Business
US legal troubles for Adani expose shortcomings in India booming solar sector
A load lifter operator wheels past a solar panel display alongside an image of Gautam Adani inside the Adani-owned Mundra Solar Techno-Park Private Limited, in the port town of Mundra in Western India’s Gujarat state, India, on Sept 20, 2023. (AP)
BENGALURU, India, March 11, (AP): US President Donald Trump’s decision to freeze a law banning business bribes overseas could offer Indian tycoon Gautam Adani, one of Asia’s richest people, a reprieve from American corruption allegations linked to a major solar project in India. US prosecutors allege that one of Adani’s companies duped investors by hiding that its project was backed by a $265 million bribery scheme.
The case now may be reviewed, and enforcement of any potential decision against it is uncertain. Whatever its fate, the case has highlighted vulnerabilities in India’s solar sector that are hindering its capacity to switch to clean energy, help limit climate change and cut heavy pollution in many of its cities. The Adani Group, whose business interests span much of the economy from ports and airports to energy and media, has denied the US allegations.
It declined requests from The Associated Press for comment. Earlier this month, Trump suspended the Foreign Corrupt Practices Act, raising expectations among some in India that the allegations against Adani might be put on ice. Shares in Adani’s companies surged but then fell just days later when the US Securities and Exchange Commission sought help from Indian authorities in serving its complaint against Adani.
The allegations have had wider repercussions outside India. Adani Green Energy has withdrawn its wind energy projects from Sri Lanka after the island nation sought to renegotiate prices. Kenya canceled energy and airport expansion deals with the company, while investor TotalEnergies, a French oil giant, has paused new investments.
Adani Green Energy, or AGEL, is India’s largest renewable energy company. It is building one of the world’s largest clean power projects in salt deserts bordering Pakistan in the Western Indian state of Gujarat. Once completed, they would produce 30 gigawatts of clean power, enough to power nearly 18 million Indian homes.
AGEL has projects in 12 Indian states, with 11.6 gigawatts of clean power capacity. It aims to generate 50 gigawatts of renewable power by 2030, a tenth of India’s clean energy goal for the same time period. In November, Adani said his company would invest $35 billion over five years in large-scale solar, wind, and hybrid power plants across India.
It is also one of the country’s few large-scale producers of solar and wind power components. But the industry itself is struggling. India’s state-owned electricity companies are chronically short on cash. By 2022-23 their losses totaled $7.8 billion – 2.4% of India’s GDP, according to government data. Operations are plagued by bad planning, fears of public anger over higher electricity rates and large electricity losses during transmission.
Hamad Malallah
KUWAIT CITY, Aug 14: United Projects for Aviation Services Company (UPAC), a commercial real estate and facilities management company, today announced its financial results for the second quarter of 2025. For the six months ended June 2025, the company reported net profits of KD 497 thousand, down 62% from 2024, or 0.94 fils per share, with revenues of KD 3.29 million down 25.6% from 2024.
Eng. Hamad Malallah, Chief Executive Officer at UPAC, said: “The second quarter presented a transitional period as we successfully concluded the project to manage and operate Terminal 1 at Kuwait International Airport, officially handing it over to the Directorate General of Civil Aviation (DGCA) in May 2025. While this shift has naturally impacted the company’s revenues, it also paves the way for new avenues of growth and development as we focus on future projects and strategic partnerships. It is important to note that UPAC built the entire project and operated it throughout the contract term before transferring it to the DGCA under the Build, Operate, and Transfer (BOT) system. We take great pride in the success of this national project over 26-year and in delivering it to the State.”
Malallah continued: “I’m pleased to share that in July, we welcomed our first operator at Messilah Beach: Villa Shams, Kuwait’s first ladies-only beach club. Officially opened on 10 July 2025, Villa Shams offers a premium, private experience designed exclusively for women, in a secure and refined setting. This milestone reflects UPAC’s vision to create inclusive recreational environments that cater to all segments of society.”
