adani charged forfraud — one of the world's richest men is indicted in the us over an alleged multimillion—dollar bribery scheme. the ai boom continues — nvidia's profits near double, as demand for chips keeps growing. and crisis talks at vw — the german auto giant meets unions in a bid to avoid closing three factories. welcome to business today. gautam adani, the chair of india's adani group, has been charged with a massive fraud. mr adani, one of the world's richest people has been indicted — along with seven other defendants — in connection with orchestrating a $250 million bribery scheme. us prosecutors allege the tycoon and other senior executives bribed indian officials to win contracts for his renewable energy company.

it's expected to make profits of around $2 billion over the next 20 years. the adani group has denied the allegations, calling them "baseless". but it's been enough to spook investors. shares of adani group fell over 20% in thursday trade, wiping over $40 billion off the group's overall value. from new york, here's our north america business correspondent, michelle fleury we cannot bring you that clip from michelle, but let's talk to our correspondent in them by. let's cross live now to archana shukla in mumbai. give us the reaction there to this. �* . give us the reaction there to this. ~ ., ., , ., , this. the adani group has denied all _ this. the adani group has denied all of _ this. the adani group has denied all of the - this. the adani group hasi denied all of the charges, calling them baseless. they say that these are allegations and that these are allegations and that these are allegations and that the defendants are innocent until proven guilty.

they will have all of the legal recourse at hand to defend themselves, but they did have to scrap a bond issue that they had just raised before the news of the indictment came. that has been one of the first big blows. obviously the impact of the reputational damage. investors have been spooked, stocks across the companies of the group are down more than 20% and closed much further in the trade. there is a sense that this is the second biggest blow in the last two years that the adani has seen. the first one was when a us short seller came out with a damaging report, calling adani out for market manipulation and fraud, which wiped out $100 million from the market valuation. this is the second in two years and may be too much for the company to handle in the short—term. that is the reaction from the company. how has this gone down

across india? it is such an important company, and a man thatis important company, and a man that is so prolific in indian business. that is so prolific in indian business-_ that is so prolific in indian business. ~ , , ., business. absolutely. it is a $200 million _ business. absolutely. it is a $200 million company - business. absolutely. it is a $200 million company in i $200 million company in renewable energy. adani is one of the most important players in the green energy space, with the indian government's ambitions to take the green energy targets ahead for india. so certainly all of the eyes are there. at the same time, it is a company that has had out of criticism for its oximetry to the prime minister, with the opposition calling for a probe into some of the scams that have been focused on the adani group. these charges are adding to the political storm in india, so both on the economic

and market site as well as the political side, this news is creating a lot of ripples in india. . ~' ,, creating a lot of ripples in india. . ~' ., . , india. thank you. i notable follow that _ india. thank you. i notable follow that story _ india. thank you. i notable follow that story for - india. thank you. i notable follow that story for us. . india. thank you. i notable| follow that story for us. for now, thank you. the chipmaker nvidia has nearly doubled its revenues reporting record quarterly profits of $19 billion. the firm has been a major beneficiary of the race to develop and adopt artificial intelligence, with demand for its ai chips soaring. nvidia reported quarterly sales of more $35 billion — far more than market forecasts. its shares have tripled in value this year. with a market value of $3.6 trillion, it is the world's most valuable listed company. here's the view of one expert on why shares actually fell slightly on the news, and whether it was just profit taking. i suspect it probably is, because at the end of the day, these things happen like that. also in the longer term, there

is a bit of a worry that there is a bit of a worry that there is so much money going into ai and investors are not the most patient of people, they want to see the return of that. these returns take a lot longer to happen than perhaps a lot of people really want them to. it is a combination of the normal thing is part of the cycle, it is part of what happens, there want to take their investment and move onto the next part. nothing immediately to worried about. to germany now, where the crisis at one of the world's largest car manufacturers steps up a gear. later today, volkswagen will resume talks with the union ig metall in a bid to avert the possible closure of factories. volkswagen is planning to shut at least three factories in germany and lay off tens of thousands of staff as it struggles with falling revenue. let's talk to professor david bailey, who can give us his assessment of what is

happening. there is so much going on here in the car market for legacy car—makers. some of what vw is tackling here. w; what vw is tackling here. vw has the same _ what vw is tackling here. m has the same problems as anybody else, a big slowdown in china where it made a huge profit before. i slowdown in ev demand in europe and us, the chinese brands entering the european market and taking market share, and on top of that they have higher costs than some other car—makers, particularly in germany. a triple or quadruple hit that they are facing the moment. this is hot on the heels of ford earlier this week. they are struggling primarily because of that shift to ev, with higher costs as legacy car—makers, but supply coming from china and the growth of chinese car—makers. did none of them see this coming? the? chinese car-makers. did none of them see this coming? they have been way too _ them see this coming? they have been way too slow. _ them see this coming? they have been way too slow. volkswagen l been way too slow. volkswagen in particular was pushing diesel for a long time which came to a sticky end a few years ago. they were slow to

