The speakers of both houses of parliament adjourned proceedings on Friday as some lawmakers disrupted business by shouting slogans such as: “We want a joint parliamentary committee (to investigate)” and “Stop looting the poor!”
Both houses of India's parliament were adjourned on Friday amid chaotic scenes as some lawmakers demanded an inquiry following the meltdown of shares in billionaire Gautam Adani's group companies, which some fear could spark wider financial turmoil.
Shares in Adani companies recovered after sharp falls earlier in the day, but the seven listed firms have still lost about half their market value - or more than $100 billion combined - since U.S. short-seller Hindenburg Research last week accused the group of stock manipulation and unsustainable debt.
Adani Group, one of India's top conglomerates, has rejected the criticism and denied wrongdoing in detailed rebuttals, but that has failed to arrest the unabated fall in its shares.
For Adani, a former school drop-out from Gujarat, the western home state of Indian Prime Minister Narendra Modi, the crisis presents the biggest reputational and business challenge of his life, as his firm struggles to assuage investor concerns.
Credit ratings agency Moody's warned on Friday the share plunge could hit the group's ability to raise capital, although peer Fitch saw no immediate impact on its ratings.
"These adverse developments are likely to reduce the group’s ability to raise capital to fund committed capex or refinance maturing debt over the next 1-2 years. We recognise that a portion of the capex is deferrable," Moody's said.
Amid fears the turmoil could spill over into the broader financial system, some Indian politicians have called for a wider investigation into the matter, and sources have told Reuters the central bank has asked lenders for details of exposure to the group.
The speakers of both houses of parliament adjourned proceedings on Friday as some lawmakers disrupted business by shouting slogans such as: "We want a joint parliamentary committee (to investigate)" and "Stop looting the poor!"
On Thursday, S&P Dow Jones Indices said it would drop the conglomerate's flagship Adani Enterprises ADEL.NS from widely used sustainability indexes on Feb. 7, which would blunt their appeal for environment-conscious investors.
"Contagion concerns are widening, but still limited to the banking sector," said Charu Chanana, a market strategist with Saxo Markets in Singapore.
"One of the big risk factors to watch for now is if more indices remove Adani stocks ... This can result in foreign outflows as funds sell Adani stocks, further aggravating confidence issues," Chanana said.
Adani Enterprises shares closed 1.4% higher, after earlier slumping 35% to hit their lowest since March 2021 during trade. That low took its losses to nearly $33.6 billion since last week, for a decline of 70%.
Adani Ports and Special Economic Zone Ltd APSE.NS was up 8%, while Adani Transmission Ltd ADAI.NS and Adani Green Energy Ltd ADNA.NS were both down 10%.
Adani Total Gas Ltd ADAG.NS, a joint venture with France's TotalEnergies SE TTEF.PA, fell 5%. In a statement, TotalEnergies said it had limited exposure to stakes in Adani companies and had not re-evaluated them.
India's divestment secretary Tuhin Kanta Pandey told Reuters that shareholders and customers of state-run Life Insurance Corp (LIC) LIFI.NS should not be concerned about its exposure to Adani group. LIC holds a 4.23% stake in the flagship Adani firm, while its other exposures include a 9.14% stake in Adani Ports and 5.96% in Adani Total Gas.
BIGGEST CHALLENGE
Adani, 60, has in recent years forged partnerships with, and attracted investment from, foreign giants as he pursued global expansion in industries from ports to power.
The market and financial crisis means foreign investors, many already underweight on India as they consider its stock market overpriced, are reducing exposure.
Asked about recent stock market weakness, India's finance minister Nirmala Sitharaman told Network18 that "one instance, however much talked about globally it may be, I would think is not going to be indicative of how well Indian financial markets are governed."
In its report, Hindenburg said key listed Adani companies had "substantial debt" and shares in the seven listed firms had a downside of 85% due to what it called sky-high valuations. It also alleged stock manipulation.
The Adani group said the allegation of stock manipulation had "no basis" and stemmed from ignorance of Indian law. It added that over the past decade, group companies have "consistently de-levered".
The listed Adani firms now have a combined market value of $107.5 billion, versus $218 billion before Hindenburg's report.
The plunge has forced Adani to cede the crown of Asia's richest person to Indian rival Mukesh Ambani of Reliance Industries Ltd RELI.NS, as he has slid to 17th in Forbes' ranking of the world's wealthiest people. He had been third, after Elon Musk and Bernard Arnault.
The prices of U.S. dollar bonds issued by group members edged higher on Friday after diving the previous day.
Adani Green's bonds maturing in September 2024 XS2383328932=TE gained about 7 cents to 69.69 cents, off Thursday's record low of 60.56 cents.
