this bitcoin source is an official who led a crackdown on the us crypto industry says he will resign from his role. plus what lies ahead for india's adani group's empire with its boss and senior executive facing four charges in the united states. hello and welcome to business today with me steve lai. they are watching $100,000 mark for bitcoin and this comes after the securities and exchange commission said its chairman gary gensler who led a revelatory crackdown on the crypto industry will be stepping down. president—elect donald trump who will take office in january donald trump who will take office injanuary is viewed to be supportive of cryptocurrency�*s. the bbc�*s ritika gupta has more from new york. bitcoin is heading towards the $100,000 threshold while the master number itself is more psychological

than meaningful, it is striking that bitcoin is notching record after record high and the latest boost has come from the announcement that a securities and exchange commission chair, gary gensler, who led a us crack down on cryptocurrency will step down onjanuary on cryptocurrency will step down on january 20. that's also the day donald trump will be sworn into the white house. investors have remained bullished the policies from the incoming trump administration, bitcoin has soared about 40% since trump's presidential victory. and reports of president—elect�*s transition team discussing the possibility of a first ever role for crypto policy also sent the token higher. bitcoin has been a key component of the trump trade as trump has promised to explore crypto friendly initiatives, including the creation of the bitcoin national stockpile and the replacement of sec chair gary gensler and that's in addition to the flurry of optimism for the digital assetin of optimism for the digital asset in recent weeks. software company micro strategy

has been ramping up purchases of the token and options on bitcoin etx debuted attracting big inflows. there's been a busy week for president—elect donald trump who has been picking key members of his next administration. he'sjust named a pam bondi as he's new pick for attorney—general, replacing matt gaetz. meanwhile in foreign policy, both marco rubio and howard lutnick will play pivotal roles in implementing trump's high tariffs on china. for energy, chris wright will look to increase drilling for liquid gold and then there is elon musk and then there is elon musk and vivek ramaswamy, tasked with making the government more efficient. there's the question of who trump will select for treasury secretary. for more on how the appointment secretive in nature, let's bring in frank. he was a former us trade negotiator for china he was a former us trade negotiatorfor china and he was a former us trade negotiator for china and india. he had enormous number of problems, behavioural issues and legitimate concerns about policy depth and management capabilities and so, he set a real speed record for the speed in which he was nominated and the speed in which he withdrew so that

went very quickly but i think went very quickly but i think we ended up in a better place. tell us a bit about pam bondi then. well, she served on the trump white house, the legal team in the first and trump in she went in one race for state attorney general and state of florida saw and state of florida saw a major state position and attorney general position so she at least has policy depth and management depth as well as demonstrated trump loyalty and familiarity that he requires in his cabinet team. trump has been very quick to name cabinet positions, although he would like to install. treasury secretary, so far no names there, what are your thoughts on what that could be and who you think is in the running? i tell you this, i find it encouraging that that is a bit more protracted process because it tells me thatis because it tells me that is going through some considerations that the people on undertaking scrutiny and that was the precise of problem with matt gaetz. 0ne of problem with matt gaetz. one of the problems with treasury secretary is they require a high degree

of loyalty and one of trump initiatives is this tariff initiatives is this tariff initiative and most people from serious economic orfinancial from serious economic or financial background do not support tariffs. so it is very difficult to find high—quality person with real wall street credentials who says tariffs is a good idea. speaking of those tariffs, the international community is looking on to see is looking on to see is was going to be taking these key positions, and it could have an impact here in asia. well, i suspect is going to go ahead with some version of the china tariffs, the other tariffs were so broad, they were universal, he said 20% on tariff for everybody which, again, you won't find a serious economist around who doesn't think that's a bad idea. so, i'm sceptical with how far they go with that and put that into place but if he does, it's harmful to asia and the united states. i saw something or materialise with sue china, sometimes with sue china, sometimes with tariff regimes, he did the last time but i'm sceptical whether he goes the distance with the universal tariffs on the whole world. good person to ask about this being a former us trade negotiator, how would you advise countries to be looking at the incoming trump administration on how they could do business with them? trump respects engagement. the people who show up and have a conversation with them tend to be better off so i wouldn't run and hide evenif so i wouldn't run and hide