get into electric vehicles. china has been at this were 25 years, it has a massive advantage in making batteries and electric cars and can do so at a 30% or 40% lower cost. they are increasingly entering the european market. trample be introducing terrace to keep them out, and the european union will be trying that as well to buy time for european car manufacturers to catch up. you mentioned those trump tariffs that we will talk about in a moment. it is a huge cloud on the horizon for global trade as a result. i wonder who stands to lose more there. is it european car—makers or chinese car—makers? we know the trade war between the us and china is in full force. will that be a benefit for european car—makers, if trump slaps bigger tariffs on those coming from china? in bigger tariffs on those coming

from china?— from china? in terms of economic— from china? in terms of economic impact, - from china? in terms of economic impact, chinaj from china? in terms of - economic impact, china will feel more of the pain. but they have been targeting the european market in terms of increasing exports from china to europe. europe is increasing tariffs as high as a0%, which may not be enough to keep the chinese out. in terms of the trump tariffs that are coming, if they come, they will be a particular problem for european car—makers that don't produce in north america and are exporting there. that is a particular problem for volkswagen. it is looking to relaunch in the us, its cars have not been going very well, and exports in europe may be hit by these tariffs in future. thank you. always good to talk to you. we will talk more on this as more details develop. in brussels today, eu trade ministers will take part in the latest talks on international trade. there are particular concerns about the impact of the recent us presidential election

on european trade and exports. the incoming president donald trump has pledged to impose universal tariffs of 20% on all us imports. let's cross live now to sam lowe, partner, trade and market access at advisory firm flint global. good to have you with us. if me yoursense good to have you with us. if me your sense about what this meeting might achieve, because we know that president trump has talked tough on tariffs. the eu is susceptible to them. does it have any alternatives here? ., , ., here? to the extent they are able to get — here? to the extent they are able to get into _ here? to the extent they are able to get into a _ here? to the extent they are j able to get into a discussion, what they should be talking about is what to do right now. even prior to trump's inauguration next year, countries are already starting to enter into discussions with the team around him to work out their strategy. while there is an assumption that trample go ahead with the universal tariff, there is an assumption that, as happened last time, he

will do deals. some of those will do deals. some of those will be country specific, some company specific and some product specific. from an eu perspective, it is a decision about how best to approach these discussions with trump, what leverages needed, whether the eu will have to threaten retaliation in certain sectors, and whether they can do it in a unified way. the concerns are that trample try to negotiate with individual member states and pick off those that are perhaps more compatible with his own agenda.— his own agenda. that's interesting, _ his own agenda. that's interesting, because i his own agenda. that's - interesting, because ministers will meet today and try to speak as one voice, as a block, as a european union, but they have very different interests, whether it is german carmaking or luxury goods from france or italy. they want different things from these trade deals, don't they?— things from these trade deals, don't they? they have different interests. _ don't they? they have different interests, but _ don't they? they have different interests, but also _ don't they? they have different interests, but also there - don't they? they have different interests, but also there is - don't they? they have different

interests, but also there is a i interests, but also there is a difficulty in that while one of the things that trump asks for is greater access to the eu market for us goods in return for him exempting eu exports from tariffs, it is something thatis from tariffs, it is something that is an eu competence, he might ask for things that are not something the eu can necessarily give. for example, he might ask that member states purchase more us weapons. that is not decided at the eu level, but by individual member states. it might be a temptation for some countries, such as hungary, to try to get their own deal and perhaps have hungarian goods exempted, rather than pursuing an eu wide approach. we rather than pursuing an eu wide a- roach. ~ , approach. we will see where they land- — approach. we will see where they land. always _ approach. we will see where they land. always good - approach. we will see where they land. always good to i approach. we will see where i they land. always good to talk to you. in other news: the us government

has proposed making sweeping changes to the internet giant, google, to break up its dominance in online searches, including selling off its chrome browser. it comes after a landmark ruling in august that google maintained an illegal monopoly that crushed its competition. gary wang, the co—founder of the collapsed crypto platform ftx has avoided prison time after assisting prosecutors in the sam bankman—fried case. at a hearing on wednesday, a judge said mr wang "immediately did the right thing" by travelling to the us soon after the firm's collapse in 2022 and offering his full assistance to law enforcement. ftx's other co—founder, sam bankman—fried, was found guilty of fraud and money laundering and sentenced to 25 years in prison. much more on all those stories on the bbc news website. that is how your business looks today. more for you very soon.