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<ul><li>The combined market cap of Adani Group companies eroded by over ₹2.45 lakh crore.</li><li>This comes amid a US probe into Gautam Adani into an alleged bribe charge.</li><li>Adani has been charged over his role in an alleged scheme to pay a $250 million bribe to Indian officials.</li></ul><keyword id="20046345" type="General" weightage="20" keywordseo="Adani-Group-stocks" source="keywords">Adani group stocks</keyword> faced heavy drubbing during the morning trade on Thursday, with the combined market valuation of all the listed firms getting eroded by ₹2.45 lakh crore, as billionaire Gautam Adani has been charged by US prosecutors. Adani has been charged over his role in an alleged years-long scheme to pay a $250 million bribe to Indian officials in exchange for favourable terms for solar power contracts. The stock of the group's flagship firm Adani Enterprises plunged 22.99%, Adani Ports dived 20%, Adani Energy Solutions tanked 20%, Adani Green Energy plummeted 19.53% and Adani Total Gas tumbled 18.14% on the BSE. Shares of Adani Power slumped 17.79%, Ambuja Cements cracked 17.59%, ACC fell 14.54%, NDTV dropped 14.37% and Adani Wilmar declined 10%. Some of the group firms also hit their lowest trading permissible limit or lower circuit for the day. The combined market capitalisation (mcap) of all the ten listed group firms eroded by ₹2,45,016.51 crore during the morning deals. In the equity market, the BSE benchmark Sensex traded 536.89 points lower at 77,041.49 and the NSE Nifty quoted 186.75 points down at 23,331.75. US prosecutors charged Adani, 62, his nephew Sagar and other defendants for paying over $250 million in bribes between 2020 and 2024 to Indian government officials to win solar energy contracts on terms that could potentially bring in more than $2 billion in profit. This, they alleged, was concealed from the US banks and investors from whom the Adani group raised billions of dollars for the project. The complaint charges them with violating the antifraud provisions of the federal securities laws and seeks permanent injunctions, civil penalties, and officer and director bars. US law allows pursuing foreign corruption allegations if they involve certain links to American investors or markets. The Adani group did not immediately respond to requests for comments. "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, which brought the case, said in a statement. Adani, chairman of the ports-to-energy Adani Group, his nephew Sagar R Adani, who is an executive director at the conglomerate's renewable energy arm Adani Green Energy Ltd, and its former CEO Vneet Jaain were charged with securities fraud, securities fraud conspiracy and wire fraud conspiracy. The Department of Justice alleged that on several occasions, Adani personally met with an Indian government official to advance the bribery scheme, and the defendants held in-person meetings with each other to discuss aspects of its execution. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/redmi-a4-5g-with-120hz-display-launched-starting-at-8499/articleshow/115479469.cms">Redmi A4 5G with 120Hz display launched starting at ₹8,499</a> <a href="https://www.businessinsider.in/tech/mobile/news/android-16-developer-preview-announced-new-features-timeline-and-everything-you-need-to-know/articleshow/115476441.cms">Android 16 Developer Preview announced – new features, timeline and everything you need to know</a> <a href="https://www.businessinsider.in/tech/news/indian-wearables-market-declines-20-7-in-q3-2024-smartwatch-and-earwear-categories-struggle/articleshow/115447720.cms">Indian wearables market declines 20.7% in Q3 2024, smartwatch and earwear categories struggle</a>

Adani group stocks' combined market cap erodes by ₹2.45 lakh crore, Adani Enterprises tanks 23%

