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Welcome to The Integrity Ledger — where today’s biggest money moves collide with political power plays, global fraud storms, and a looming Fed shake-up.
Market commodities
Nasdaq | 23,578.13 | ▲ 0.31% |
S&P 500 | 6,870.40 | ▲ 0.19% |
|---|---|---|
Bitcoin | 89,330.56 | ▲ 0.07% |
Gold | 4,227.70 | ▼ 0.43% |
Dow Jones | 47,954.99 | ▲ 0.22% |
Ethereum | 3,015.40 | ▼ 0.81% |
Tether | 1.00 | ▼ 0.01% |
Binance Coin | 889.44 | ▼ 0.12% |
Solana | 130.95 | ▼ 1.06% |
Finance & Markets
FOMC Meeting Could Trigger Major Shift in Long-Term Treasury Rates
The upcoming FOMC meeting is poised to initiate a regime shift in long-end rates, potentially pushing 30-year Treasury yields toward 7%. Market attention centers on internal FOMC dissent and the dot plot projections rather than the anticipated 25 basis point rate cut, signaling uncertainty about future easing and a possible prolonged pause after December.
A bear steepener in Treasury yields may affect bond valuations and equity markets significantly. Investors and portfolio managers should prepare for increased volatility in long-term rates, which could reshape fixed-income strategies and risk assessments going forward.
Kevin Hassett's Fed Chair Momentum Unsettles Bond Markets
Kevin Hassett, director of the National Economic Council, has seen his chances of becoming Federal Reserve chair surge from 30% to 80% according to Polymarket data following President Trump's comments. Markets have reacted with rising bond yields amid concerns that Hassett's support for aggressive rate cuts could destabilize inflation management.
Investors are wary that Hassett's close ties to Trump might push the Fed towards looser monetary policy, risking higher inflation and eventual tightening. However, as one of 12 Federal Open Market Committee voters, Hassett may face resistance from more hawkish members, which could moderate any policy shifts.
Business & Investments
ICICI Prudential AMC IPO Opens December 12 with Rs 2,061-2,165 Band
ICICI Prudential Asset Management Company will launch its IPO for subscription from December 12 to 16, with an anchor book bidding on December 11. The offer for sale comprises 4.89 crore shares priced between Rs 2,061 and Rs 2,165 per share, with proceeds going to the promoter, Prudential Corporation Holdings.
The IPO allows Prudential to divest part of its stake while ICICI Bank maintains majority ownership. Listing will position ICICI Prudential AMC alongside leading publicly traded Indian asset managers, offering investors exposure to a major joint venture in the fund management sector.
Crypto & Fintech
Bitcoin Surges Beyond $90,000 on Institutional and ETF Growth
Bitcoin surpassed the $90,000 mark, trading at $90,012.88 on Binance’s USDT pair, driven by increased institutional adoption, favorable macroeconomic factors, and inflows from U.S. spot Bitcoin ETFs. This milestone marks a significant psychological and technical advance, potentially transforming a key resistance level into support.
Crossing $90,000 signals renewed investor confidence and could encourage further capital inflows, especially from institutional players. However, market participants should remain cautious given cryptocurrency’s inherent volatility and regulatory uncertainties that could affect near-term price dynamics.
Canada’s CRA Nets $100M in Crypto Tax Audits Without Criminal Charges
Canada Revenue Agency’s cryptoasset auditors have recovered over $100 million in unpaid taxes from more than 200 cases over the past three years, despite up to 40% of crypto users being non-compliant. However, since 2020, no criminal charges have been laid amid challenges linked to crypto’s anonymity and limited enforcement resources. The CRA recently obtained a court order to identify thousands of users of NFT firm Dapper Labs, aiming to improve tax compliance in the rapidly growing crypto space.
The substantial tax recoveries highlight growing regulatory scrutiny of crypto assets in Canada but underscore the difficulties of enforcing compliance in a borderless, anonymous market. Businesses and investors should anticipate increased audits and data-sharing demands, while the planned financial crimes agency may enhance enforcement capabilities starting in 2026.
Emerging Tech & Ethics
UIDAI to Ban Aadhaar Photocopying, Introduce Digital Verification
The UIDAI will soon prohibit hotels and event organisers from collecting physical photocopies of Aadhaar cards, replacing them with a digital QR code and mobile app verification system. Entities will need to register for access to this new technology, which enhances privacy and supports offline authentication via APIs and app-to-app verification.
This shift reduces privacy risks linked to paper storage and data leaks, while streamlining Aadhaar verification for businesses. It also aligns with India's forthcoming Digital Personal Data Protection Act, promoting secure, paperless identity verification nationwide.
Harvard Alumni Database Breached via Phone Phishing Attack
Harvard University announced that an unauthorized party accessed a database containing alumni, donor, faculty, and some student information following a phone phishing attack on November 18, 2025. This breach exposes personal contact details and donation histories, marking Harvard's second recent security incident amid a wave of similar breaches across Ivy League schools, including Princeton, University of Pennsylvania, and Columbia.
The breach underscores ongoing vulnerabilities in even well-funded university IT systems, emphasizing the urgent need for stronger security protocols against social engineering attacks. Stakeholders should anticipate heightened cybersecurity measures and increased scrutiny of alumni and donor data protection across higher education institutions.
