this goes back to one of the key points that hindenburg has raised.w the level of volume of publicly tradable shares, many of the entities that hold them are the same offshore entities that hindenburg flags in its report. the risk further down the line, hypothetical risk, is a delisting if msci comes to that conclusion. this is the next step in the story. part of the engagement around the business we cover in the story i wrote is questions from investors. what is the end goal? we do not know the end goal, we have no idea of hindenburg still holds its short position or if it has closed it. when we spoke to academics, they make the same point. headlines continue to come, the market moves. the market has no idea whether the short position is still open. that is one of the negative size of the activist short-sellers model. kriti: about 30 seconds, i want to add numbers. is there any indication -- he mentioned the short position. if the selloff is enough to justify pulling out, with your history covering hindenburg research, what does it tell you? ed: that

when you look at the hindenburg allegations, do they hold any water for you?> hindenburg has summarized many of the shortcomings that people have been talking about about the adani group. i would say that issues regarding the financial stability in terms of the leveraging, in terms of current ratios and in terms of apart from the high leveraging, a lot of the promoters shares of pledged banks to run -- have more equity with the balance sheets suggesting. these are the really important issues for any lender. that would not be a crime. we have had so many companies in the market has a way of correcting the shares. other than the allegations of the hindenburg, the report relates to market manipulation and in terms of the market manipulation, there is not enough evidence that would show market manipulation. , the city should be looking at it. it's important enough -- a big way and please talks. but there is enough to see that there could be market manipulation because it is very little in the shares have gone up into the stratosphere, so there is enough of empiric

in a sense, or you know, it's true that, that hindenburg, herb. but one of the things that that has come on the scrutiny on one of the things that, that, that hindenburg is getting criticized for is the timing of the, of the related for just 3 days. before the attorney 1000 craw, donnie made it public offer up. you know. so the finding as in question. but the but hindenburg has said that, that they have done it openly and transparently. and they have declared that they were shocking by them if they're not starting to share that they are actually shorting by barnes in the, in the global markets. and there they are openly declaring that they are of the, out of the search from a doubt. they also are also a hedge fund which is shot in the i, donnie bonsa, so so, so, so, so back as dec leim and bit and they have mids city, though, acquisitions against any which we, donnie, has denied. and the, and on you have to be can in the court. so we will go once america, each of the court, the be when no one will be out of about the velocity of those allegations.

a report by the us activist investor group hindenburg research triggered the dramatic full to report cast doubt on the value of the indian group and accuses the downing of market manipulation over indebtedness and accounting fraud. i. danny, cancelled the groups share if p. o. but he assured investors that the company is healthy. the fundamentals of our company are very strong. on balance, it is heavy and assess robust. got my darn, he rose from a school drop out to become the richest man in asia. his $220000000000.00 empire is building a large part of india's infrastructure on government contracts and supplies. india with energy and armaments. the 60 year old rejects the hindenberg accusations, but a donnie is involved in so many sectors of india's economy. that analysts fear the fall of a donnie could be the 1st in a chain of dominoes. for more or less bringing the w correspondent, charo car, to gay in deli charo india central bank is now reportedly asking the countries financial institutions about their exposure to the dani group. are the troubles of the conglomerate, a threat to

this whole picture we heard from adani, saying that in response to hindenburg research, the report isust a conspiracy against the rise of india's and economic power. the markets are not really believing that these is, what do you make of it? >> the adani response is quite predictable. first of all, whenever you are accused of fraud, you are denied -- you deny it. that is standard. that is not limited to adani, it happens to anybody who was accused of fraud. but the adani response is on top of that, to drape itself in the indian flag. that is a strategy that is borrowed directly from adani's very close allies in the indian government. whenever there is criticism of the indian administration, they drape themselves in the flag and say this is an attack on india as a whole. the standard response from the government is -- has now been barred by adani. all the accusations from the report, they have not come back with any substantive response other than to say this is an attack on the country and an attack on its potential foreign geopolitical power. rishaad: you refer in your notes about cu