<ul class="summary-list"><li>Elon Musk's $1 million giveaway to registered voters has raised legal questions.</li><li>The Department of Justice reportedly warned Musk about it already.</li></ul>Two Democratic members of the Senate Judiciary Committee are calling on the Department of Justice to launch an investigation into <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a>.It comes after Musk, the richest man in the world, began <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-rewards-petition-supporters-1m-check-trump-pac-2024-10">offering $1 million</a> to registered voters in swing states who sign a petition for "America PAC," the Tesla founder's super PAC that supports former President Donald Trump and <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-super-pac-spending-competitive-house-races-republicans-2024-9">other Republicans.</a>Musk has announced a handful of winners so far, and participants will be paid via the super PAC.Sens. Peter Welch of Vermont and Richard Blumenthal of Connecticut sent a letter to Attorney General Merrick Garland urging him to investigate the billionaire businessman, arguing that his "reward scheme appears to violate federal campaign finance law."They noted that Musk's giveaway, which requires participants to be registered to vote in order to participate, <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-1-million-giveaway-legal-questions-2024-10">may violate laws</a> that forbid paying people to vote, or register to vote.Welch and Blumenthal argued that Musk's giveaway is "explicitly designed to induce people to register to vote.""There is no place for vote buying in our democracy," the senators wrote, adding that "permitting this scheme to proceed without consequences makes a mockery of democracy and the law." They urged Garland to take the "appropriate enforcement action, including prosecution," if Musk's actions are deemed illegal.The billionaire businessman has <a target="_blank" class="" href="https://www.cnn.com/2024/10/23/politics/elon-musk-justice-department-letter/index.html">reportedly</a> already been warned about the giveaway by the DOJ.Musk <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-superpac-donations-politics-2024-10">has emerged</a> as Trump's second largest financial backer during this election, spending <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-gop-spending-130-million-2024-10">more than $130 million</a> to support the former president and other Republicans running for the House and Senate.Spokespeople for America PAC and the Department of Justice did not immediately respond to a request for comment.Read the senators' full letter to the DOJ below:

Senators call for DOJ probe into Elon Musk's $1 million giveaway

<ul class="summary-list"><li>The CEO of Nigeria's Air Peace airline has been charged with obstruction of justice.</li><li>US prosecutors say Allen Onyema submitted false documents to the government to try to curtail a fraud investigation.</li></ul>Allen Onyema, the CEO and founder of Nigeria's Air Peace airline, has been charged with obstruction of justice in the US, adding to previous charges of bank fraud and money laundering.A press release from the <a target="_blank" class="" href="https://www.justice.gov/usao-ndga/pr/ceo-nigerian-airline-and-co-defendant-indicted-obstruction-justice">US Attorney's Office for the Northern District of Georgia</a> says that Onyema, 61, was charged with "submitting false documents to the government in an effort to end an investigation of him" that led to those earlier charges, which were brought in 2019.Ejiroghene Eghagha, 42, Air Peace's chief of administration and finance, was also charged with obstruction, the press release says.The pair were indicted in 2019 over allegations that they had moved more than $20 million from Nigeria through US bank accounts by using false documents based on the purchase of five Boeing 737 planes.The indictment, seen by Business Insider, says they submitted export letters of credit to fund the purchases, along with supporting purchase agreements, bills of sale, and appraisals.But prosecutors argue that these documents were fake and that the company supposedly selling the planes, the Georgia-registered firm Springfield Aviation, was owned by Onyema and managed by someone with no connection to the aviation industry."The aircraft that was referenced in each of the export letters of credit was never owned or sold by Springfield Aviation," the indictment says.Once the money was in the US, prosecutors say Onyema laundered over $16 million by moving it to other accounts.In 2019, investigators then say Onyema, aware he was under investigation, told the Springfield Aviation manager to sign but not date a business contract.His attorneys are later said to have presented this document — which was now dated before the alleged fraud began — to the government "in an effort to stop the investigation and unfreeze his bank accounts."Following the latest charges, Ryan Buchanan, the US Attorney for the Northern District of Georgia, said: "Onyema allegedly leveraged his status as a prominent business leader and airline executive while using falsified documents to commit fraud."<div type="image" title="Prince Harry and Meghan Markle arriving in Lagos." height="682" width="1024" msid="114193357" hostid="261" sizebytes="101644"></div>Earlier this year, Onyema made headlines after he welcomed Prince Harry and Meghan Markle to Nigeria.Harry and Markle flew from Nigeria's capital Abuja to Lagos on Air Peace in May, the <a target="_blank" class="" href="https://www.dailymail.co.uk/news/article-13418423/Harry-Meghan-welcomed-Nigeria-fugitive-fraudster-wanted-laundering.html">MailOnline</a> reported at the time.An unnamed source close to the pair told <a target="_blank" class="" href="https://www.thedailybeast.com/prince-harry-meghan-markle-push-back-on-nigerian-wanted-fugitive-claims">the Daily Beast</a> that the couple's travel within Nigeria had been arranged by the Nigerian Chief of Defense Staff.Business Insider has contacted Air Peace for comment.

