đ Adani responds
Good morning, Quartz readers!
Hereâs what you need to know
Gautam Adani had a 413-page answer to the Hindenburg report. The billionaire refuted allegations of fraud, hoping to calm investors in the midst of a planned $2.5 billion share sale (more below).
A top Chinese nuclear weapons lab has been acquiring blacklisted US chips. A 1997 US export ban hasnât stopped the firm from buying semiconductors made by Intel and Nvidia since 2020, according to The Wall Street Journal.
Chinaâs central bank rolled over green lending incentives. Three policies that encourage banks to support companies working to limit carbon emissions are being extended.
UK prime minister Rishi Sunak fired his partyâs chairman. Nadhim Zahawi was ousted after an investigation alleged he wasnât transparent about his tax affairs while serving as a senior minister in the government.
Nigerians got more time to trade in old naira notes. Citizens originally had six weeks to exchange them for the redesigned currency, but the deadline was extended to Feb. 10.
Japanese travelers can now get Chinese visas. Chinaâs retaliatory, three-week suspension of visas, put in place after Japan rolled out stricter covid protocols for travelers coming from China, was lifted.
What to watch for
Today (Jan. 30) Hong Kong is scrapping its five-day isolation rule for people who test positive for covid.
Itâs the latest step the city has taken in dismantling its system of covid restrictions, which were abandoned by mainland China last month. Hong Kong has already removed mandatory PCR tests for arrivals as well as vaccine passes and the need for rapid test results to access bars and banquets.
These anti-covid measures, however, remain in place:
đˇ The mask mandate (both indoors and outdoors). The government hopes to lift the restriction in March or April, when the weather is warmer.
𧪠Daily rapid tests for students until the end of February at least. Teachers and other staff can stop on Jan. 30.
đ A negative PCR test result is required for travelers between the mainland and Hong Kong.
Why are Adani stocks tumbling?
One of the richest people in the world, billionaire Gautam Adani, is in trouble.
Last week, Hindenburg Research, a New York-based financial research firm, published a report accusing Indiaâs Adani Group of committing the âthe largest con in corporate history.â Since then, the conglomerateâs shares have plunged over 18%, wiping out an estimated $50 billion in stock market value.
The reverberations of this rout have been felt across Indian markets. Several public sector banks and the state-owned Life Insurance Corporation (LIC) hold large stakes in the company. If Adani collapses, taxpayers will also take a hit.
Hindenburg is no newcomer to taking aim at big corporate names. Founded in 2017 by activist short-seller Nathan Anderson, the firm has previously gone after the hedge fund Platinum Partners, the electric truckmaker Nikola, and Twitter.
Youâve got to be drunk to understand whatâs in Fireball
Whatâs the difference between Fireball Cinnamon Whisky and Fireball Cinnamon? For starters, one has whiskey in it and the other, well, does not.
Itâs admittedly easy to confuse the two, and thatâs why the maker of Fireball is being accused of fraud and deceptive marketing practices. As Quartzâs Scott Nover explains, maybe the only way to not get confused is to just take a shot of whatever Fireball you can find.
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Surprising discoveries
A very, very old mummy was discovered in Egypt. The 4,300-year-old remains of a man named Hekashepes may be the oldest ever found in the country.
The latest celebrity marketing stunt includes wild gazelles and Arabian oryx. Extravagant vacations to Dubai are increasingly being traded for TikTok mentions.
Brits can now get a masterâs degree in podcasting. The City University of London is the countryâs first dedicated program for this medium.
Bears arenât camera shy. A collection of 400 furry selfies is proof enough.
The ocean near San Diego is turning pink. Donât worry, itâs all in the name of science.
Our best wishes for a productive day. Send any news, comments, luxe vacations, and bear confidence to [email protected]. Reader support makes Quartz available to allâbecome a member. Todayâs Daily Brief was brought to you by Mimansa Verma, Ananya Bhattacharya, Sofia Lotto Persio, Julia Malleck, and Morgan Haefner.