indian billionaire gautam adani is charged in the us with fraud over an alleged 250 million dollar bribery scheme. nvidia's revenue almost doubles as the ai chip boom shows no sign of slowing. we'll take a look at the company's latest earnings report. hello and welcome to business today. i'm steve lai. gautam adani, the chair of india's adani group, has been charged in new york over allegations of massive fraud. mr adani, who is one of the richest people in the world, has been indicted — along with seven other defendants — in connection with a bribery scheme involving one of the world's largest solar energy projects. according to the indictment, on several occasions, mr adani, who has strong ties to indian prime minister narendra modi, personally met with an indian government official. the adani group did not immediately respond to a request for comment.

from new york, here's the bbc�*s north america business correspondent, michelle fleury. between 2020 and 2024, gautam adani and his co—defendants allegedly agreed to pay over $250 million in bribes to indian officials. to obtain lucrative solar energy contracts. during the same period, the adani group was trying to raise money from us investors. hiding the bribery scheme from them is the fraud that they're now charged with. with a business empire spanning coal, airports, cement and media, the chairman of adani group has been operating under a cloud in the us since 2023, when a high—profile company published a report accusing it of fraud. the claims, which mr adani denied, prompted a major market sell—off. during the us presidential election, mr adani threw his support behind donald trump. he recently announced a $10 billion investment in us energy and infrastructure

on the social media platform x. meanwhile, us attorneys, it's worth noting, are appointed by the president. michael, how significant is this move by the d0]? well, it is hue. this move by the d0]? well, it is huge- we — this move by the d0]? well, it is huge. we are _ this move by the d0]? well, it is huge. we are talking - this move by the d0]? well, it is huge. we are talking about, according to the indictment, huge amounts of money, as your reporter had noted before, $250 million in bribes. these are massive sums. what is also significant is that for the less nearly two years, mr adani has been trying to rehabilitate his image and trying to show that those earlier fraud allegations levelled by the group were not true. and his companies and his businesses had actually been doing quite well, there had been a number of new deals and investments made over the last three years, so this is just a body blow. according to this billionaire,

who really had done a very good job of shaking off the potential damage of those earlier allegations. but these are really serious, these new allegations. it are really serious, these new allegations.— are really serious, these new allegations. it might be harder to shake off — allegations. it might be harder to shake off ones _ allegations. it might be harder to shake off ones from - allegations. it might be harder to shake off ones from the - allegations. it might be harderl to shake off ones from the d0]. to shake off ones from the doj. what happens next in terms of the legal process?— the legal process? well, still t in: to the legal process? well, still trying to get _ the legal process? well, still trying to get a _ the legal process? well, still trying to get a sense - the legal process? well, still trying to get a sense as - the legal process? well, still trying to get a sense as to i trying to get a sense as to what is going to happen next. i mean, we could be very sure that adani and his team will be able to put together the best possible legal team out there. and at this point, i think we are still trying to get a sense as to what is going on here. we have really the indictment and nothing else. so i think at this point for adani and his team, it isjust a this point for adani and his team, it is just a matter of putting together the best possible legal team to try to fight these allegations. still very early. _ fight these allegations. still very early. in _ fight these allegations. still very early, in the _ fight these allegations. still very early, in the early hours in india, but what sort of reaction are you expecting with regards to the us charging one of its most high business people? of its most high business --eole? ~ of its most high business eo le? . �* ., of its most high business --eole? ~ �* . , of its most high business --eole? ~ ~ . , people? well, adani himself has alwa s people? well, adani himself has always defiantly _ people? well, adani himself has always defiantly rejected - always defiantly rejected allegations against him and

many members of the public in india have done the same. and i suspect that it will be the same case here. already, we have seen on social media some indian commentators and observers are essentially saying that this is political and that this was the biden administration essentially reacting to the fact that adani had recently praised donald trump for his election victory. so clearly, just a lot of defiance and denial if this could be the case. it is true that at this early point, we have not heard any type of response from the indian government and i think that will be very interesting. just because of your reporter said before, it is known that adani and prime minister modi do have and prime minister modi do have a relationship, there is a friendship that is not expressed publicly these days, but there certainly is that connection there. and i think it is no coincidence that over the last few years, adani's portfolio has really reflected

