Adani's Back Company Is Like Nicola

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Adani had asked investors to put up about half of the funds now, and the rest would then be called on in one or two years time. Now that the share sale has been pulled, we don't really know what the company will do next. This is a huge, at least momentary, when Hindenburg, right? "This is like a tiny, tiny company that up until two years ago was pretty much unheard of," he says.

The US Federal Reserve increased its benchmark interest rate by a quarter of a percentage point on Wednesday, Adani Enterprises called off its $2.4bn equity fundraising, and banks that lost billions from the Archegos Capital Management meltdown will get back as little as 5 cents on the dollar. Plus, the FT’s Cristina Criddle looks at a new social media app launched by the founders of Instagram.

Mentioned in this podcast:

Federal Reserve shifts to quarter-point rate rise but warns of more to come

Adani Enterprises calls off $2.4bn share sale

Banks to recoup as little as 5 cents on the dollar in Archegos restructuring

Instagram founders launch Artifact to rival Twitter and tackle misinformation

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The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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