Fed Chair Shake-Up, Meesho IPO, BlackRock’s Big Crypto Buy | The Integrity Ledger

Welcome to The Integrity Ledger — from Fed succession drama to global data breaches, billion-dollar IPOs, and mounting corruption probes, here’s everything moving markets and governments today.

Treasury Secretary Bessent is interviewing candidates to succeed Fed Chair Powell, with a strong chance of a new appointment before Christmas; NEC Director Hassett is reportedly the front-runner. Upcoming US economic indicators include ISM Manufacturing and Services PMIs, with recent data showing mixed manufacturing decline but strengthening services. OPEC-8 is expected to hold production steady, focusing discussions on 2027 capacity baselines. Key reports this week also cover Eurozone inflation, Canadian jobs, Australian GDP, Swiss CPI, and the delayed US September PCE data.

Investors should monitor Fed Chair developments closely as appointee views could influence future monetary policy direction. The ISM PMIs and PCE inflation data will provide vital signals on US economic momentum and inflation pressures, impacting rate expectations. OPEC's decision to maintain output levels may support oil price stability, while European and Canadian data will inform global growth and central bank policy outlooks.

Forexlive

OPEC is expected to keep its oil production levels steady for the first quarter of 2026, according to three delegates. The group, which accounts for half of global oil supply, aims to moderate output amid concerns over a potential supply glut and pressure from a possible Russia-Ukraine peace deal. Brent crude recently closed near $63 a barrel, down 15% this year.

Maintaining current output targets suggests OPEC is prioritizing market stability over regaining share aggressively. This stance may limit volatility in oil prices and influence global energy markets, affecting producers and consumers in the near term.

Mint

Meesho, the SoftBank-backed Indian e-commerce platform, launches its IPO subscription on December 3, offering 48.84 crore shares worth ₹5,421.20 crore. The price band is set between ₹105-115 per share, with a grey market premium of ₹39.50 indicating a potential listing price of ₹150.50, a 35.59% premium to the upper price band.

Meesho's IPO presents investors a chance to enter one of India’s fastest-growing e-commerce platforms, supported by strong user and order growth. Institutional investors hold 75% of the allocation, signaling confidence, while the fresh capital aims to boost technology, cloud infrastructure, and expansion strategies.

Mint

BlackRock purchased $589 million worth of Bitcoin (4,044 BTC) and Ethereum (80,121 ETH) over three days via multiple Coinbase transfers, marking one of the largest recent institutional crypto accumulations. This buying spree coincided with a crypto market rebound, with Bitcoin near $91,552 and strong inflows into BlackRock’s crypto ETFs, notably $43 million into IBIT and $50 million into ETHA.

BlackRock’s substantial crypto acquisitions and ETF inflows highlight renewed institutional confidence as digital assets recover, potentially signaling greater mainstream adoption. Investors and fund managers may view this as a positive indicator for ETF-driven demand and crypto market stabilization in the near term.

Bitcoin Ethereum News

Japanese manga publisher Shueisha has publicly accused OpenAI’s AI video generator, Sora 2, of infringing copyrights by mimicking iconic anime and manga titles such as Blue Exorcist without consent. The company demands greater control for creators beyond opt-out options and vows strict action against further rights violations. The controversy has sparked mixed reactions among fans and industry groups, highlighting ongoing tensions over AI content generation and intellectual property.

Shueisha’s firm stance underscores growing concerns over AI’s unauthorized use of creative content, signaling potential legal challenges for AI developers. Creators and publishers may seek stronger safeguards to protect intellectual property, which could shape future AI training and licensing practices in the media and entertainment sectors.

The Daily Dot

India's BFSI Global Capability Centers (GCCs) are rapidly expanding, with market value expected to grow from $40–41 billion in 2023 to nearly $125 billion by 2032. AI, data engineering, and analytics now constitute 29% of new hiring mandates amid a 42% digital skills talent shortage. The sector is shifting from back-office operations to strategic innovation and leadership in digital finance globally.

This transformation elevates BFSI GCCs into key players driving AI-led automation, cybersecurity, and digital product development for global banks. The talent shortage and rising compensation pressures will intensify competition, while India's deep expertise positions it as a global command centre shaping financial technology and regulatory solutions.

