Adani is suspected of cheating by selling low-grade coal as high-value fuel

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good morning. Today we start with an exclusive story about Indian billionaire Gautam Adhani’s business empire.

Adani Group allegedly passed on low-quality coal as the most expensive clean fuel in its dealings with India’s state-run power utility, according to evidence seen by the Financial Times, shedding new light on long-running coal corruption allegations.

The documents, secured by the Organized Crime and Corruption Reporting Scheme and reviewed by the FT, add a potential environmental dimension to allegations of corruption linked to the Indian conglomerate. They suggest that Adani may have fraudulently made bumper profits by reducing air quality by using low-grade coal for power and burning more fuel.

Adani has denied the allegations of fraud, saying the group has gone through a „comprehensive quality testing process at multiple points by multiple agencies”. Here is more information about the latest revelations about the Indian corporation.

Here’s what I’m watching today:

  • UK Politics: Deputy Prime Minister Oliver Dowden will launch a new campaign to promote public preparedness for emergencies at the London Security Conference. Former Post Office boss Paula Vennells is set to testify in the Horizon IT scandal.

  • Central Banks: The US Federal Reserve releases the minutes of its most recent rate-setting meeting. European Central Bank President Christine Lagarde will deliver a recorded speech at the European Securities and Markets Commission’s online event, while Bank of England Deputy Governor Sarah Breden will speak at an EU policy workshop in Brussels.

  • Companies: Traders took a big swing in Nvidia shares when it reported earnings today after Amazon said yesterday that it had changed plans to use the chipmaker’s „Superchip” to wait for an improved model. The clock is ticking on a deadline for BHP, the world’s biggest miner, to step up its takeover bid for London-listed rival Anglo American or walk away from a potential blockbuster deal. London has until 5pm (12pm EDT) to make the call.

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Five more major stories

1. EXCLUSIVE: The UK Deputy Prime Minister made a secret trip to the UAE last week. After mounting frustration from Emirati officials over comments by British politicians about blocking a bid linked to the United Arab Emirates to buy Telegraph. Tensions between the two countries have also been on the rise recently after the foul play seen by the United Kingdom in the United Kingdom. Here’s more on Oliver Dowden’s attempt to mend broken relationships.

2. The U.S. should lift the „completely unjustified” ban on Ukraine using U.S.-supplied weapons to strike targets inside Russia. Kiev’s top national security official said. Although the U.S. argues that sanctions are needed to avoid escalation, Oleksandr Litvinenko said lifting the FT would help thwart Moscow’s new offensive. Read his full interview with Christopher Miller in Kyiv.

3. UniCredit’s chief executive has welcomed Emmanuel Macron’s support for consolidation in Europe’s fragmented banking sector. But he cautioned that major cross-border deals are still some way off. European bank executives and policymakers have long called for closer ties between the continent’s banks to help them better compete with American and Asian rivals. Andrea Orsel told the FT „It’s good to have . . . the commitment of a major European leader.”

4. UK inflation falls to 2.3%But this significant fall in the consumer price index was not as big as the Bank of England or economists expected, with leading markets moving to bet the BoE’s monetary policy committee will cut borrowing costs in June.

5. PwC faces crisis over its Evergrande audit in China Partners face fines and some customers reconsider their relationship with the firm. Beijing regulators previously ruled that Evergrande had inflated its mainland revenue by almost $80bn in the two years before it had to repay its debts in 2021, despite giving a clean bill of health to PwC accounts. Insiders say what’s going on at the Big Four.

  • Chinese Economy: Beijing has opened Rmb300bn ($41bn) in financing to buy unsold homes, but analysts say more is needed to fix the battered sector.

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profile

Karim Khan © Dimitar Tilkoff/AFP/Getty Images

This week’s arrest warrants against Israeli and Hamas leaders have sent shock waves through the region. The action by the International Criminal Court is the first to go after a Western-backed head of state, and The Hague defines not only the court, but the legacy of its prosecution. Who is Karim Khan, the British barrister at the center of this pivotal moment for international law?

We also study. . .

  • ’Keystone’ Species: Discussions about the concept of life forms often forget an external environmental influence that has changed ecosystems globally: humans, writes Anjana Ahuja.

  • Worship of Modi: India’s prime minister is likely to win a third term, but today’s Big Read asks: Is his authoritarian style starting to lose its sheen?

  • Reality checks await investors enjoying Mexico’s party: Bankers and companies are optimistic, but there are some critical areas, writes Michael Stott.

  • Monetary Policy: As the US and European economies differ, central bankers’ assessment of policy risks should also be quite different, writes Chris Giles.

Chris has a lot to say about rates and inflation in his weekly Central Banks newsletter. Register here If you are a premium subscriber or upgrade your subscription Here.

Chart of the day

The EU’s trade deficit in goods with China narrowed to its lowest quarterly level in almost three years.

A column chart of the EU's quarterly trade deficit with China in machinery and transport equipment (€bn) shows some signs that Europe is being flooded with cheap Chinese vehicles.

Take a break from the news

You’ve seen the TV show, maybe even voted the guy in for president, and now watch the film about the rise of The Dawn. Trainee, a powerful portrait of Donald Trump’s inauguration, was one of the most anticipated films at Cannes this year. Click here to read my colleague Raphael Abrahams’ FT review.

Donald Trump, left, Roy Cohn and Sebastian Stan in a screenshot from The Apprentice with Jeremy Strong
Jeremy Strong, left, as Roy Cohn and Sebastian Stan as Donald Trump

Additional Contributions De Zuo et al Benjamin Wilhelm

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