modi's own policy priority, starting with infrastructure and more recently, clean energy. so it will be interesting to see how the indian government response to these allegations, if it response at all. i these allegations, if it response at all.- response at all. i 'ust quickly, fl response at all. i 'ust quickly, michael,h response at all. ijust quickly, michael, thej response at all. ijust i quickly, michael, the us response at all. ijust - quickly, michael, the us india business relationship, help has it been affected by cases like this? i it been affected by cases like this? ., �* ~' it been affected by cases like this? ., �* ~ , this? i don't think it will be impacted _ this? i don't think it will be impacted all _ this? i don't think it will be impacted all that _ this? i don't think it will be impacted all that much. it| this? i don't think it will be l impacted all that much. it is noticeable that —— notable that earlier this year, the us government concluded a half $i government concluded a half $1 billion deal with adani for a port infrastructure development project in sri lanka. so the us government, the biden administration has a formal deal on the table with adani right now. but the us india business relationship is a very large one, it is very multifaceted one and i think that even with these very allegations against someone, such a major player in the indian economy, i don't think we should overstate the impact that this could have on that relationship. we that this could have on that relationship.— that this could have on that relationship. we will leave it there, thanks _ relationship. we will leave it there, thanks so _ relationship. we will leave it there, thanks so much i relationship. we will leave it there, thanks so much for i relationship. we will leave it i there, thanks so much for your

insight today and your perspective. michael, from the wilson center. nvidia has reported another record quarter, with revenue nearly doubling year—on—year, as ai chip demand remains strong. although the latest earnings report recieved a mixed reception on wall street, as the company's share price slipped over 2.5% in after—hours trading. investors are paying particular attention to revenue coming from blackwell ai chips, with chief executive jensen huang saying the line—up is in full production. the chips were meant to be shipped somewhere between may and july, but were delayed due to design flaws. kirk boodry. the first point is that the revenue growth is quite healthy and i know the headline numbers when you look at it on a relative basis have been coming down is 97%, 72% for the fourth quarter. but the absolute changes in tens of billions of dollars when you look at the growth year on year, and that hasn't changed very much. what hasn't changed very much. what ou make hasn't changed very much. what you make about _ hasn't changed very much. what you make about this _ hasn't changed very much. what you make about this report i you make about this report about these blackwell chips that have been overheating? we

have seen nvidia's stock price take a bit of a hit today, your thoughts on that committee think it will have an impact going forward?— think it will have an impact going forward? there is going to be volatility _ going forward? there is going to be volatility in _ going forward? there is going to be volatility in the - going forward? there is going to be volatility in the near i to be volatility in the near term when you see issues like this. nvidia's shipping blackwell, it is a new product cycle, there is always kinks that need to be worked out. whether you can get all the components. in this case, server design, you need to make sure everything is working properly. these are tweaks, as opposed to major corrections. we think as you get into next year, the deliveries do start to come through and it will be a smooth process once again. nvidia has been the market leader when it comes to chips, do you see the competition getting close or is it heating up getting close or is it heating up at all? getting close or is it heating up at all?— up at all? no. i mean, the short answer— up at all? no. i mean, the short answer is _ up at all? no. i mean, the short answer is you i up at all? no. i mean, the short answer is you are i up at all? no. i mean, the| short answer is you are not seeing that. the revenue growth they are posting is so far above the rest of the semiconductor industry which has not grown in double digits since 2002. whether you could

have existential external threats from other companies is a possibility, but you probably are years away from that. even being able to analyse that. turning now to google. which might soon be required to break up its web browser, chrome. this follows an anti—trust case ruling in august, where google was deemed to have an illegal monopoly when it comes to on online search and related advertising. chrome is the world's most popular internet browser, estimated to be worth around $15 to 20 billion. the ruling will impact other browsers like microsoft's edge, brave and opera, all of which use chrome's open—source browser software. for more on thejustice department's proposal, let's bring in erik hovenkamp an expert on anti—trust law. the doj is going to argue that although this case and mainly on contracts with other big firms like apple, that eliminating those contracts is