Business News India

Asahi Group Holdings, Japan's largest beer producer, revealed that a September ransomware attack compromised personal data of up to 1.9 million people. Exposed information includes names, genders, addresses, phone numbers, and emails, though no payment card data was leaked. The Qilin ransomware group claimed responsibility and published stolen files to substantiate their breach.

This breach highlights the ongoing ransomware risks facing large consumer brands and the critical need for robust cybersecurity measures. Asahi's efforts to restore systems and enhance protections will be closely watched by the industry amid rising cyber threats targeting supply chain and operational infrastructure.

Bleeping Computer

Germany’s Bundestag has approved a 2026 budget featuring over €180 billion in new debt, prompting sharp criticism from AfD lawmakers. They warn that record borrowing and the erosion of key industries like steel, coal, chemicals, and automotive signal a turning point, with rising long-term interest payments and the debt brake being exceeded raising concerns about economic stability.

The expanded borrowing challenges Germany’s fiscal discipline and could increase debt servicing costs, affecting public finances long term. Investors and businesses should monitor potential impacts on industrial competitiveness and economic growth amid ongoing structural shifts.

Hindustan Times

A Czech foundation canceled its Flamingo missile donation to Ukraine amid doubts the funds would reach manufacturer Fire Point. This followed the resignation of Zelensky’s chief of staff Andriy Yermak and a widening corruption probe, including a $100 million kickback scheme linked to Energoatom and businessman Timur Mindich, a close Zelensky associate tied to Fire Point.

The cancellation marks a rare weapons support withdrawal, causing allies to reconsider aid amid deepening corruption concerns. Ukraine’s political stability and wartime credibility face scrutiny, potentially affecting future international assistance.

Hindustan Times

The Supreme Court of India closed all civil and criminal proceedings against the Sterling Group and its promoters, Nitin and Chetan Sandesara, following their commitment to deposit Rs 5,100 crore by December 2025. The group faced allegations of a Rs 15,000 crore bank fraud involving loan diversion and financial misrepresentation across multiple legal frameworks.

The settlement allows lender banks to recover substantial amounts via a structured mechanism while halting prolonged litigation and prosecution efforts. However, the Court emphasized this resolution is specific to this case and does not set a precedent for substituting restitution for criminal liability in financial offences.

The Indian Express

Hungarian Prime Minister Viktor Orbán met with Russian President Vladimir Putin at the Kremlin to discuss securing more Russian oil and gas. Orbán, who secured a U.S. sanction exemption for Russian energy firms, emphasized that Russian energy remains essential for Hungary's economy amid EU efforts to cut off Russian fossil fuels. This stance strains Hungary's relations with EU and NATO allies amid the ongoing Ukraine conflict.

Boulder Daily Camera

The U.S. may formally recognize Russia's control of Crimea and parts of eastern and southern Ukraine in a proposed peace deal, marking a major shift in policy. Trump has sent envoys to Moscow to present this plan, alarming European allies who reject any recognition of forced territorial changes. Ukraine opposes ceding territory, with final terms possibly decided in talks between Trump and Zelenskyy.

Benzinga

Russian authorities have outlawed Human Rights Watch as an "undesirable organization," making cooperation with it a criminal offense under a 2015 law. This move intensifies Russia's crackdown on dissent, including the designation of Pussy Riot as extremists and Navalny's Anti-Corruption Foundation as a terrorist group. These actions reflect the Kremlin's strategy to silence critics amid ongoing conflict in Ukraine.

Sun Sentinel

Honduras is preparing for a highly contested presidential election marked by allegations of vote manipulation amidst three main candidates: Rixi Moncada, Salvador Nasralla, and Nasry Asfura. Scandals involving the National Electoral Council, military interference demands, and U.S. political pressure add to fears of election fraud and instability reminiscent of past coups.

Al Jazeera

Hong Kong's deadliest fire in decades at Wang Fuk Court, killing at least 128 people, is under investigation for corruption and negligence linked to unsafe renovations. Authorities arrested eight individuals from construction and engineering firms, probing dangerous foam panels and scaffolding netting as causes. The tragedy has sparked mourning and scrutiny of safety enforcement.

CBS News

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