but more importantly, and this is where the hindenburg picture really becomes important. the group has chart says not on the phones, so i'm doing cash. but donnie shows focus on international buyers. so whatever happens with the positions exposure, donnie group, external international one would have gamification on the company and in the stock market. now as you mentioned, the dani is closely associated with their end remote east india elementary and see how the prime minister handled with so so far we've not really heard the prime minister dawn of course, and much of the government ministration. and the popular mainstream media has not been picked up on the news at the same time. what he would really be is that the movie line as being delivered to the government's business strategy in the last 9 years, the line so. so i was just be, we'll be back to withdraw. that is the prime minister's on state. and one of the things that need to be more importantly, i think, is the on the gothic linkages and brandy of properties that you generated on structure on which most of all the

35% in the biggest ever intraday decline with half the group's value wiped out since last week's hindenburg report. there is the data there. it's a tonal shift from the central banks. perhaps they say they have further to go but they didn't really push back against the race -- rate cuts that are being priced in. we get another day of a monster rally for bonds. yields were down by 20 basis points. it continues in australia. three year yield goes down by 14 basis points. the 10 year yield lower by two basis points. the fact that we didn't get an overly hawkish ecb, the fact that we had a bank of england governor talk about the fact that inflation has turned the corner, the fact that the markets are pricing in a peak rate scenario from both the ecb and the boe means that the dollar was able to rally, two days worth is what we are seeing now. the euro is stronger. all these central banks backing off. we saw a big rally intact -- in tech. that's taking it on the nose this morning. nasdaq futures down 1.4% after disappointing earnings. i should note, meda did not qualify as that group of big tech

and then the resultant explosion and burning of that hindenburg. when i was a young man and the feeling i had at that time today, just incidentally happened to you listening, watching the monitor again as the shuttle took off. and after liftoff. getting to feeling that it was so routine. i turned my back and went to back to my office. when? only a few seconds later, i was being told by one of my girls in the office of the tragic accident that had taken place. and i had that same terrible, wrenching down inside the plot. we had always conceived. could be a possibility in this age of. space could happen. we've come to accept these flights as being so routine, and yet it's so highly sufficient, highly technological in nature, that any little thing can go wrong. remind me again of how mysteriously god moves in mysterious ways. i guess from time to time to us of what mortal we really are, and that we, everything isn't all that sure. so much so that our colleague just a few weeks so ago took the risk and the our colleague and the other body always feelin

most notably on capex, down from about 40% free the hindenburg report. a real reduction there.ems as though what we are hearing is some of the more capital intensive units, say adani grain might be in frame for that reduction but it is in line with trying to firefight this and soothe what has been a huge market rout that has hit not only those firms valuations but his personal wealth. shery: and increased uncertainty over the broader indian economy and market as well. we have not heard that much from the market. emma: they are being quite tightlipped when it comes to prime minister modi. we have some comments from the finance minister over the weekend seeking to reassure, saying they are on their toes and watching the situation and have looked into what hindenburg has alleged but nothing really more than that. there has not been a formal investigation that we know of, so it does appear as though they are trying to wait this out and hoping the fallout for the wider market and economy is not more severe. shery: bloomberg's asia global business manager joining us as we continue to

it is getting dire for the company and getting worse each and every day since short seller hindenburg research accuse the group of what it called brazen market manipulation. taking a look where the stocks are trading right now. if we can pull up that stock at this point in time. let's take you at how it is trading. adani enterprises currently up 10%, a downy -- adani power down 5% at this time. still to come we are joined by india's finance chief economic advisor. that and more on the political impact of adani's follow-up next. keep it with us. this is bloomberg. this is bloomberg. when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh haslinda: live pictures from mumbai. three minutes until the start of the trading day. nifty futures pointing to a lower opening down 6/10 of 1%. one stock we are tracking of course is adani enterprises on the back of that fallout. adani enterprises gaining 10% in premarket trade. we heard from the minister earlier today saying that regulations in india are robust. he wil