essentially not going to be enough, that google might still find ways to distort competition in harmful ways all by itself, without having the contract with these other firms. and in particular, they argue it will continue to make itself a default on chrome and will continue to sort of pressure other firms to prioritise google over competitors. in prioritise google over competitors.- prioritise google over competitors. prioritise google over cometitors. , . competitors. in the doj has the teeth to enforce _ competitors. in the doj has the teeth to enforce this? - competitors. in the doj has the teeth to enforce this? it - competitors. in the doj has the teeth to enforce this? it is i teeth to enforce this? it is not at all _ teeth to enforce this? it is not at all clear— teeth to enforce this? it is not at all clear that - teeth to enforce this? it is not at all clear that they . teeth to enforce this? it is i not at all clear that they do. anything actually, it pretty unlikely that they are going to accept this proposal. so normally, in anti—trust, a court is going to be reluctant to implement sort of extreme remedy i could break up if it thinks there is a simple way to address this conduct are being challenged. so as i said, this is a case all about harmful

contracts. in the court is going to think, well, why shouldn't ijust going to think, well, why shouldn't i just terminate these contracts? it seems like that would solve the problem that would solve the problem that we have just spent four years litigating. again, the doj is going to argue that they might still do other stuff, other harmful things. the issue is that that sort of speculative at this point, it is not something, there is no sort of concrete evidence that thatis sort of concrete evidence that that is going to happen, it is just a concern that the doj is raising. so i think it is a long shot, it is a bit of a hail mary, it could work. but i think more than likely, the court is going to limit its remedy to less intrusive options. remedy to less intrusive optiona— remedy to less intrusive otions. , ., , ., ., options. our top story, one of india's richest _ options. our top story, one of india's richest men _ options. our top story, one of india's richest men gautam i india's richest men gautam adani has been charged with fraud. we will have more on that in the next hour.

and that's it for this edition of business today. thanks for watching.

hey, i'm ben, and this is the catch up! tonight — logan paul crypto controversy, a proposed social media ban

and a stunning space launch. but first, the family, friends and former bandmates of liam payne have gathered to remember the one direction star at his funeral today. it comes just over a month after he died at the age of 31. 0ur reporter mollie perella was there. it was a private, low—key ceremony here in amersham, in buckinghamshire. liam payne's coffin arrived in a white, horse—drawn carriage with flowers on top that spelt out "daddy" and "son". his ex—partner cheryl was here, along with his girlfriend, kate cassidy. and there were celebrities too, including simon cowell and james corden, who were all here to pay their respects. some other stories now. logan paul is facing questions over the way he has promoted certain cryptocurrencies. the influence of the social media star seems to have caused prices to spike,

leading to suggestions he could have profited from selling the tokens he had. he denies any wrongdoing. social media for under—16s could be banned. that's according to the government's tech secretary, peter kyle, who told the radio 4 today programme he would do what it takes to keep children safe online. and pep guardiola is staying at manchester city for at least another year. he's signed a contract until 2026, which will come as a relief for city. they're struggling for form on the pitch and facing 115 charges for alleged breaches of financial rules. and time now for ten seconds of funky space lights! this stunning light show was seen in the sky at the most recent spacex falcon 9 launch. the rocket took off from california and as it left the earth's atmosphere, put on quite a show. right, you're all caught up now — have a great night! hello and welcome to sportsday with me, lizzie greenwood.

here's what's coming up on the show. staying — pep guardiola agrees to make his manchester city career a decade long. italy celebrate, after claiming their first billiejean king cup in 11 years. and we hear from warren gatland on his future, as his wales team face a whole calendar year without a test win. hello again. we're going to start first of all with this man, pep guardiola, who has agreed to sign a new deal at manchester city. it's only an extra year, but by the time his new deal runs out, guardiola will have been at city for a decade. in that time, he's racked up 11i major trophies, but theirform has been patchy

recently, and with the financial fair play charges hanging over city,