Indian billionaire Gautam Adani has published a 413-page rebuttal against Hindenburg, which has recently published a report covering extensive allegations, including stock manipulation and accounting fraud, about Adani’s multi-billion-dollar conglomerate. In response, Adani has accused Hindenburg Research of conducting a “calculated securities fraud”, and an attack on India. Adani is now considering legal action against Hindenburg, and has also requested that the Securities and Exchange Board of India (SEBI) investigate Hindenburg’s short selling activities. This comes as Adani prepares to complete a $2.5 billion share sale, seeking to calm potential investors.
Asian markets rose on Monday and looks poised to enter a bull market as China returned from a week-long holiday celebrating the Lunar New Year. The Shanghai Composite rose 1.36% while the Shenzhen Component climbed more than 2%. In Japan, the Nikkei 225 increased by 0.12% while South Korea’s Kospi fell 0.23%. The positive sentiment in Asia comes after U.S. stocks hit new records last week, with many stocks in the S&P 500 touching 52-week highs even as Tesla shares surged more than 33% last week. TSLA is on track for its best week since May 2013 after its earnings report showed record revenue and an earnings beat.
According to the International Energy Agency (IEA), the world is entering a new age of clean technology manufacturing, which could be worth $650bn per year by 2030, generating millions of jobs in the process. The IEA’s Energy Technology Perspectives 2023 report examined the manufacturing of clean energy technologies including wind turbines, heat pumps, batteries for electric vehicles, solar panels and electrolyzers for hydrogen. The report predicts that related clean energy manufacturing jobs will more than double from 6 million today to nearly 14 million by 2030. However, the IEA also highlighted “potentially risky levels of concentration in clean energy supply chains— both for the manufacturing of technologies and the materials on which they rely.”