CEO of Nigeria's Air Peace charged in US with obstructing investigation into $20 million fraud probe

<ul class="summary-list"><li>NASA launched Europa Clipper to see if <a target="_blank" class="" href="https://www.businessinsider.com/oxygen-europa-life-surface-ocean-subsurface-earth-juno-mission-jupiter-2024-3">Jupiter's moon Europa</a> could host alien life.</li><li>Scientists think Europa contains a vast saltwater ocean deep beneath its surface.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/how-nasa-could-tell-us-aliens-are-real-2023-2">NASA is serious about searching for alien life</a>, even within our own solar system.On Monday, aboard a SpaceX Falcon Heavy rocket, the agency launched a spacecraft toward Europa, a moon of <a target="_blank" class="" href="https://www.businessinsider.com/jupiter-images-webb-sees-rings-moons-hubble-cant-2022-8">Jupiter</a>.Scientists believe Europa contains a vast saltwater ocean deep beneath its icy crust, with twice as much water as Earth. It's perhaps the most promising place in our solar system for active <a target="_blank" class="" href="https://www.businessinsider.com/nasa-asks-help-retrieving-perseverance-mars-samples-alien-life-2024-4">extraterrestrial life</a>.<div type="image" title="Europa" height="1700" width="2300" msid="114225773" hostid="261" sizebytes="181080"></div>The NASA mission, called Europa Clipper, aims to figure out whether <a target="_blank" class="" href="https://www.businessinsider.com/space-lava-from-moon-volcanoes-creates-jupiters-powerful-aurora-lights-2022-2">the Jupiter moon</a> and its ocean could support life. It's the largest interplanetary spacecraft NASA has ever built. The probe is about 16 feet tall and, when its vast wings of solar arrays are deployed, 100 feet wide. It weighs three-and-a-half tons.Clipper is undertaking the first targeted exploration of an <a target="_blank" class="" href="https://www.businessinsider.com/nasa-underwater-rover-hunt-alien-life-on-ocean-worlds-2019-11">ocean world</a> beyond our planet.Even if there is no life on Europa, this mission is crucial in the <a target="_blank" class="" href="https://www.businessinsider.com/why-no-contact-with-aliens-2019-9">search for alien life</a>, since ocean worlds across the galaxy are prime candidates for life.Missions like Europa Clipper are "modern cathedrals" and "generational quests," said Laurie Leshin, the director of <a target="_blank" class="" href="https://www.businessinsider.com/nasa-mars-helicopter-pilot-what-job-is-like-advice-2023-1">NASA's Jet Propulsion Laboratory</a>, which built the spacecraft.<div type="image" title="giant spacecraft folded up between red Airbus panels with a large round foil-covered piece on the front with technicians in blue clean suits standing nearby in a giant white clearnroom" height="1280" width="1920" msid="114225774" hostid="261" sizebytes="132976"></div>"We scientists have been dreaming about a mission like Europa Clipper for more than 20 years. We've been working to build it for 10 years," she added in a briefing about the mission in September. "It's going to be another 10 years, because <a target="_blank" class="" href="https://www.businessinsider.com/video-animation-planetary-scientist-huge-solar-system-2019-11">Jupiter's so far away</a>, until we have all the science in the bag."The spacecraft must travel 1.8 billion miles to get to Jupiter, getting a boost from Mars's gravity along the way. It's scheduled to arrive in April 2030.<h2 id="ccd765aa-2885-424c-ab06-309d5a9fdb77">A 7-body problem and unfathomable radiation</h2>Life exists without sunlight at the bottom of the ocean here on Earth. All it needs is an energy source, like hydrothermal vents which release heat from deep within the planet, and organic molecules containing essential elements like carbon, nitrogen, oxygen, and hydrogen.Europa Clipper is carrying nine scientific instruments to look for the fingerprints of those molecules, measure the salinity and depth of the underground ocean, and take photos of Europa down to one meter of resolution, among other things.<div type="image" title="illustration of a spacecraft with long wings of solar panels above a white moon covered in crisis crossed brown lines with jupiter in the distant background in space" height="1121" width="1995" msid="114225771" hostid="261" sizebytes="107104"></div>"Clipper is not actually going to look for life itself, but it's going to characterize the habitability of Europa," Gina DiBraccio, the acting director of NASA's Planetary Science Division, said in the briefing.The mission is designed to orbit Jupiter and fly past Europa 49 times, each time soaring over a different area to eventually cover almost the entire moon, pole to pole. The spacecraft will skim as close as 16 miles above Europa's surface.The mission plan is a marvel of engineering. Rather than a three-body problem, falling into orbit around Jupiter is a "seven-body problem" because of the planet's large moons, Jordan Evans, the mission's project manager, said in the briefing.During each flyby, Clipper will bathe in radiation from Jupiter that's equivalent to "a few million chest X-rays," Evans added.It might even find out if Europa's ice really <a target="_blank" class="" href="https://www.businessinsider.com/nasa-jupiter-oceanic-moon-europa-radioactive-glow-2020-11">glows in the dark from that radiation</a>, as NASA research has previously indicated.