NET migration to the UK dropped to 431,000 in 2024, down from 860,000 in the year to December 2023, according to new estimates released on Thursday by the Office for National Statistics (ONS). The drop is the largest since the Covid pandemic and reflects changes to work and study visa rules.
"Long-term net migration is down by almost 50 per cent," the ONS said. "We are seeing reductions in people arriving on work- and study-related visas, and an increase in emigration over the 12 months to December 2024, especially people leaving who originally came on study visas once pandemic travel restrictions to the UK were eased."
The figures also showed that immigration from non-EU+ countries had declined. The term ‘non-EU+’ refers to countries outside the EU as well as Norway, Iceland, Liechtenstein and Switzerland. Recent years have seen high numbers of arrivals from countries such as India, Nigeria and Pakistan.
Net migration had peaked at 906,000 in the year to June 2023. The latest fall of 297,000 comes in the year that included the first six months of the Labour government under prime minister Keir Starmer, who took office in July 2024.
The ONS noted that fewer people were arriving on work and study visas, following rule changes aimed at reducing arrivals. The previous Conservative government had tightened visa conditions, including higher salary thresholds and restrictions on family members joining migrants.
Starmer, who earlier in May said he would reduce migration over the next four years, had announced new immigration policies including a cut in overseas care workers, a longer qualifying period before migrants can settle, and new powers to deport foreign criminals.
The drop in net migration is expected to offer some political relief to Starmer amid pressure from the anti-immigration Reform UK party, which made gains in recent local elections.
Thinktank British Future said the figures would surprise most of the public. Citing new Focaldata research, it said only 10 per cent of people in Britain had expected net migration to fall, while 58 per cent thought it would increase. Another 28 per cent expected it to stay the same.
Sunder Katwala, Director of British Future, said: “This significant fall in net migration will surprise 90 per cent of the public, who expected numbers to keep going up.
“So Keir Starmer is in the unusual position for a PM of having exceeded expectations on immigration – though largely by not cancelling measures introduced by his predecessors.
“That gives him an opportunity to take a more pragmatic approach, managing the pressures and keeping the gains of immigration – rather than competing in a political auction over which party can pretend to eliminate it.”
British Future said the lower numbers largely reflect the continuation of policy changes made by the previous administration. It added that further reductions of around 100,000 were expected based on measures outlined in the recent Immigration White Paper.
Focaldata’s previous research also showed a divided public opinion on immigration. About 50 per cent want immigration reduced, while 45 per cent prefer numbers to stay the same or increase.
Among those who want a reduction, 49 per cent cited irregular migration and small boat Channel crossings as their priority. Only 26 per cent said they wanted overall net migration numbers reduced.
When asked what types of immigration they would reduce, most people said they would not cut migration of workers such as doctors (77 per cent), care home staff (71 per cent), fruit pickers (70 per cent), catering staff (63 per cent), lorry drivers (63 per cent), and engineers (65 per cent). Two-thirds (65 per cent) also preferred not to reduce the number of international students.
Among people who voted Labour in 2024, 55 per cent preferred immigration numbers to remain the same or rise.
JUSTICE SECRETARY Shabana Mahmood is considering making chemical castration mandatory for the most serious sex offenders as part of a broader review of sentencing reforms and efforts to address prison overcrowding.
The Ministry of Justice is planning to expand an existing pilot involving libido-suppressing drugs from south-west England to 20 regions, with a view to national rollout. A government source told The Guardian that Mahmood is exploring whether the use of such drugs could be made mandatory for some offenders. The pilot programme is due to end next year.
The approach uses two types of drugs: selective serotonin re-uptake inhibitors (SSRIs), which limit intrusive sexual thoughts, and anti-androgens, which lower testosterone levels and libido. These are combined with psychiatric support targeting factors behind sexual offending.
Sexual offences made up 21 per cent of adults serving immediate custodial sentences as of March 2025. Participation in such programmes is currently voluntary in England and Wales, The Guardian reported.
The proposed measures are part of 48 recommendations by David Gauke, chair of an independent sentencing review. Mahmood is expected to announce which proposals she will adopt in a Commons address. Sources told The Guardian she is likely to back early release for well-behaved prisoners and allow serious sexual and violent offenders to serve half their sentences in the community.
Gauke has also recommended restricting short custodial sentences, expanding electronic tagging, and increasing probation funding. He warned of a “public backlash” if resources fall short.
The Howard League welcomed the recommendations, while the National Police Chiefs’ Council called for adequate funding and monitoring. Shadow justice secretary Robert Jenrick criticised the proposals, saying they would weaken sentencing for crimes like burglary and assault.
