bitcoin soars as 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 empire. with its boss and senior executives facing fraud charges in the united states. hello and welcome to business today. i'm steve lai. let's begin in the united states, where investors are watching bitcoin as it approaches the historic $100,000 mark. this comes after the securities and exchange commission said its chairman gary gensler, who led a regulatory crackdown on the crypto industry, will be stepping down. president—elect donald trump, who will take office injanuary, is viewed to be supportive of cryptocurrencies. 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 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 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. it's been a busy week for president—elect donald trump — who has been picking key members of his next administration. he'sjust named pam bondi as his 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's elon musk and vivek ramaswamy — tasked with making the government more efficient. there's also the question of who trump will select for treasury secretary. frank lavin is a former us trade negotiator for china and india. he started by explaining why mr gaetz withdrew from the race. 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 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 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 that is going through some considerations that the people on undertaking scrutiny and that was the precise of problem with matt gaetz. that he didn't consider this personal baggage and the controversies that matt gaetz had so if it takes speaking of those tariffs, the international community 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 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 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 digital free trade agreement with japan. why couldn't he do 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. beijing has responded to the threat of tariffs from president—elect donald trump. wang shouwen — china's vice commerce minister said china will be able to "resolve and resist" the impact of external shocks. since the campaign trail days, the incoming president has been talking of imposing levies of up to 60% on goods from china. turning to india, where we are following the latest after us prosecutors charged tycoon gautam adani and other adani group executives with fraud. shares of the empire — with businesses extending from ports to renewable energy — have been hit. the adani group has

denied the allegations, calling them "baseless". the bbc�*s archana shula joins us now. archana, what has been the fallout? the investor as well as partners for both the confidence are shaken. we saw in the stock market trend yesterday where overall the group stocks lost about $34 billion in market valuations, all the stocks in the group companies were battered and stocks and bonds of the company are expected to remain under pressure in becoming trading sessions as well. the indictment charges are all pretty hurting business. we heard the canyon government council two major deals, $1.25 billion deal to revamp the nairobi apple and another 735 million dollars deal to set up power transmission lines. these were big businesses that adani

were big businesses that adani were counting on as part of its big global expansion plans these cancellations may also trigger reassessment and look at other government projects across the globe where they have been trying to get projects. it hurts the global expansion. at the same time the impact of inability to raise funds in the international market that the scrutiny will have will impact of the ongoing businesses as well. we know yesterday adani had to scrap a $600 million bond issue they were raising just after the indictment news came out. experts say this could be one of the last in the recent times that adani will be able to tap the international markets for funds and it will certainly impact. the reputational damage the bribery charges bring will take a while to go away. tell us about _ take a while to go away. tell us about the _ take a while to go away. tell us about the significance of this and notjust to be adani group but india more broadly.

it is one of the biggest conglomerates in the country. the $200 billion empire spanning from ports to airports to renewable energy, it is kind of intertwined with the indian economy. they are the largest ports and green energy, the largest pallet producer and most of their programmes and projects are in line with the payment of the niger moody's focus and hence any disruption to that money not coming in for the ongoing projects does affect the ongoing infrastructure projects and also affect the political equation in the country with opposition parties asking for adanl opposition parties asking for adani. . ~' ,, as global leaders finish their cop climate talks in azerbaijan, one of the world's leading voices on climate change finance has told the bbc that the global

tax burden will have to go up to pay the bill. vera songwe told my colleague ben thompson how governments can meet their commitments to a green 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 opr to senegal, to 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 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 challenge, it's clear that the needs to be some tough decisions, governments are going to have to choose what they can afford to spend on and what they cannot. inevitably, taxes will have to go up to pay for this, ido? taxes will have to go up. 1.4julian dollars, we have to make sure that in many of developing countries in africa in particular, tax revenue to gdp on average is 17% in europe, its 34%, we cannot expect the developed world to continue closing the gap for the emerging markets but we need one, if you give better technology to developing countries, they can then grow the manufacturing and talking about an environment where we have over 6000 trade restrictions in the global economy, we need to lift them so the trade happens in a more fluid way and generates jobs, creates the incomes i would raise the taxes that are needed with this transition to happen so it's assist systemwide composition that we need to have.

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

hello, i'm ruby with the catch up. tonight — arrest warrants issued, trouble in dubai and are celebrating a little difference. but first, vladimir putin says russia has hit ukraine with a new type of missile. days after kyiv used western supplied weapons. in a surprise address of the nation, putin said he reserves the right to strike countries that have supplied weapons to ukraine, this now includes the uk and the us. the international criminal court

has issued arrest warrants for israel's prime minister and former defence minister. as well as the military commander of hamas. the icc says benjamin netanyahu and yoav gallant could be responsible for crimes against humanity. they believe they've used starvation as a war tactic and targeted civilians. there's also a warrant out for hamas leader mohammed deif whose brother has been killed. both israel and hamas denied the claims against them. some other stories now, an 18—year—old from london has been told his holiday romance in dubai could land him in prison. he was on a family holiday when he had sex with a 17—year—old also from london. the girls mum found out and reported to police in dubai who arrested him. the government says they are supporting marcus and his family. time now for ten seconds of friendship, proving size peally does not matter.

the world's tallest lady and the world's tiniest lady meet together for the first time for a tea at the hotel in london. you're all caught up now, have a good night. hello and welcome to sportsday. i'm jane dougall. a last gasp goal for the gunners sends them into the quarterfinals of the women's champions league. he's staying on — guardiola signs a new deal, and admits he was planning to leave manchester city. plus: we look back at the incredible career of double olympic gold medallist alistair brownlee who's announced his retirement.