NASA launches a probe to find out if there really could be alien life on Jupiter's moon Europa

<ul class="summary-list"><li>Tesla faces a new investigation by the National Highway Traffic Safety Administration.</li><li>The probe follows reports of crashes in low visibility areas with Full Self-Driving engaged.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> is facing a fresh investigation from the national auto safety watchdog after reports of four crashes in which its Full Self-Driving technology was engaged. The <a target="_blank" class="" href="https://www.nhtsa.gov/search-safety-issues#investigation">National Highway Traffic Safety Administration said Thursday</a> that it will probe the ability of the electric vehicle maker's software engineering controls to "detect and respond appropriately to reduced roadway visibility conditions." The new probe will cover 2.4 million Tesla vehicles. It follows reports of four Tesla crashes in which the EVs were driven with FSD engaged in areas where roadway visibility was reduced by "sun glare, fog, or airborne dust," the announcement said.According to the regulator's Office of Defects Investigation, in one of the crashes, a pedestrian was "fatally struck" by a Tesla vehicle, and another person was injured in a separate crash.Although preliminary, the evaluation could be seen as an impediment to Tesla chief Elon Musk's autonomous driving dreams, like its robotaxi, a driverless vehicle that was unveiled last week. The company <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-safety-regulation-2024-10">already faces a series of regulatory challenges</a>. For example, in California, Tesla must be permitted to test and operate driverless vehicles, an authorization it has yet to secure. Phil Koopman, a Carnegie Mellon University professor and an autonomous vehicle safety expert, previously told Business Insider that <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-tesla-robotaxi-safety-regulation-2024-10">Tesla will also need to gain permission from the federal government</a> to sell its Cybercab, which was designed to come without a steering wheel or pedals. According to Koopman, it will likely be a lengthy and complex process for Tesla to get that green light. In April, the NHTSA started a <a target="_blank" class="" href="https://www.businessinsider.com/feds-investigating-tesla-autopilot-recall-after-crashes-kept-happening-2024-4">separate probe into Tesla</a> over crashes involving its Autopilot program. The regulator said at the time that it investigated 956 Tesla crashes in which Autopilot was involved between January 2018 and August 2023. 29 of the crashes assessed had resulted in fatalities.Tesla <a target="_blank" class="" href="https://www.businessinsider.com/tesla-recalls-2-million-cars-as-regulators-say-autopilot-insufficent-2023-12">recalled over 2 million vehicles</a> in the US in December 2023 to install a software update to Autopilot after regulators said the tech fell short of stopping driver misuse. The NHTSA said in April that it would look into why Tesla's over-the-air software made owners opt-in, which it said made it something that could have been "readily reversed."Tesla didn't immediately respond to a request for comment from Business Insider, made outside normal working hours.

Tesla faces a fresh probe from auto regulators over its Full Self-Driving software