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Traffic cameras and Google maps displayed the slowness of the traffic
M25, the busiest motorway in the UK, faced severe traffic block after multiple unpleasant incidents. The motorists had to wait for more than 20 minutes with the entry slip road blocked partially. Cars paused at around 3:40 pm moved only after 4 pm.
While the traffic was extremely slow at Junction 13 for the A30, it was worsened by the broken down vehicles on the opposite carriageway from J13 A30 (Staines) to J12 M3 J2. Altogether, the lanes were packed with vehicles. Both traffic cameras and Google maps displayed the slowness of the traffic.
The motorway experienced excessive traffic jam of 90 minutes due to three incidents that happened on the same day. First clockwise delay was caused by the crash near J13 (Staines). Followed by a clockwise entry slip road blockage and then, the anti-clockwise delays from the broken down vehicles.
Inrix, a traffic analyst said that a lorry is involved in the crash, and two out of the four lanes are currently closed. Another crash was reported on further north on M25, which shut other two lanes anti-clockwise before J19 (Watford).
"There is currently approx. 8.5 miles of congestion on approach, causing delays of 90 minutes above usual journey times" said a Spokesperson for National Highways.
Currently, the vehicles have begun moving, attempting to resume the normal traffic conditions.
Three out of four lanes are now open on the Clockwise. Three lanes amidst J9 (Leatherhead) and J10 (Wisley) are open to commute, while Lane 1 is still closed for the clearance of animals.
Still, Traffic monitoring site Inrix is expecting severe delays on the M25 anti-clockwise between J10 (Wisley) and J9 (Leatherhead). "Severe delays and two lanes closed due to accident, a lorry involved, fuel spillage and barrier repairs on M25 anticlockwise after Cobham Services. Congestion to J11 Chertsey, and still heavy through Weybridge and Cobham" stated Inrix.
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The warning comes as heavy showers, lightning and hail
The Met Office has issued a tornado warning, with the possibility of a funnel cloud forming across parts of southern England, as the region faces thunderstorms following an unusually dry spring.
Met Office meteorologist Alex Burkill said on Wednesday that it was “not out of the question that we could see a funnel cloud, maybe even a brief tornado across parts of the South East.” The warning comes as heavy showers, lightning and hail are forecast to affect southern areas, while northern regions enjoy largely fine and sunny weather.
“There’s a bit of a North-South split today,” Burkill noted. “Northern parts are seeing a lot of sunshine, while the South is experiencing wet weather that will continue with further showery bursts.”
The warning follows what has been recorded as the driest start to spring in nearly six decades. By Friday, just 80.6mm of rain had fallen across the UK during spring 2025—almost 20mm less than the lowest ever total for a full spring season, which was 100.7mm in 1852.
The Environment Agency has cautioned that prolonged dry periods could contribute to drought conditions later in the summer if rainfall remains limited.
Drier weather expected from Thursday
More settled weather is expected to return from Thursday, with only a few light showers forecast in the South West. These are not predicted to be as intense as Wednesday’s downpours.
“There’ll be a good amount of sunshine elsewhere,” Burkill added.
Friday is likely to remain mostly dry and fine across much of the country, though more wet and windy conditions are forecast to develop over the weekend, bringing a shift in the weather once again.
Burkill said this week’s unsettled spell marked a “real change from what we’ve become used to so far this spring,” highlighting how consistently dry conditions have been up to now.
The Met Office tornado warning highlights the unpredictability of current patterns, even as much of the UK continues to grapple with a spring notable for its lack of rainfall.
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British Chagossians demonstrate in Westminster asking for the right to determine their own future on October 07, 2024.
THE UK government has been temporarily stopped from finalising a deal with Mauritius over the Chagos Islands, after a High Court judge granted an injunction on Thursday.
The injunction prevents Britain from going ahead with an agreement that would transfer sovereignty of the Chagos Islands to Mauritius, while allowing the UK to keep control of the Diego Garcia military base in the Indian Ocean.
The proposed deal, which was first announced in October, includes a 99-year lease for the UK to retain the base on Diego Garcia, the largest island in the Chagos archipelago.
The injunction was issued after legal action brought by Bernadette Dugasse and Bertrice Pompe, both British nationals born on Diego Garcia.
The Telegraph reported that prime minister Keir Starmer had been expected to attend a virtual signing ceremony with officials from the Mauritian government.
In 1965, Britain separated the Chagos Islands from Mauritius – which became independent in 1968 – to establish the British Indian Ocean Territory.
No official financial terms of the deal have been made public, though media reports have estimated the cost to Britain at 9 billion pounds.
US president Donald Trump, who took office in November, expressed his support for the agreement in February following a meeting with Starmer in Washington. Former president Joe Biden had also backed the deal.