give a quick context of white hindenburg is such a key player here. it's a david and goliath story. they are a research group and use their own funds. this is there biggest short and they are a short seller in the game from a drop in value. but they have kind of gone up a level in terms of what they done. they are secretive and not that well known in financial circles. what's not clear is what are they trying to achieve here? are they satisfied with the fpo being scratched? there are questions about why they did this and what happens next on their part. kriti: something we will keep an eye on. he also lost $60 billion of his personal wealth. thank you as always. still ahead, bridgewater continues to shakeup its leadership and we hear him as most recently named co-cio. stick with us, this is bloomberg. ♪ kriti: this is bloomberg markets. bridgewater is named a new coach even investment officer and she becomes the first female to hold the cio role at the world's biggest hedge fund. she spoke about the new role. >> the markets have priced perfection in a

in the hindenburg report they said there are about seven adani units that are 80% overvalued.en issues and that it is not very liquid. it was the most highly valued of the adani units per hindenburg and it is suffering from a drop in european gas prices and the lack of dynamism in that market. that is the one to watch. adani total gas. haidi: we have more to come on daybreak asia. this is bloomberg. ♪ lomita feed is 101 years old this year and counting. i'm bill lockwood, current caretaker and owner. when covid hit, we had some challenges like a lot of businesses did. i heard about the payroll tax refund, it allowed us to keep the amount of people that we needed and the people that have been here taking care of us. see if your business may qualify. go to getrefunds.com. yvonne: counting down to the start of trade for chinese stocks. joining us is the chief markets correspondent. the rally yesterday of 2%, we haven't seen that for some time. we haven't -- what was driving it? >> we went from negative on china's reopening the positive and it depends on what the mood is. u.s. mar

it is facing further plunge in value following fraud allegations from hindenburg.t's the latest? >> the latest is the abrupt u-turn from what we have seen. we were reporting that it was fully subscribed and it had prominent backers not only in india but in the middle east. today the headline we are hearing is that adani is pulling the share sale worth $2.4 billion. we got a statement out on thursday saying this decision is in the best interest of shareholders and that's because of the current market volatility. because that adani group, they are now looking at north of $70 billion and we continue to see the selling pressure coming on the stocks after hindenburg research found the company has engaged in market manipulation and accounting fraud. analysts are saying it's not unusual to see share sales pulled like this but it doesn't help to inspire any confidence either because when you look at the pricing of shares, that was one of the issues because adani enterprises had been offering these around 3300 repeat -- r upee,. any investor on this would have been sitting

so i think there is a lot of evidence to support the hindenburg accusations.is yet to be proven. that is the key point. rishaad: do you believe that some of these accusations hold water? because if they do, you would be of the belief that they were paying peter to pay paul here -- what would be, i suppose, a ponzi scheme. tim: bernie made off comes to mind, but this is 50x bigger than bernie made off was. we had evergrande in china, we have had plenty of corporate frauds. i spent my career studying them in australia. they are prefers their innocence but at the end of the day, becky said, it is a partly -- ponzi scheme down quickly. the market cap of adani group is down more than 50%. but it has gone up thousands of percent over the last decade. so it has some hallmarks of a ponzi scheme. but the real problem is that the regulator is asleep at the wheel. i say that. the australian regulator here is regularly asleep at the wheel. in india, the regulator was asked by the government of india two years ago to investigate the exact accusations that the hindenburg gr

in more these silence while the dani control was see post the hindenburg report in the it's an interesting case. it's democracy. but is lee the know and her mobile the is no democrat moody and resist cool. down the closer live faith. you seem to try and move the side and under fabricate. but you will have a question from foreign investors. and in parliament then the hindenburg had said that the need to hold the largest court in corporate history. and of course, the donnie group had hit back out the us based research form. this was a 413 page document that the donnie group came with that rejected 88th allegations really that were pressed by indian bug against the dani group. now of basically what the donnie group said that he didn't book had clear intent of profiteering of the cost all saw there. she whole those as well as the public investors. but who is george soros? he's arguably one of the most controversial figures in the world. he's known of a financial good, who by some, by boast, he's known for his malicious influence, a billionaire who is known to move mock. it's really, he's also

