Billionaire indictment

Indian billionaire Gautam Adani and other executives were indicted by a federal grand jury in New York for allegedly paying more than $250 million in bribes to Indian government officials and concealing them from US investors. Between 2020 and 2024, the defendants agreed to make illegal payments to obtain lucrative solar energy supply contracts with the Indian government, according to the indictment. “The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars,” Breon Peace, US Attorney for the Eastern District of New York, said in a statement. —David E. Rovella

How many years do you get in prison for masterminding one of the most breathtaking frauds in Wall Street history? One that almost cooked the goose of some big banks while sealing the fate of a doomed Credit Suisse? Bill Hwang found out on Wednesday when a Manhattan federal judge handed him an 18-year sentence for the implosion of Archegos Capital Management. Hwang, the founder of the $36 billion family office, had been found guilty of fraud and market manipulation tied to the firm’s stunning collapse in 2021. Hwang orchestrated a scheme to mislead bank counterparties into providing Archegos with billions of dollars in trading capacity that inflated the value of his portfolio—until the bubble burst. The debacle caused significant losses at Morgan Stanley, UBS Group and Nomura Holdings, among others. (But Goldman Sachs, you may remember, came out just fine.)

Donald Trump is poised to skip over FBI vetting of his nominees, upending more than 60 years of precedent and—despite his party’s history of obediently following his lead—putting him on a collision course with fellow Republicans unnerved at his picks. National security officials have expressed grave alarm at individuals such as Tulsi Gabbard, the nominee for National Intelligence Director who has expressed sympathy for the Kremlin in its war on Ukraine, getting instant access to the nation’s secrets. Republican senators have balked at Trump forgoing FBI background checks to install former Representative Matt Gaetz as attorney general and cable television host Pete Hegseth at the Pentagon. Both men, along with two other Trump nominees, have been the subject of sexual misconduct allegations and investigations.

Before Trump’s election, Redfin Corp. projected mortgage rates would average 6.1% next year. But three days after the election, they revised their estimate upward to 6.8%–basically unchanged from today’s high levels. “The difference is Trump,” said Daryl Fairweather, chief economist at Redfin. “The market seems to be pricing in that he’ll move forward with at least some of the tariffs.” It’s another hit for the housing market that’s been dealing with a rise in borrowing costs that’s pushed at least one measure of mortgage rates above 7%. Economists expecting higher-for-longer borrowing costs shows just how tough the market is likely to be for homebuyers trying to find affordable options.

Ukrainian forces fired British cruise missiles at military targets inside Russia for the first time, a day after Ukraine deployed US-made missiles to strike a military facility in the western Bryansk region. The UK approved the use of Storm Shadow missiles in response to Russia deploying North Korean troops near the front. The US and British considered the move by Moscow to be an escalation. The prospect of Trump’s return to the White House in January, his pledge to end the war and friendlier outlook on the Kremlin has created a new sense of urgency among Western allies to strengthen Ukraine’s hand ahead of any talks.

Nvidia delivered a revenue forecast that failed to meet the highest expectations, arguably showing that its dizzying AI-fueled growth run has its limits. Fiscal fourth-quarter sales will be about $37.5 billion, the company said Wednesday. Though the average analyst estimate was $37.1 billion, projections ranged as high as $41 billion. Nvidia investors bid up the shares nearly 200% in 2024, turning it into the world’s most valuable company, but the chipmaker has had trouble keeping up with demand for its products and struggled with production snags this year.

Brazilian financial-technology company Nu Holding is considering plans to shift its legal base to the UK, a move that would mark a major win in Britain’s push to encourage more tech companies to move to the country. The digital challenger bank has been working with the British government on the plans, which were discussed as part of a broader set of agreements between Brazil and the UK on Tuesday on the sidelines of the Group of 20 leaders’ summit in Rio de Janeiro.

Trump has often noted his admiration for Vladimir Putin, who has been in power in Russia for the duration of the 21st century, and Hungarian leader Viktor Orban, who has run that country since 2010. Trump is now poised to emulate these authoritarian leaders, Francis Wilkinson writes in Bloomberg Opinion, and his appointment blitz is straight out of Orban’s playbook.

Before Nami Nori opened its doors in New York in 2019, people knew temaki as the conical hand roll that chefs pass across the counter at sushi restaurants. Owners Jihan Lee, Taka Sakaeda and Lisa Limb changed the game, serving the rolls open-faced in custom-made tacolike stands, the better to admire gourmet fillings such as scallops with XO sauce and tobiko, or cured salmon with onion cream. Among the people paying attention to those temaki: Pharrell Williams, singer and men’s creative director for Louis Vuitton. Next month, when Nami Nori expands to Miami, Williams will officially be on board as a new partner.