indian billionaire gautam adani is charged in the us with fraud over an alleged $250 million 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. and has not issued a statement yet. let's go to mumbai. what has been the reaction in india this morning? well, steve, as you pointed out, there has not yet been a reaction or response from the adani group because it is early in the morning. we are expecting the adani group to come forward with a response. they will have to respond given the markets are just going to be opening and this will not go down well with the investors of the multiple adani companies listed on india's stock exchanges. usually, the adani has responded to this kind of charge with a great deal of defiance, so it will be interesting to monitor what they have to say, given these are now charges and indictments by a court in new york. in the meanwhile, what we have seen though is that the opposition leader has come forward with a tweet. and i'm just going to

read out what he said. he says, the indictment of gautam adani and others by the securities and others by the securities and exchange commission of the us vindicates the demand that the indian national congress, which is the opposition, has been making since january 2023 for a joint parliamentary committee investigation. he also goes on to add that the sec�*s actions also cast a poor light on the manner in which its indian counterpart, which is the indian market regulator, have been going about investigating violations. so the opposition certainly is going to be doubling down on this matter is welcome steve. and just give us some background, why are mr adani and the adani group so prominent?— and the adani group so prominent? and the adani group so rominent? ~ , ., prominent? well, he is a huge art of prominent? well, he is a huge part of the _ prominent? well, he is a huge part of the indian _ prominent? well, he is a huge part of the indian economy. i prominent? well, he is a huge| part of the indian economy. his empire straddles everything from ports to infrastructure to airports. it is a presence that he has been increasingly building up over the course of the last five years. there is also a political angle to this, steve, because he is often accused by the opposition and

also several others of being very close to prime minister narendra modi, which is why responding to these charges from the government side also becomes very critical. also, it is not the first time that these sorts of allegations have been made against the adani group, steve. if you remember just a couple of years ago, a us short seller called hindenburg had essentially come forward with allegations of accounting fraud and market manipulation against their adani group that led to almost a $100 billion rout on its share price. just as those stocks are recovering now this comes to the fore.— stocks are recovering now this comes to the fore. yes, we will see what _ comes to the fore. yes, we will see what more _ comes to the fore. yes, we will see what more developments l comes to the fore. yes, we will - see what more developments come out from the story. thank you very much, speaking to us from mumbai. a scheme is said to have cost wall street bosses billions of

dollars. capital management collapsed in 2021wiping out 100 $20 billion in market value. the sentencing hearing is expected to resume on thursday. a florida man has been arrested and charged with plotting to set off a bomb at the new york stock exchange, according to court documents. according to the fbi, the man allegedly recorded himself saying, ifeel like bin laden, reference to the former al-qaeda leader responsible for the september the 11th attacks on the united states. returning to earnings. nvidia has reported another record quarter, with revenue nearly doubling year—on—year, as ai chip demand remains strong. the latest results got mixed reaction from wall street, with nvidia shares down 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 by end ofjuly, but were delayed due to design flaws. here's tech analyst

kirk boodry, wih his reaction to this latest earnings report. the first point is that the revenue growth is quite healthy. i know the headline numbers, when you look at it on a relative basis, have been coming down. 97% this quarter, 72% for the fourth quarter. but the absolute change is in tens of billions of dollars when you look at the growth year—on—year, and that hasn't changed very much. what do you make about this report about these blackwell chips that have been overheating? we've seen nvidia's stock price take a bit of a hit today. your thoughts on that, do you think it will have an impact, going forward? there is going to be volatility in the near term, for issues like this. it's a new product cycle, there's 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'll be a smooth process once again. now, nvidia has been the market leader when it comes to chips, do you see the competition getting close, or is it heating up at all? no. i mean, the short answer, you're not seeing that. the revenue growth that they're posting is so far above the rest of the semiconductor industry, which hasn;t grown industry, which hasn't 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, you know, 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. erik hovenkamp, an expert on anti—trust law, explains what's behind this action from the doj. the doj is going to argue that although this anti—trust case centres 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'll argue that google will continue to make itself a default on chrome and will continue to sort

of pressure other firms to prioritise google over competitors. and the doj has the teeth to enforce this? it's not at all clear that they do. i think actually, it's pretty unlikely that the court are going to accept this proposal. so normally, in anti—trust, a court is going to be reluctant to implement sort of an extreme remedy it could break up, if it thinks there is a simple way to address this conduct being challenged. so as i said, this is a case all about harmful contracts. and the court is going to think, well, why shouldn't i just terminate these contracts?

it seems like that would solve the problems that we've 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's sort of speculative at this point, it's not something, there is no sort of concrete evidence that that is going to happen, it isjust a concern that the doj is raising. so i think it's 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. for displacing extensive competition, expressly from chinese brands with strict new environmental rules and weaker than expected sales of electrical vehicles. shareholders of campbell soup company have agreed to drop the word soup from the firm's name after more than 100 years. the company, famed for its red and white label soup cans, said the change would help reflect its full range of products, adding that soup would always be on the shelves. a bbc investigation has found that british minicomputer is made for young people have been

shipped to russian companies that have been sanctioned for their links to the military. the raspberry pie circuit boards are designed to help children learn to code have been found in russian drones, used against ukraine. the company says it is shocked by the trade and had no involvement in the shipments. now let's recap our top story. gautam adani, the chair of india's adani group, has been charged in new york over allegations of massive fraud. mr adani has been indicted on with seven other defendants in connection with a bribery scheme involving one of the world's largest solar energy projects. the adani group did not immediately respond to a request for comment. shares are down 10% in mumbai and we will have more analysis in the next hour right here on business today. in the meantime, thanks for your company and i will see you again soon. bye for now.

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 friends, family 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 othere celebrities too, including simon cowell and james corden, who all came 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 the show. right, you're all caught up. have a great night! hello and welcome to sportsday with me, lizzie greenwood—hughes.

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 1a major trophies, but theirform has been patchy recently, and with the financial fair play charges hanging over city, wednesday's contract news has been a much—needed boost for the club.