and then the. 8 hindenburg had said that the need to hold the largest corn in corporate history. and of course, although donnie group had his back out, the us basically church form. this was the 413 page document that the donnie group came with that rejected 88 allegations really that were pressed by india and bug against the dani group. now of basically what the dani group said that he didn't book had clear intent of profiteering of the cost all saw the she whole those as well as the public investors. but who is george soros? he's arguably one of the most controversial figures in the world. he's known of a financial good, who by some, but by boast, he's known for his malicious influence, a billionaire who is known to move markets. really. he's also called the man who broke the bank of england. he's in fact the master manipulation of global master, as he's known by many now india of course, is extremely angry, and they're saying that they're always listen to any lecturing bite this man. alright, let's keep attention on south asia and move to pakistan, where authorities say they'r

it started when american investment form hindenburg research accused it of quote, the largest cornyn corporate history alleging stock market manipulation and accounting fraud. hindenburg is a short seller which bets again, stocks and makes money when share prices fall. adonis group has question its motives calling it a war on india. the report has shattered the group's credibility. media report suggest to global lenders are no longer accepting a dollar bond as collateral for those in just central bank is also reportedly often bank. here to give details of their exposure to a dining company. opposition parties, i demanding a judicial inquiry and a debate in parliament. it is a money with hardworking indians have saved it, their life, time saving and their hardwood saving method for their future. they see a donnie has benefited from his friendship with prime minister. marines are moody, the conglomerate has built major infrastructure in india. last week, it bought the high for port in israel for more than $1000000000.00. there are growing calls were improving corporate oversight in can

the firm dismissed the report as malicious and accused hindenburg of a calculated attack. the american firm says that a don is extensive rebuttal, obits report, ignored, important delegations, and was obligated by nationalism. let's take this on to discuss all of this. i'm joined now by the pankey man who is an associate professor of economics or a page in global university and director for new economics studies. so the pension mahan, welcome to the program. at 1st up a donnie is a big, significant company in india. what happens here is a big deal, isn't it? yes, absolutely. nick and a, one of the key things we need to know is that, and on he has been the boss to boy. india is bay aggressive of ballistic with iran body lily from ear drainage, wendy. i mean, his company's profits of sort like no other company, even the lawn mosque of death. laura jeff bezos of amazon have never seen the neck, would go up at this piece. and on his neck, what was somewhere around 9320000000 in september 2019. and this increase to 150000000000 september 2022. so it's a remarkable rise for any

and then the hindenburg had said that the on even the largest court in corporate history and of course sell dani group had hit back out the us basically church bomb. this was the 413 page document that the donnie group came with that rejected 88 allegations really that were pressed by indian bug against the dani group. now of basically what the donnie group said that he didn't book had clear intent of profiteering of the cost all saw the she whole those as well as other public investors. but who is george sorrow is he's arguably one of the most controversial figures in the world. he's known of a financial good, who by some by boast, he's known for his malicious influence, a billionaire who is known to move markets rudely. he's also called the man who block the bank of england. he's in fact the master manipulation of global master, as he's known by many now in del schools, is extremely angry. and there thing that there were to listen to any lecturing bite . this man was earlier we spoke with india based geopolitical analyst, schick gould res, who sees the statement from mister source, r