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Forensic Lens
Money Trails
IndiGo’s operational disruptions eased Sunday as flights resumed to 137 of 138 destinations, with 75% now on time— a 30% improvement from the previous day. The airline canceled over 700 flights Saturday due to pilot miscalculations under new Flight Duty Time Limitations, triggering government intervention. Aviation Minister Ram Mohan Naidu issued a show-cause notice and mandated all refunds be processed by 8 pm Sunday, with baggage claims settled within 48 hours.
Regulatory pressure forces IndiGo to accelerate passenger refunds and streamline operations, aiming to restore customer confidence and stabilize its flight network. Airlines must now carefully manage crew scheduling under new FDTL rules to prevent similar disruptions. This crisis spotlights ongoing challenges in India's aviation sector competitiveness and infrastructure capacity.
Corruption & Governance
Nepal's anti-corruption agency has filed a case against China CAMC Engineering and 54 others for alleged cost inflation, poor construction, and irregularities in the Pokhara International Airport project. The Commission for Investigation of Abuse of Authority cited inflated costs doubling from $145 million to over $286 million and substandard work including improper runway elevation and unjustified payments. The case names five former ministers and top officials, with damages sought of approximately NPR 8.36 billion.
This case spotlights significant governance lapses in Nepal's management of Chinese infrastructure investments under the Belt and Road Initiative. It raises concerns about quality control, financial oversight, and long-term debt sustainability. For investors and policymakers, the controversy underscores risks tied to large-scale foreign-funded projects lacking transparent procurement and supervision.
Fraud Watch
Minnesota is embroiled in a $1 billion public benefits fraud scandal involving pandemic relief, housing, and autism service programs, triggering a federal investigation and intense political pressure on Governor Tim Walz. The Feeding Our Future case, the largest pandemic-relief fraud scheme in U.S. history, centers on misappropriated funds purportedly intended for low-income children, with some stolen monies allegedly diverted toward Somali terrorist group al-Shabaab. Law enforcement and politicians highlight significant oversight failures and concerns about illegal activity within parts of the state's Somali community.
The fraud revelations expose critical weaknesses in Minnesota's human services oversight, undermining public trust and raising national security concerns linked to terrorism financing. Policymakers and administrators face renewed demands for stricter controls and transparency in social program funding to prevent further exploitation and protect taxpayer resources.
Global Integrity Outlook
Global
Three British MEPs from Nigel Farage’s bloc—Jonathan Bullock, Julia Reid, and Steven Woolfe—are alleged by prosecutors to have followed a script provided by Nathan Gill, who was bribed by an alleged Russian asset to promote Kremlin interests. The ongoing investigation calls for Farage to cooperate with police amid concerns over Russia's influence in the Brexit party and Reform UK.
Middle East
Marwan Barghouti, a popular Palestinian leader imprisoned by Israel for over two decades, is seen as a key figure for Palestinian unity and statehood. Despite international support for his release, Israeli officials, fearing it would signal acceptance of Palestinian nationhood, have blocked negotiations. Barghouti's release is urged to foster peace and political progress amid ongoing humanitarian challenges in Gaza.
Asia
Hong Kong's legislative election saw low turnout at about 25.75%, overshadowed by public anger after a deadly Tai Po fire that killed at least 159 people. The government, which allows only pro-China vetted candidates, urged voting to support fire reforms, while cracking down on dissent with arrests related to anti-government posts and petitions.
Russia
A Russian state-backed foundation, Pravfond, funded efforts to support Kremlin narratives and undermine Ukraine’s defense by collecting information on alleged Ukrainian war crimes. Coordinated from Moscow, the foundation used intermediaries and lawyers in Kyiv, with funding requests exceeding $39,000 in 2025. Despite EU sanctions, Pravfond remains unsanctioned by Ukraine after 2024.
China
China has become the top buyer of Venezuelan oil, importing nearly 268,000 barrels daily, much of which is allegedly re-labelled to evade U.S. sanctions. Trump's military threats target Beijing's energy interests, sparking fears of a broader geopolitical conflict between the U.S. and China.
Quick Bits / Short Reads
The Bank of Canada holds interest rates steady at 2.25% after four cuts in 2025, citing strong economic data, while the Fed is expected to cut rates to 3.5%-3.75%. — The Globe and mail
UBS reportedly plans up to 10,000 job cuts by 2027 amid Credit Suisse integration, trimming roughly 9% of its 110,000-employee workforce, primarily through attrition. — Mint
The Federal Reserve faces internal division ahead of a key meeting, with five dissenters opposed to further rate cuts amid expectations of an 84% chance of a quarter-point reduction. — Inc
Silver and copper surge as top metals trades for 2026, with silver doubling in 2025 due to supply squeezes and copper reaching record highs fueled by electrification demand. — Financial Post
IndiGo has processed Rs 610 crore in refunds amid nationwide flight disruptions and targets normal operations by mid-December with 1,650 daily flights, according to the Civil Aviation Ministry. — The Economic Times
IndiGo's CEO Pieter Elbers reports recovery from pilot rest rule disruptions, achieving a 75% on-time performance and aiming for 1,650 flights daily to restore normalcy. — Asianet Newsable
Crypto venture funding plunges in November 2025 to 57 deals with highlights including Revolut’s $1 billion round and Kraken’s $800 million raise amid broader investment caution. — Bitcoin Ethereum News
A US watchdog reports that $7.1 billion worth of US-supplied weapons left in Afghanistan now arm the Taliban and bolster Pakistani militant groups, highlighting regional security risks. — Dawn
Stay sharp, stay ethical, and keep following the money.
— The Integrity Ledger Team