Good morning. Gautam Adani, whose Indian business empire is under pressure over fraud allegations, repaid a $1.1bn share-backed loan last week after facing a margin call of more than $500mn, according to four people with direct knowledge of the matter. They said the repayment was…

Shares of Google parent Alphabet were down more than 8 per cent on Wednesday, wiping billions of dollars off its market value, as Wall Street digested the potential damage to its search dominance and profits from a new artificial intelligence battle with Microsoft.The knock to…

Rail industry bosses have criticised ministers’ confrontational approach to the unions as the biggest industrial action to hit the UK railways in decades began last summer, and said “bashing” them had made it harder to reach a deal. Andrew Haines, the chief executive of public…

Gautam Adani, whose Indian business empire is under pressure over fraud allegations, repaid a $1.1bn share-backed loan last week after facing a margin call of more than $500mn, according to four people with direct knowledge of the matter.They said the repayment was designed to avoid…

Distressed companies can stay solvent as long as retail stock investors remain irrational. And Wall Street’s financial engineers have noticed. Earlier this week, struggling retailer Bed Bath & Beyond announced plans to raise as much as $1bn in equity. B,B&B bonds trade at less than…

Seth Klarman has told investors in his hedge fund that the Federal Reserve’s response to the 2008 financial crisis and the ensuing decade-plus of low interest rates had helped “erect a financial fantasyland”. “A consequence-free era of virtually unlimited low-cost capital had come to an…