group is focusing on consolidating cash, repaying debt and scribbling to undo the debt from the hindenburg research short sell report. chinese banks extending new loans in january but can see borrowing institutions offering -- when the economists figures -- urge them to frontload credit extensions. in an effort to turn the economy around. the german chancellor olaf scholz has crashed its worst election result in berlin, failing to win for the first time since 1999. support for the social democrats falling to 19%. the results will be seen as a blow to olaf scholz whose party has been trailing since mid-2022. earthquakes in turkey are expected to cost $84 billion, 10% of gdp, those figures are being crushed by the turkish enterprise and business confederation. it based its calculations on the 1999 quake in istanbul that killed 18,000 people. this quake has been far deadlier with almost 35 thousand confirmed dead and many missing. that is your first word news. yvonne: still ahead on global markets asia, why -- maybe more thoughtful than fast in creating new policy at the boj. the potential to

stock regulating auditors have said they are probing allegations raised by hindenburg and the markethe investor nerves and a clear and transparent communication from the management is the key start with. stay with us on bbc news, still to come. keeping the key to your heart. where sharing passwords with your partner could have serious consequences. nine years and 15,000 deaths after going into afghanistan the last soviet troops were finally coming home. the withdrawal completed in good order but the army defeated in the task it was sent to perform. malcolm has been murdered. that has a terrible effect for the morale of the people. i'm terrified of the reprecussions in the streets. one wonders who is next. explosions. as the airlift got under way there was no let—up in the eruption itself. lava streams from a vent lower in the crater flow down to the sea to the east of the island, away for the time being. it could start flowing again at any time. the russians heralded the next generation space station with a spectacular night launch. they called it mir, the russian for peace. this is

spite of these widespread allegations and these allegations have been around for several years. hindenburg has only short as only makes us a bit of the crisis and are apart from ins. in spite of all of these allegations that has been no cracked down by the market regulator say b. so all of these things do indicate that, that, that there's a, there's a lot of politics also behind what is happening with your danny group. chris charter, gay and delhi. tara, thank you. it is to pakistan now we're massive floods last year have made and already dar economic situation. even worse, inflation nowadays is in a 48 year high and food prices are up by 43 percent. the pakistani government is hoping that a deal with the international monetary fund can come to the rescue. driving a rick shaw through the busy streets of karachi, brings in the only income for the young man and his family. his work has to cover all expenses, groceries, housing in school fees for 6 children. but since prices have been rising, it's getting harder every day to make ends meet. as pat and gloom all around petrol, so expensive, it

the accused the government of favoring the business conglomerate, us based firms hindenburg research, last month accused the group of stock manipulation and unsustainable debt. we stay in india with a government advisory body has issued an appeal for people to mark the 14th to february as cow hug day instead of valentine's day. that's right, hoggard cow, not your partner. the p comes from the animal welfare board of india, which advises the government on animal welfare laws. i have the order right here and no, it is not fake news fit for that initially, what this uses you before he realized it was true. this is a tweet from moments herbert co founder of india's premier fake news checking website. old news. so the appeal to cow lovers is to celebrate cow hug day on the 14th of february, to quote, make life happy and full of positive energy. also because cow is the backbone of indian culture, and that does little of western civilization has had an impact on indian heritage. naturally, twitter has responded. he has a selection of tweets. this user is concerned about the dangers off huggi

schedule as a group tries to rescue its shares and bonds battered by the fraud accusation made by hindenburg research. china's regulators are checking on how banks are coping with the pressure from a wave of mortgage prepayments. some homeowners are taking advantage of falling interest rates to reduce--. they have solutions to cope with the pressure. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. shery: j.p. morgan securities joins is later at this hour to preview the leadership change. up next, affinity investment management shares their analysis on the earnings season so far and why they are cautious on big tech. this is bloomberg. ♪ >> we are still far from achieving price stability and i expect it will be necessary to further tightened monetary policy to bring down -- bring inflation down toward our goal. doing so will likely lead to some growth in economic activity and some softening in labor market conditions. >> michelle bowman speaking, federal reserve governor, and of c

