Five Things You Need to Know to Start Your Day

Asia’s richest man rebuts fraud allegations. Rio Tinto loses dangerous radioactive widget. Memory-chip industry suffers historic rout. Here’s what you need to know today.

Asia’s richest man, Gautam Adani, published a 413-page rebuttal of allegations of fraud by short seller Hindenburg Research, seeking to calm potential investors before the Indian billionaire’s flagship completes a $2.5 billion share sale. Hindenburg published a 100-page report on the eve of the sale opening, alleging that a two-year investigation found “brazen stock manipulation and accounting fraud.” Adani Group said the conduct of the American short seller “is nothing short of a calculated securities fraud under applicable law.” Following the report, investor Bill Ackman doubled down on his criticism of Adani Group, while Adani’s wealth tumbled about $20 billion.