

Trump has not said how he intends to strike a peace deal on Ukraine or what terms he would propose.

Trump has nominated Fox News host and National Guard veteran Pete Hegseth to lead the world's most powerful military as defense secretary, despite a slim CV.

If confirmed by the Senate, Hegseth would command around 3.4 million soldiers and civilians, and oversee an annual budget of about $850 billion.

The president-elect has entrusted Elon Musk, the world's richest man, with the task of proposing cuts of $2 trillion from the federal government's $7 trillion budget.

Trump Wins Arizona, Sweeps All 7 Swing States

WASHINGTON, Nov 9: Donald Trump on Saturday won Arizona, completing the Republican's sweep of all seven swing states in the November 5 US presidential elections. He retained the state and its 11 electoral votes to the Republican column after Democrat Joe Biden's 2020 victory.

Trump's win over Democratic Vice President Kamala Harris also marks the 78-year-old's second victory in Arizona since 2016.

According to the latest figures, Trump has so far got 312 electoral votes, well past the 270 needed to win the race to the White House. During his successful presidential campaign in 2016, he received 304 electoral votes.

US media have declared Trump the winner in more than half of the 50 states, including swing states of Georgia, Pennsylvania, Michigan and Wisconsin, all of which voted Democratic in the last election. He also won the battleground states of North Carolina and Nevada.

He won wider margins than before, despite a criminal conviction and two impeachments while in office.

On the other hand, Harris, who replaced 81-year-old Biden as the Democrat nominee in July, stands at 226.

With Donald Trump's defeat of Kamala Harris, Republican and Democratic presidents will alternate control of the White House for the fourth straight term, a level of volatility between the parties not seen in the United States since the late 19th century.

Biden, who dropped out of the race over age concerns, will meet Trump at the Oval Office on Wednesday.

Ahead of his inauguration on January 20, Donald Trump has started to assemble his second administration and named campaign manager Susie Wiles to serve as his White House chief of staff.

Wiles, 67, is the first woman to be named to the high-profile role.

Other candidates who could find a place in Trump team are Elon Musk, the world's richest man who could get a job auditing government waste, former ambassador to Germany Ric Grenell, who is seen as a frontrunner for the secretary of state position and Robert F Kennedy Jr, whom Trump has pledged a "big role" in health care.

Biden Assures 'Peaceful Transfer Of Power'

WASHINGTON, Nov 7: US President Joe Biden spoke today for the first time since the US election result was known and Donald Trump's victory was certain.

Addressing the nation from the White House lawns, President Biden, in his trademark blue suit and white striped tie, said "The people have voted and have chosen their President and have done so peacefully. And in a democracy, the will of the people always prevails."

"Yesterday, I spoke with President-elect Trump to congratulate him on his victory, and I assured him that I would direct my entire administration to work with his team to ensure a peaceful and orderly transition. That is what the American people deserve," he said.

He went on to say that, "Yesterday, I also spoke with Vice President Kamala Harris. She has been a partner and a public servant. She ran an inspiring campaign and everyone got to see what I had seeing early on and which I respect so much - her character. She gave her whole-hearted effort, and she and her entire team needs to be proud of the campaign they ran."

Speaking about the mood of the nation, the US President said, "I know for some people, this is a time for victory and celebration, while for others it may be a time of loss and despair. Campaigns are a contest of competing visions The country chooses one or the other. And we all must accept the choice that the country made."

Reaching out to fellow Americans, the President had a piece of advice - "I have said this many times - that you cannot love your country only when you win. You can't love your neighbour only when you agree,"

The President went on to make a request to all Americans. "There's something I hope you all can do, no matter who you voted for... to see each other not as adversaries, but as fellow Americans. Bring down the temperature."

Speaking further to the American people, President Biden had words of advice for Donald Trump, though he did not name him directly. He said, "I hope that we can later lay to rest the question about the integrity of the American electoral system. It is honest, it is fair, it is transparent, and it can be trusted - whether we win or lose. I also hope we can restore the respect for all our election workers, who have busted their necks and took risks at the outset. We should thank them."

Assuring the nation of a peaceful transition of power at the White House, President Biden said, "The people have done their duty as citizens. Now I will do my duty as President. I will fulfill my oath and honour the Constitution. On January 20, 2025, we will have a peaceful transfer of power in America."

"To all our incredible staff, supporters, cabinet members... to all the people who have been hanging out with me for the last 40 years, God knows I love you. Thank you so very much. You have put in so much over the past 4 years. I understand that this is a difficult time, you're hurting... I hear you and I see you. But don't forget all of what we have achieved and accomplished. This has been a historic presidency. Not because I was President, but because of all that you all have done. This has been a presidency for all Americans," President Biden said concluding his speech.