reichs president hindenburg disliked the nazis, and treated hitler himself with contempt.deftly outplayed the aged politician, he established contacts with a wide range of german industrialists in the early 1930s. the nazi party was generously sponsored by the german coal magnates, the owners of foundries and chemical trusts of large banks and shipping companies at the end of 1932. they turned to the guindonburg with a demand to appoint hitler as a temporary reich scaler who could carry out the necessary reforms and , according to them, remove the communist threat from the country. on january 30, 1933 , succumbing to the persuasion of industrialists, hindenburg appointed hitler as the new chancellor of germany. in the mid-twenties, hitler actively established contacts with the powers that be in financial and economic area and found a rest there. why because he positioned himself as the main fighter of the smoothie, he would position himself as a person who would stop this red infection, as he said, which, if it comes to power, will take away all your property from you and

it scribbles to undo the damage from the hindenburg short seller report. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am vonnie quinn. this is bloomberg. shery: still ahead, the chief economist and kpmg gives us or take on the japanese economy and its prospects. up next, walser wealth management gives is the outlook on federal reserve policy as well as geopolitical risks for 2023. this is bloomberg. ♪ haidi: you were watching "bloomberg daybreak: australia." we get a sense of whether global central banks are making progress in their fight to curb inflation it did a duet from india, the u.s., and the u.k. indian households see inflation moderating, data from december showing price growth slowing suggesting inflation has speak. on thursday the philippine central bank is expected to hike rates again. we will be getting a rate decision out of the bank of indonesia. job numbers out of south korea, gdp figures out of singapore, japan, and thailand. the japanese gover

sector ports operator is seeking to ease fees over high debt and the fraud allegations made by hindenburg dividend after rising costs and softer commodity prices drove a decline. the underlying profit from continuing operations of 4.56 billion dollars missed estimates of $4.81 billion. ceo mike henry said the company is positive about the outlook for the second half of 2023 on strengthening activity in china. yvonne: stocks we are watching in the open in australia. not just when it comes to bhp. a luca has reported a for your net income that grew by 60% from a year ago. you want to keep on other miners. bluescope your that is the one to watch the biggest drag on the ms yesterday. that is it for us on deibert australia. daybreak: asia coming up next. when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh and it's easier than ever to■ get your projects done right. inside, outside, big or small, angi helps you find the right so for whatever you need done. with angi, you can connect with and see ratings and rev

some of the banks balk at refinancing the debt, and it is all down to the aftereffects of that hindenburg research short-sellers report. there we go. we got the india open about two and a half minutes away. this is bloomberg. ♪ rishaad: there we go, that's a look at mumbai as the trading day in in india. we are -- what? 22 minutes away from that and fte -- nfte futures conference adjusting we will have a flat start on the day. let's just wait for things to get underway good and proper, and we are up and running. there we go. we are seeing just another flat start to the trading day, but let's get a look at what is happening. they are trying to instill confidence. certainly market participants yesterday did seem confident enough to and generate wonder percent surge -- engender a 20% surge. >> i think that is the right word. they are trying to instill confidence. tonight, we got information that they are going to prepay out of the 5 million loans taken out of the consortium of bankers. it also means they are still in good terms with banks. they are telling that they will be prepaying this lo

that is today's big tech story which says hindenburg's attack on the conglomerate rates big -- raisesigger questions about its credibility with global investors. now is her senior editor. what is the latest on adani and now we sing a risk spreading -- seeing a risk spiting to others? >> that has been a record wipeout of wealth. many adani company shares are trading at very very high multiple -- multiples. flagship is still trading at over hundred times multiple. these are the key things we're looking out for today and i will go to them quickly, the continuing pressure on adani share prices here in india and whether that could have any kind of systemic impact on the indian markets or the contagion effect. the bonds seem to have found some respite given the scheduled coupon payment yesterday. secondly financial institutions across the world checking in on the direct and indirect exposure to adani and the reactions range from credit suisse and others shunning them as collateral to other institutions's pressing confidence in the underlying assets of the group. indian banks so far have bee