<ul class="summary-list"><li>A Houthi ballistic missile reached Israel from Yemen, disintegrating after air defenses activated.</li><li>The attack highlights the threat posed by Houthi rebels and offers Iran insights on Israel's defenses.</li></ul>A Houthi ballistic missile reached Israel from Yemen for the first time on Sunday, disintegrating in the air after Israel activated its air defenses. While the attack failed to cause any casualties or significant damage, it shows the <a target="_blank" href="https://www.businessinsider.com/yemens-houthi-rebels-use-new-missiles-during-israel-hamas-war-2023-11">heightened threat</a> the Houthi rebels can pose and likely offers their Iranian backers insights about Israel's missile defenses."I believe Iran will view the attack as having symbolic value, but still reflecting the limited capabilities of Iranian-produced ballistic missiles in actually threatening Israel," Sim Tack, a military and geopolitical analyst, told Business Insider.The Israeli military <a target="_blank" href="https://www.jpost.com/middle-east/article-820233">confirmed Tuesday</a> that it had launched several interceptor missiles at the Houthi projectile on Sunday morning. These include Arrow 2, part of the upper tier of Israel's multilayered air defenses."It has become known now that at least one Arrow interceptor managed to hit but only damaged the incoming missile, but this was still sufficient to prevent the missile from reaching its target," Tack said. "On the part of Israel, the attack will likely spur additional thought on procedures to address these recurring threats and the possibility of large ballistic missiles falling on Israeli soil in case interceptions are not entirely successful."The Arrow 2 and <a target="_blank" href="https://www.businessinsider.com/israel-used-new-arrow-system-first-time-stop-enemy-missile-2023-11">Arrow 3</a> both made their first-ever combat intercepts against Houthis missiles on October 31 and November 9, 2023, respectively. The Arrow 3 fires an intercept missile that strikes an incoming ballistic missile <a target="_blank" href="https://www.businessinsider.com/us-israel-exoatmospheric-missile-kill-capability-iran-attack-challenging-intercept-2024-4">outside the Earth's atmosphere</a>, and boasts superior range and speed over its Arrow 2 predecessor. It is also a hit-to-kill missile, while the Arrow 2 destroys incoming targets by exploding nearby.The Israeli military, which said it would probe why the Arrow failed to destroy the incoming threat on Sunday, also disputed the Houthis dubious claim that the missile is hypersonic – the group even <a target="_blank" href="https://www.businessinsider.com/houthis-painted-hypersonic-on-new-missile-israel-attack-2024-9">painted the word "hypersonic"</a> in English on it.<div type="image" title="The missile the Houthis fired Sunday at Israel appears to be an Iranian-made weapon with solid fuel." height="1237" width="2000" msid="113569677" hostid="261" sizebytes="94514"></div>Hypersonic missiles are a class of developing weapons that can maneuver at speeds faster than Mach 5 to evade intercept missiles; there's no evidence the Houthi-fired missile is in the class beyond its paint job.The Houthis dubbed the missile Palestine 2, which analysts believe might be a <a target="_blank" href="https://www.aljazeera.com/news/2024/9/17/yemens-houthis-file-hypersonic-missile-at-israel-what-to-know">"hybrid"</a> of the short-range Iranian Fateh-110 and Kheibar Shekan medium-range ballistic missiles. The group has previously paraded mockups of both the Fateh-110 and Kheibar Shaken.The first Palestine missile, which closely resembles the one used in Sunday's attack, was <a target="_blank" href="https://x.com/fab_hinz/status/1798458454824071364">unveiled in June</a>, with the Houthis claiming it was used for an attack against the southern Israeli port city of Eilat. The Palestine missiles are solid-propellent, making them more advanced than the liquid-propellent ballistic missiles hitherto used by the group."I assume that the Houthis are always hopeful that their missiles may break through the Israeli air and missile defenses, but this missile was not fundamentally different from previous types that were launched at Israel," Tack said. "So at best it would appear this was a repeat attempt, and of course a source for propaganda statements regardless of the outcome of such attacks."Sunday's missile <a target="_blank" href="https://www.timesofisrael.com/liveblog_entry/interceptor-caused-houthi-missile-to-break-up-in-air-iaf-finds-it-was-not-hypersonic-as-claimed-by-rebels/">went on a straight trajectory</a>, traveling approximately 1,200 miles from Yemen and reaching Israeli airspace in under 12 minutes. In July, the Houthis managed to hit Tel Aviv with an extended-range Samad drone <a target="_blank" href="https://www.businessinsider.com/deadly-houthi-attack-tel-aviv-forces-israel-rethink-drone-defenses-2024-7">for the first time</a>, killing one. The drone flew