“Planning for other areas on the Messilah Beach site has also been progressing steadily. Our teams are actively working alongside confirmed operators, both global and local brands, to support their on-ground preparations for upcoming openings with a list of exciting tenants. We are looking forward to be bringing an exceptional, family-friendly beach destination experience to Kuwait through Messilah Beach, which is set to become a vibrant, year-round destination,” added Malallah.
Malallah concluded: “We remain committed to identifying and pursuing strategic business opportunities within our industry that drive growth and create value for the company and its shareholders.”
Al Messilah Beach, one of Kuwait’s prime family entertainment destinations, was developed by Touristic Enterprises Company as part of its role in spearheading growth of Kuwait’s tourism sector. UPAC is managing all aspects of the site including leasing, entertainment activities, facility management, and overall project operations.
UPAC is a co-investor in Abu Dhabi’s $1.3 billion Reem Mall on Reem Island. Reem Mall is Abu Dhabi’s latest signature shopping, dining, and entertainment family destination spanning an impressive 183.4K sqm GLA. Anchored by a hyper-market and various notable entertainment and home furnishing concepts, the mall will be home to around 400 international and local brands. Snow Abu Dhabi, one of the mall’s entertainment anchors, is the city’s only snow park. The mall also has one of the largest home furnishing offerings in Abu Dhabi as well as one of the largest Carrefour outlets in the city. One of the prominent new openings was Sharaf DG, an expansive 3,334sqm electronics retail space with 34 brand experience zones making it the largest store of its kind in Abu Dhabi.
The mall is one of the region’s first fully integrated omnichannel retail ecosystems with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer experience.
As of June 2025, around 66% of GLA is open and trading, with an additional 14% under fit-out, bringing the effective leased GLA to 80%. As of date, Reem Mall has also secured signed proposals covering a further 4% of GLA. Key performance metrics continue to show strong momentum, with footfall and tenant sales increasing by 30% to 40% year-on-year. Notably, the mall achieved two consecutive record-breaking months in May and June 2025, setting new highs for both visitor numbers and sales.
Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between US dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, on Aug 14. (AP)
MANILA, Philippines, Aug 14, (AP): Asian shares were mixed on Thursday after days of gains driven by hopes for lower US interest rates, while US futures slipped. Bitcoin rose more than 3% to a new record of over $123,000, according to CoinDesk. In Tokyo, the Nikkei 225 fell 1.3% to 42,705.36 as investors sold to lock in recent gains that have taken the benchmark to all-time records.
The Japanese yen rose against the dollar after US Treasury Secretary Scott Bessent said in an interview with Bloomberg that Japan was “behind the curve” in monetary tightening. He was referring to the slow pace of increases in Japan’s near-zero interest rates. Low interest rates tend to make the yen weaker against the dollar, giving Japanese exporters a cost advantage in overseas sales.
The dollar fell to 146.31 Japanese yen early Thursday, down from 147.39 yen. The euro fell to $1.1703 from $1.1705. In Chinese markets, Hong Kong’s Hang Seng index shed less than 0.2% to 25,655.26, while the Shanghai composite index added 0.1% to 3,686.07. South Korea’s Kospi fell less than 0.1% to 3,222.99, while Australia’s S&P ASX 200 index added 0.5% to 8,866.70. Taiwan’s TAIEX fell 0.5%, while India’s Sensex edged 0.1% higher.
“Asian markets opened today like a party that ran out of champagne before midnight – the music still playing, but the dance floor thinning out,” Stephen Innes of SPI Asset Management said in a commentary. The futures for the S&P 500 and the Dow Jones Industrial Average were down less than 0.1%. On Wednesday, US stocks ticked higher, extending a global rally fueled by hopes the Federal Reserve will cut USinterest rates.
The S&P 500 rose 0.3% to 6,466.58, coming off its latest all-time high. The Dow climbed 1% to 44,922.27, while the Nasdaq composite added 0.1% to its own record set the day before, closing at 21,713.14. Treasury yields eased in the bond market in anticipation that the Fed will cut its main interest rate for the first time this year at its next meeting in September.
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