even if you find them unappealing or difficult to work with, you're better off seeing him and there might be some areas where we can move, for example, trump after all of his anti—trade rhetoric in his first term, he went out inside a digitalfree in his first term, he went out inside a digital free trade agreement with japan. why couldn't he do that with asean? that with asean ? that that with asean? that would be a step ahead for asean and for the us and it will change the conversation from how high can we move tariffs or are there areas where we can we co—operate? so we can try to get something. turning to india where we are following the latest after us prosecutors charged after us prosecutors charged a tycoon and other adani group executives with forward. shares of the empires with printers extending from ports to renewable energy have been hit. kenya's president has also cancelled two major deals with adani group. tell us about the fallout. for both investors as well as partners, the confidence has shaken and we saw that in the stock market reaction yesterday where all of adani group stocks

were battered and the group lost more than $14 billion in market valuation. it is also hurting business already. the bi . . est hurting business already. the biggest impact _ hurting business already. tue: biggest impact on hurting business already. tte: biggest impact on fallout has been the kenyan government cancelling two big deals with adani donnie ecker government, 12.5 billion—dollar deal to revamp the airport and at another 735 lynn dollar deal to set a power transmission line. these deals were very crucial for adani group, one for the entry in to africa and tie into the big global expansion plan that adani has been talking about. and with these cancellations, other government projects also go into a re— look and that kind of cheer prizes the overall global expansion plans for adani. yesterday, just when they did that, adani had described a $600 million in a bond issue that they had done and that is one of the first experts say

raising capital in the market with this increased scrutiny would be the other biggest impact at the moment and most other dunny projects are cash guzzling projects and i'll be a big impact. guzzling pro'ects and i'll be a big impact._ guzzling pro'ects and i'll be a big impact.— big impact. dunny suffering across the _ big impact. dunny suffering across the board _ big impact. dunny suffering across the board with - across the board with significant smaller as well for india in fact? significant smaller as well for india infact? !adani. tt’s india in fact? !adani. it's one of the _ india in fact? !adani. it's one of the biggest - india in fact? !adani. tt�*s one of the biggest clonaridis and against them does put in fact affect the overall business sentiment as well, and secondly adani's projects are very sensitive to india's growing demands and prime minister aranda modi's policy moves whether it's on infrastructure or clean energy so, money not coming in or difficulty to raise money for big infrastructure projects would definitely affect some of the bigger infrastructure projects in the country. at the same time, with political ramifications because opposition parties have started

calling forjoint parliamentary probe in most of the projects being awarded to adani as they have been criticising the project being awarded to adani have been given because of his proximity to prime minister under ranger modi, something which the company has been denied. , ., , .,, which the company has been denied. , , denied. globally has finished the latest — denied. globally has finished the latest climate _ denied. globally has finished the latest climate talks - denied. globally has finished the latest climate talks in . the latest climate talks in azerbaijan, one of the was leading was on climate change finances told the bbc that the global tax burden will have to go global tax burden will have to 9° up global tax burden will have to go up to pay the bill. he is co—chair of the independent high—level expert group on climate finance, my colleague ben thomson asked about how governments can meet their commitments to a green transition. t commitments to a green transition.— commitments to a green transition. i think it's the fossil fuel _ transition. i think it's the fossil fuel subsidies - transition. i think it's the | fossil fuel subsidies today about $17 globally, both production subsidies and consumption subsidies. it's important for us to realise that the subsidies needs to phase out carefully because of our not done well, and sometimes it is the poorest pay the highest price and we've

seen many african countries from his 0pr to senegal, to nigeria trying to phase out fossil fuel nigeria trying to phase out fossilfuel subsidies, some people would still need a subsidy but we don't want to be subsidising them for our private jets. subsidising them for our privatejets. we subsidising them for our private jets. we have to subsidising them for our privatejets. we have to make sure that we phase it out efficiently. i think the lasting that we need is to have energy shortages which then will increase prices and make it very difficult for us to actually do orderly transition. when you talk about the scale of this— when you talk about the scale of this challenge, it's clear that— of this challenge, it's clear that the _ of this challenge, it's clear that the needs to be some tough decisions, — that the needs to be some tough decisions, governments are going — decisions, governments are going to _ decisions, governments are going to have to choose what they— going to have to choose what they can _ going t