'We Concede This Election, But Not The Fight': Kamala Harris

WASHINGTON, Nov 7: US Vice President Kamala Harris conceded the presidential election to Donald Trump after an acrimonious, turbulent and polarising campaign. In her speech, the Democratic leader said though she has conceded the election, she has not conceded "the fight that fuelled this campaign."

"While I concede the election, I do not concede the fight that fuelled this campaign. Fight for freedom, opportunity, dignity for all people," Ms Harris said in a speech that lasted less than 15 minutes.

Her supporters cheered, even though she admitted it was painful to lose. She told them to "keep fighting".

"... I will close with this. Only when it is dark enough, can you see the stars. I know many people feel we are entering a dark time... Let us fill the sky with the light of billions and billions of stars, the light of truth, optimism and service," she said.

"The outcome of this election is not what we wanted, not what we fought for, not what we voted for, but hear me when I say that the light of America's promise will always burn bright as long as we never give up and as long as we keep fighting," she told supporters.

"We must accept the results of this election. Earlier today, I spoke with President-elect Trump and congratulated him on his victory," Ms Harris told supporters in the concession speech at her alma mater Howard University in Washington.

"I also told him that we will help him and his team with their transition, and that we will engage in a peaceful transfer of power," she said.

Donald Trump Wins By A Landslide

NEW YORK, Nov 6: Donald Trump thanked his supporters today and described it as a "magnificent victory for the American people" as he made one of the most stunning comebacks in the US political history with his win over Kamala Harris. He also referred to the July 13 assassination attempt and said "God spared my life for a reason".

The 78-year-old has secured more than 270 electoral college votes needed to defeat his opponent, incumbent Vice President Kamala Harris, in the US presidential election 2024. Trump has bagged 280 votes while Harris is at 224....more

Modi Dials Trump After His Record Win

NEW DELHI, Nov 6: Prime Minister Narendra Modi dialled President-elect Donald Trump to congratulate the American leader on winning the fiercely contested US presidential election. Both leaders agreed to work together for world peace, sources said.

Trump in his victory speech today said one of the first things he would do is to stop wars. India, too, is a trusted mediator of both the West and Russia in calling for peaceful negotiations to end the war in Ukraine....more

 

Harris or Trump In Closest-ever Race For White House

By Deepak Arora

NEW YORK: The D-Day for the 2024 presidential election is almost there. And the final batch of major national polls and swing state surveys shows the race between Vice President Kamala Harris and former President Donald Trump is as tight as it's ever been. According to the final Yahoo News/YouGov poll of the cycle, Trump and Harris are now tied nationally....more

Seven Swing States Could Decide Presidential Race Outcome

By Deepak Arora

NEW YORK: The Seven swing states are expected to decide the presidential race outcome beween Vice President Kamala Harris and ex-president Donald Trump. These key states include Pennsylvania (19 Electoral votes), North Carolina (16), Georgia (16), Michigan (15), Arizona (11), Wisconsin (10), and Nevada (6), collectively totaling 93 Electoral College votes. A candidate needs at least 270 out of 538 Electoral votes to win the election....more

Why US Votes In November But Inaugurates New President In January

NEW YORK: The United States has an electoral system and calendar unlike no other country. The nation votes in November but the new President is inaugurated in January. While many countries swiftly usher in new leaders, the US takes a more measured approach with an 11-week transition period. Although this duration may seem lengthy, it is, in fact, shorter than the four months that the Constitution originally permitted for the transfer of power from an incumbent president to their successor....more

Indian firms sanctioned by US didn’t violate domestic laws: MEA

NEW DELHI, Nov 2: India on Saturday said none of the 18 Indian companies sanctioned by the US this week for supplying electronic, engineering and aviation components to Russia had violated domestic laws, though authorities are sensitising firms to new export control measures that can impact their operations.

The Indian companies were among nearly 400 entities and individuals sanctioned by the US state and treasury departments on October 30 for enabling Russia to carry out its “illegal war” against Ukraine, readouts from the American side said.

Most of the Indian firms faced sanctions for shipping electronic, computer and aviation components and dual use goods to Russia.

“Our understanding is that the sanctioned transactions and companies are not in violation of Indian laws,” external affairs ministry spokesperson Randhir Jaiswal told a regular media briefing when asked about the US sanctions.

“We are also in touch with the US authorities to clarify issues,” he said.

Indian government agencies are conducting outreach events on strategic trade and export controls for Indian industries and stakeholders. In keeping with India’s established non-proliferation credentials, authorities are working with relevant departments and agencies to sensitise Indian firms on applicable export control provisions, and to “inform them on new measures being implemented that could impact Indian companies in certain circumstances”.

Jaiswal contended India has a “robust legal and regulatory framework” for trade in strategic goods and non-proliferation controls and said the country is a member of three key multilateral non-proliferation export control regimes – Wassenaar Arrangement, Australia Group and Missile Technology Control Regime (MTCR).

India has also effectively implemented relevant United Nations Security Council sanctions and UNSC resolution 1540 on non-proliferation, he said.