on a less direct and predictable 16-hour route of 1,600 miles, approaching Israel from the west and catching its air defenses off guard."At least at the moment, it seems more probable that the isolated nature of the attack — one missile — may not have been seen as a threat by Israel's air defense network to spur a sustained response," Ryan Bohl, a senior Middle East and North Africa analyst at the risk intelligence company RANE, told BI."Israel does claim to have intercepted the missile, so I don't think anyone can conclude that it slipped by on its own accord," Bohl said. "Rather, its geographic range from Yemen is probably the most notable part, as it indicates that Yemen is a viable pathway for such long-range attacks by Iran and its allies and proxies."Most Houthi missiles and drones are based on Iranian designs. Iran <a target="_blank" href="https://www.businessinsider.com/iran-intel-from-failed-revenge-missile-strike-on-israel-isw-2024-4">attacked Israel directly</a> for the first time in April 2024, launching an enormous ballistic missile and drone barrage in retaliation for Israel's assassination of Iranian officers in Syria. Iran telegraphed that unprecedented attack in advance, and Israel, with help from its allies, intercepted the vast majority of the incoming munitions successfully. The few Iranian Emad missiles that did reach their target, a large airbase in southern Israel, also <a target="_blank" href="https://www.businessinsider.com/iran-ballistic-missiles-to-russia-questionable-accuracy-2024-9">proved significantly less accurate than previously estimated</a>."When it comes to large-scale drone and missile attacks, Iran has to rely on large volumes to try and overwhelm Israeli air and missile defenses," Tack said."If Tehran could achieve strategic surprise in such an overwhelming attack, it is possible that even more missiles would make it through the Israeli defenses, but the recent attacks hardly impact that reasoning or knowledge," Tack added.Unless the Houthis are capable of firing more advanced missiles simultaneously, it's doubtful they can achieve anything more than an "occasional lucky hit" against their distant enemy, Tack said."For the Houthis, the attack — successful or not — is a political achievement that serves their domestic goals. It will drive recruitment and allow them to deploy this as propaganda," Bohl said. "They certainly have learned that Israel's air defenses are robust, but they probably didn't glean much more from the incident than they already knew from the April 2024 incident with Iran."For Israel, the RANE analyst pointed out that using other, less expensive systems than the Arrow 3 makes sense for attacks with singular or small numbers of missiles. By doing so, Israel can preserve the Arrow 3 for combating larger, more challenging, and technologically sophisticated attacks.In addition to Arrow and the short-range Iron Dome, <a target="_blank" href="https://www.businessinsider.com/see-israel-defense-systems-weapons-in-action-2024-4">Israel operates</a> the David's Sling system, which covers the mid-tier of its air defense. It decided to begin retiring its older, American-made Patriot PAC-2 systems <a target="_blank" href="https://www.businessinsider.com/israel-is-retiring-patriot-missile-systems-that-could-help-ukraine-2024-5">earlier this year</a>.Given their geographical distance from Israel, the Houthis are unlikely to become a priority over other Iran-backed militias in the current conflict, especially Hezbollah in Lebanon, which has <a target="_blank" href="https://www.businessinsider.com/wider-war-hezbollah-could-unleash-unprecedented-missile-barrage-against-israel-2024-7">a vast arsenal</a> of surface-to-surface missiles."The Houthis are growing as a threat against Israel, and if there is a sustained supply of such missiles from Iran, it could rival Hezbollah in terms of threat with major attacks," Bohl said."But that requires a sustained build-up that I think is still far-off," Bohl added. "For now, Iran, followed by Hezbollah, are the most direct threats to Israel via rockets and missiles."Steven Horrell, a senior fellow with the Transatlantic Defense and Security Program at the Center for European Policy Analysis, believes Sunday's attack was "very illustrative of the overall positions" in both Iran and Israel."For Iran, the Houthi proxies and others remain a cost-effective and consequence-free way to disrupt the international rules-based order and to hit at Israel," Horrell told BI."For Israel, there is a high level of confidence in the multi-layer missile defense — but this is a reminder that it is not perfect; the risk is never brought down to zero," Horrell said.While the US Navy has <a target="_blank" href="https://www.businessinsider.com/us-navy-cant-stop-houthi-attacks-red-sea-shipping-admiral-2024-8">intercepted</a> numerous Houthi drones and missiles in the Red Sea, the CEPA fellow argued these measures equate to "shooting down arrows and not taking out the archer."

