Washington, Feb 11 (IANS) After US President Donald Trump signed an executive order to halt the enforcement of a law that prohibits US companies from bribing foreign officials, claiming that the restriction disadvantages American firms, all the listed stocks of the Adani Group witnessed substantial gains on Tuesday.
Trump has signed an executive order to ease the enforcement of the Foreign Corrupt Practices Act (FCPA).
The US President directed Attorney General Pam Bondi to suspend actions under the Act, until she establishes new enforcement guidelines, as outlined in a fact sheet on the executive order. Additionally, all current and past actions under the FCPA will be reviewed.
“Since its enactment in 1977, the Foreign Corrupt Practices Act (15 U.S.C. 78dd-1 et seq.) (FCPA) has been systematically, and to a steadily increasing degree, stretched beyond proper bounds and abused in a manner that harms the interests of the United States,” according to a White House statement.
Current FCPA enforcement impedes the United States’ foreign policy objectives and therefore implicates the President’s Article II authority over foreign affairs.
The FCPA forbids any company or individual with US ties from offering money or gifts to foreign officials to secure business overseas. Trump had considered eliminating the law during his first term.
“The President’s foreign policy authority is inextricably linked with the global economic competitiveness of American companies. American national security depends in substantial part on the United States and its companies gaining strategic business advantages whether in critical minerals, deep-water ports, or other key infrastructure or assets,” according to the statement.
“But overexpansive and unpredictable FCPA enforcement against American citizens and businesses — by our own Government — for routine business practices in other nations not only wastes limited prosecutorial resources that could be dedicated to preserving American freedoms, but actively harms American economic competitiveness and, therefore, national security,” it emphasised.
“It is therefore the policy of my Administration to preserve the Presidential authority to conduct foreign affairs and advance American economic and national security by eliminating excessive barriers to American commerce abroad,” said the order.
In a significant development for the Adani Group, all its listed stocks witnessed substantial gains, after US President Donald Trump signed an executive order to ease the enforcement of the FCPA.
The most notable gainer was Adani Enterprises Ltd., which saw a 4.28 per cent advance in its stock price. Following closely was Adani Power Ltd., which rose 4.17 per cent to Rs 511.90 apiece. Adani Green Energy Ltd. was the third top gainer, as it jumped 3.34 per cent to Rs 985.90 apiece.
New Delhi Television Ltd.’s share price also rose 3.84 per cent to Rs 145 apiece. While, Adani Energy Solutions Ltd., Adani Total Gas Ltd., and Adani Ports and Special Economic Zone Ltd. shares were also up.