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The US Department of Justice is moving to drop two federal criminal cases against Donald Trump, while Robert F. Kennedy Jr.'s nomination for a key health position raises concerns within the pharmaceutical industry. In other news, UniCredit has made a €10bn takeover bid for Banco BPM, and the EU plans to require Chinese companies to transfer technology in exchange for subsidies. Additionally, TikTok is influencing Romania's presidential race with a pro-Putin candidate emerging as a frontrunner.
Japan's SBI has disclosed its exposure to Adani Funds, following Nomura's lead, amid global repercussions from US federal prosecutors indicting Gautam Adani over an alleged bribery scheme. Kenya has canceled $2.6 billion in contracts with Adani's conglomerate, while TotalEnergies SE has paused new investments pending clarity on the situation. SBI's mutual fund exposures range from 0.21% to 2.55%, with Nissay's between 0.02% and 0.24%.
Andhra Pradesh is reviewing the possibility of canceling a power supply contract with the Adani Group following allegations of bribery involving its founder, Gautam Adani. U.S. authorities have indicted him and others for allegedly paying $265 million in bribes to secure solar power contracts across several Indian states. The state government is examining files from the previous administration related to these allegations.
Fitch has placed several Adani Group bonds on negative watch following the indictment of key executives on bribery charges by U.S. authorities. The agency will assess the potential impact on Adani's financial stability, particularly regarding funding access and credit spreads. Additionally, ratings for four senior unsecured dollar bonds from Adani subsidiaries have been downgraded from stable to negative.
US lawmakers have labeled Hong Kong a "global leader" in financial crime, attributing this shift to Beijing's tightening control following the national security law imposed in mid-2020. The city has transitioned from a trusted financial hub to a key player in an authoritarian alliance with China, Iran, Russia, and North Korea.
Kenneth Leech, former co-CIO of Western Asset Management, has been charged with fraud for allegedly running a $600 million "cherry-picking" scheme, favoring certain clients in trade allocations. The SEC claims he misled investors and lied during testimony. Leech, who has a nearly 50-year unblemished career, plans to vigorously defend himself against the charges.
Donald Trump, the wealthiest US president, has expanded his business empire and appointed several affluent individuals to key government positions, including Elon Musk. US ethics laws mandate the disclosure and potential divestment of significant financial holdings to avoid conflicts of interest, a requirement some of Trump's appointees struggled to meet during his first term. Critics have pointed out Trump's failure to distance himself from his assets, diverging from presidential traditions.
Damian Williams, the Manhattan US Attorney known for his role in overseeing Wall Street, will resign on December 13 after three years in office. His departure comes as Donald Trump prepares to return to the White House, with Deputy US Attorney Edward Kim set to take over temporarily.
The National Financial Reporting Authority (NFRA) has recommended 40 auditing standards and related quality management standards for Limited Liability Partnerships (LLPs), set to take effect from April 1, 2026, pending central government approval. The standards, finalized earlier this month, will apply to LLP audits on a mutatis mutandis basis, despite some opposition from members of the Institute of Chartered Accountants of India. Seven out of eight NFRA members supported the proposals during a recent meeting.
GQG Partners, which holds nearly 20% in Adani Group companies, stated that recent U.S. actions will not materially impact the conglomerate's businesses. The firm believes that, apart from Adani Green Energy, the companies are well-positioned and do not require additional capital at this time. Meanwhile, Gautam Adani faces indictment in New York over a $265-million bribery scheme.
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Kennedy's health nomination raises concerns for pharmaceutical industry amid Trump developments
UniCredit S.p.A.
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