The Houthis probed Israeli defenses with a ballistic missile, and Iran is likely taking notes

The <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords">Enforcement Directorate</keyword> alleged Saturday that the CPI(M) in <keyword id="19896018" type="General" weightage="20" keywordseo="Kerala" source="keywords">Kerala</keyword> was holding proceeds of <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword>, as it attached a land parcel and <keyword id="20202062" type="General" weightage="20" keywordseo="bank-deposits" source="keywords">bank deposits</keyword> worth Rs 73 lakh of the political party in a <keyword id="19913348" type="General" weightage="20" keywordseo="probe" source="keywords">probe</keyword> linked to the Karuvannur Service Cooperative Bank "scam". Assets worth Rs 28.65 crore of various individuals and entities linked to the case have also been attached by the federal agency after a provisional order under the <keyword id="19912399" type="General" weightage="20" keywordseo="prevention-of-money-laundering-act" source="keywords">Prevention of Money Laundering Act</keyword> (PMLA) was issued. Official sources said the party may be nam<keyword id="19956083" type="General" weightage="20" keywordseo="ED" source="keywords">ed</keyword> as an accused in the next supplementary chargesheet to be filed in this case. If so, it will be the second political party to be arraigned as accused in a money laundering investigation after the Aam Aadmi Party. AAP has recently been named by the ED in the Delhi excise policy case. The CPI(M) vehemently denied the charges of wrongdoing and money laundering. The attached assets include 18 immovable properties, valued at Rs 28.65 crore, consisting of lands and buildings in Kerala of the beneficiaries of the "scam", including an immovable property worth Rs 10 lakh registered in the name of a district secretary of the Communist Party of India (Marxist) for a party office, the ED said in a statement. The attachment also includes eight movable properties, including a credit balance of Rs 63.62 lakh in eight "undisclosed" bank accounts of the CPI(M) local area committees in Thrissur, it added. The agency claimed that the CPI(M) received these funds from the beneficiaries as donations through the governing body and the party is "in possession of proceeds of crime" which has been invested in the purchase of immovable properties and credited to its five bank accounts in the Karuvannur Service Cooperative Bank Ltd. The bank is promoted by the party. The CPI(M) rejected the ED charges, saying it would legally and politically fight any move by the agency to arraign it in the case linked to the alleged multi-crore Karuvannur bank scam. Party state secretary M V Govindan alleged that the ED was trying to make opposition parties and their leaders accused in various cases due to political reasons. He also accused the central agency of attempting to create a smokescreen as it had failed to collect any evidence against the party. The ED believes that the land parcel attached by it was meant for the CPI(M) party office and was purchased using alleged kickbacks from the loanees or beneficiaries of the loans sanctioned by the Karuvannur Service Cooperative Bank. The agency has relied on the "confessional" statements of at least two accused in this case who claimed in their statements recorded before a judicial magistrate that the purported irregularities in the bank were orchestrated at the behest of CPI(M) Thrissur district committee leaders. The ED alleged that "bogus loans" were sanctioned by the Karuvannur Service Cooperative Bank on the same property multiple times without the knowledge of members of the society. "Investigation found benami loans were sanctioned to non-members against inflated property valuations in the names of other members and such loan funds were siphoned off and laundered by the accused beneficiaries," it said, adding that the loan amounts were disbursed in cash to avoid a money trail. "Such benami and illegal loans were sanctioned at the behest of the secretary and the governing body of the society in connivance with the then-bank manager, at the behest of the Thrissur district committee, CPI(M). "In return, the Thrissur district committee, CPI(M), collected money in the form of donations and salary cut from the beneficiaries and society committee members into their undisclosed and illegally opened bank accounts in the same society," the agency said. These funds, according to the ED, were utilised for the purchase of land worth Rs 10 lakh by the secretary of the Thrissur district committee of the CPI(M) for the construction of the party office, which has now been attached as proceeds of crime. Govindan said it has been a decades-long practice of registering the office and other assets of party units in the name of the respective district committees. What role does the party have in the office constructed by one of its local committees, he asked. But the ED is now trying to tarnish the image of the CPI(M) in the name of the assets of one such party unit, Govindan claimed. "We will fight it legally and politically. We haven't got any notice in this regard so far," he told reporters. The ED filed a chargesheet in this case against 55 accused entities in November last year. The money laundering case stems from 16 FIRs registered by the <keyword id="20086884" type="General" weightage="20" keywordseo="kerala-police" source="keywords">Kerala Police</keyword> (<keyword id="20146853" type="General" weightage="20" keywordseo="crime-branch" source="keywords">Crime Branch</keyword>) in Thrissur in 2010. Four people have been arrested by the ED in this case so far.

After AAP, ED attaches land, bank deposits of CPI(M); says party holding proceeds of money laundering

<ul class="summary-list"><li>Banks that lost billions during the collapse of Archegos are being newly probed by the DOJ, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-09-17/doj-ramps-up-criminal-probe-of-banks-hurt-by-bill-hwang-s-archegos">Bloomberg reports</a>.</li><li>The focus of the probe is on the reported coordination of banks to steer a more stable liquidation.</li></ul>Federal prosecutors are reexamining Wall Street banks that lost billions in the 2021 Archegos collapse, anonymous sources told <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-17/doj-ramps-up-criminal-probe-of-banks-hurt-by-bill-hwang-s-archegos">Bloomberg</a>.According to the people familiar with the matter, the US Department of Justice is investigating the degree to which these banks coordinated the collective unwinding of their positions in the investment firm, and whether this amounted to an antitrust offense.The revived probe follows just months after Archegos' founder <a target="_blank" href="https://www.reuters.com/legal/jury-reaches-verdict-archegos-founder-hwangs-criminal-trial-2024-07-10/">Bill Hwang was convicted</a> of fraud, racketeering, and market manipulation in July.The investor and his firm were accused of lying to major banks to obtain billions in funding. The money was used to artificially pump up a select number of stocks in which Hwang had secretly built massive positions using derivative swaps.However, this plot fell apart when the stocks fell<a target="_blank" href="https://www.businessinsider.com/archegos-capital-management-experts-share-how-traders-can-exploit-blowup-2021-3"> in March 2021</a>, sending Archegos's $150 billion in bets fell into freefall. Losses and liquidations defined the debacle.For lenders that backed the firm, this was made worse by the fact that they had also purchased underlying shares, Bloomberg said. These dealers had to consider how to effectively unwind their exposure.Several banks came together to explore a joint wind-down strategy when the scheme became apparent. After an agreement failed to materialize, banks such as Goldman Sachs and Morgan Stanley unleashed their shares onto the market.This was shortly followed by an agreement by banks including Credit Suisse, Nomura, and UBS to coordinate their selling while overlapping positions elsewhere, Bloomberg said. Each bank still took on heavy losses. Credit Suisse' $5.5 billion hit has been cited as a factor in its eventual collapse in 2023.For the DOJ, such efforts could constitute a conspiracy to control trade. Sources told Bloomberg that the department has begun making inquiries, with special attention paid to the 2021 banks' emergency discussions.Though the DOJ had similarly inquired in the aftermath of Archegos' downfall, dealers felt they were secure due to the presence of lawyers at the talks, Bloomberg cited. However, one source said this doesn't necessarily equal a defense.

The Archegos disaster isn't over yet for banks as the feds reportedly revive criminal antitrust probe

<ul class="summary-list"><li>Nvidia stock fell after a report said it received a Justice Department subpoena in an antitrust probe.</li><li>The DOJ is investigating Nvidia's dominance in the AI chip market and potential anti-competitive practices.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a> stock extended its weeklong decline on Wednesday after a <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-09-03/nvidia-gets-doj-subpoena-in-escalating-antitrust-investigation">report from Bloomberg</a> said the company received a subpoena from the Department of Justice. Shares of Nvidia were down as much as 3% in Wednesday morning trades, a day after the stock experienced the largest one-day market value wipeout in history <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-drops-ai-return-on-investment-chips-gpus-2024-9">when it fell nearly 10% on Tuesday.</a>Since the AI darling <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-outlook-buy-q2-earnings-decline-wall-street-2024-8">reported its second-quarter earnings last week,</a> the stock is down 16%, erasing $505 billion in market value.The DOJ's antitrust investigation into Nvidia is another concern for investors who worry about just how long the company's dominance of the AI chip sector can last.Nvidia captured over 90% of the GPU market in 2023, according to estimates from JPMorgan.The DOJ's subpoena includes "legally binding requests" that require recipients to provide information, Bloomberg reported, citing people familiar with the investigation.This step from the government is a common precursor to a formal complaint being levied against a company that's under investigation. The DOJ also sent subpoenas to other technology companies as part of the probe.At issue with antitrust officials is whether Nvidia is making it harder for its customers to switch to competing suppliers, and whether the company punishes customers that don't exclusively use its AI-enabled GPU chips.According to the report, Nvidia's acquisition of RunAI in April is also under scrutiny. RunAI offers software to manage AI computations, and there are concerns that the tie-up will further strengthen Nvidia's ecosystem and make it more difficult for its customers to switch to a competing product.The DOJ's probe into Nvidia was initially launched in June.In its defense, Nvidia said its market dominance of the GPU market is based on the high quality of its products."Nvidia wins on merit, as reflected in our benchmark results and value to customers, who can choose whatever solution is best for them," Nvidia said in a statement to Business Insider.Nvidia's closest competitor in the GPU market is <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/amd-stock">AMD</a>, which released its own GPU accelerator chip, the MI300, late last year.AMD has said it expects to generate more than $4 billion in revenue from its suite of AI chips this year, which pales in comparison to the $100+ billion in revenue Nvidia expects to generate this year from its AI chips.Nvidia also faces competition from its own customers, as cloud hyperscalers like <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/meta-stock">Meta Platforms</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a> are internally developing their own AI chips that are specialized in completing inference computations, a key part of the AI workload.

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After AAP, ED attaches land, bank deposits of CPI(M); says party holding proceeds of money laundering

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The Archegos disaster isn't over yet for banks as the feds reportedly revive criminal antitrust probe

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Nvidia market cap decline extends to $505 billion after report of antitrust probe by the Justice Department

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