Welcome to The Integrity Ledger — Inside today’s biggest power shifts: firms cutting hours, Bitcoin’s mega-limit proposal, and Pakistan’s alarming surveillance scandal shaking Asia.
Market commodities
Nasdaq | 23,214.69 | ▲ 0.82% |
S&P 500 | 6,812.61 | ▲ 0.69% |
|---|---|---|
Bitcoin | 91,448.41 | ▲ 1.02% |
Gold | 4,190.30 | ▼ 0.17% |
Dow Jones | 47,427.12 | ▲ 0.67% |
Ethereum | 3,017.34 | ▼ 0.35% |
Tether | 1.00 | ▲ 0.01% |
Binance Coin | 892.74 | ▲ 0.11% |
Solana | 141.55 | ▼ 1.01% |
Finance & Markets
US Firms Adjust Hours to Avoid Mass Layoffs Amid Weaker Labor Demand
In its November 2025 Beige Book, the US Federal Reserve reported that many companies are modifying work hours rather than executing mass layoffs despite a soft labor market. The report also highlighted AI's impact in replacing some entry-level jobs and curbing new hiring amid a slight decline in overall employment
Businesses are relying on hiring freezes and attrition to manage headcount, signaling cautious employment strategies ahead of the December FOMC meeting. Investors should watch for Fed signals on interest rates, as Chair Powell indicated that further rate cuts are uncertain, influencing economic and labor market dynamics.
JPMorgan Sees S&P 500 Reaching 7,500 by 2026, Potentially 8,000
JPMorgan projects the S&P 500 will reach 7,500 by the end of 2026, representing an 11% increase from Tuesday's close at 6,765. The forecast is underpinned by expected earnings growth of 13% to 15% over two years, driven by strong Q3 results and a significant AI investment boom. The index could surpass 8,000 if the Federal Reserve cuts interest rates more aggressively, with markets pricing in an 85% chance of a rate cut next month.
Investors should monitor Federal Reserve policy closely, as additional rate cuts could accelerate equity gains beyond JPMorgan’s base target. The AI-driven productivity surge and improving earnings growth reinforce potential stock market resilience despite economic uncertainties. However, ongoing economic polarization and geopolitical risks suggest investor sentiment may remain fragile.
Business & Investments
Aequs to Launch Rs 900 Crore IPO on December 3 Backed by Amansa, Amicus
Aequs, an aerospace parts manufacturer backed by Amansa Investments and Amicus Capital, has filed its Red Herring Prospectus to launch an IPO on December 3. Valued at over Rs 8,300 crore at the upper price band of Rs 123.97 per share, the company aims to raise more than Rs 900 crore through a mix of fresh issuance and offer-for-sale shares.
The IPO provides investors access to a vertically integrated aerospace manufacturer operating within a special economic zone in India. Proceeds will fund debt reduction, machinery purchases, and growth initiatives, potentially improving financial health and production capacity.
Crypto & Fintech
Nasdaq Proposes Expanding Bitcoin Options Limit to One Million Contracts
Nasdaq’s International Securities Exchange has filed to raise the position limit for BlackRock's IBIT Bitcoin options to one million contracts, matching limits set for the most liquid global assets. This proposal represents a significant boost from the current 250,000-contract cap and signals Bitcoin’s ascent into 'mega-cap' derivatives territory alongside major equities and ETFs. Industry analysts suggest this could reshape Bitcoin price discovery and institutional risk management by vastly expanding trading capacity.
If approved, the expanded limit would unlock substantial liquidity and enhance institutional ability to hedge and gain large-scale Bitcoin exposure. This development may accelerate price discovery and increase market sophistication, positioning Bitcoin derivatives alongside top-tier Wall Street products. Investors and fund managers should prepare for greater complexity and scale in Bitcoin options trading.
UK Households Switch to Nationwide Accounts to Claim £175 Bonus
Over 111,000 UK current account switches occurred in July alone, driven largely by Nationwide's £175 switching incentive, according to Current Account Switch Service data. Nationwide gained more than 54,000 new customers in Q3, making it the top beneficiary amid over one million switches in the past year.
Nationwide's successful switching offer intensifies competition among UK banks, potentially accelerating customer churn. Consumers are encouraged to evaluate their banking options, leveraging such promotions to optimize account benefits amid tighter personal finances.
Emerging Tech & Ethics
Pakistani and South Korean Cases Expose Risks of Digital Surveillance
Digital authoritarianism is escalating globally, with Pakistan exemplifying intrusive state surveillance through technologies like Pegasus spyware and FinFisher malware. Recent high-profile audio leaks in Pakistan, linked to government surveillance mechanisms such as the Lawful Intercept Management System (LIMS), have sparked litigation and public outcry, paralleling similar issues experienced in South Korea. The absence of robust legal safeguards and data protection laws in Pakistan contrasts with South Korea’s evolving judicial oversight and highlights urgent global concerns on privacy, democratic integrity, and the responsibilities of ICT companies.
The Pakistani experience underscores the critical need for comprehensive data protection legislation and stronger institutional oversight to prevent abuse of mass surveillance powers. ICT companies face mounting pressure to uphold international human rights standards against authoritarian government demands. The evolving South Korean case offers lessons on media scrutiny, public mobilization, and legal reform as effective tools to rein in state overreach and protect citizens’ privacy in the digital age.
Mixpanel Breach Exposes OpenAI Clients' Personal Data
On November 9, Mixpanel experienced a data breach that exposed personally identifiable information of OpenAI’s API clients, including names, emails, locations, and device details. In response, OpenAI severed ties with Mixpanel on November 25 and initiated comprehensive security reviews across its vendor ecosystem.
This breach underscores the critical importance of stringent vendor security protocols for organizations managing sensitive client data. OpenAI’s immediate action to terminate its relationship with Mixpanel and enforce higher security standards highlights an industry-wide imperative to strengthen supply chain cybersecurity.
Forensic Lens
Money Trails
Goodfood Market Corp. announced fiscal 2025 results with net sales of $121 million and a gross profit of $50 million, delivering an adjusted EBITDA of $6 million. In Q4 2025, the company reported $25 million in sales, a $0.4 million adjusted EBITDA, and launched new Heat & Eat meals and Genuine Tea products despite persistent cost pressures and a contracting meal-kit market.
Goodfood’s focus on product diversification and operational efficiency aims to enhance margin resilience amid ongoing inflation and subdued meal-kit demand. The company’s strategic acquisitions and new value offerings position it for sustainable profitability without depending on macroeconomic recovery, providing a model for investors prioritizing disciplined growth in challenging consumer segments.
Corruption & Governance
Bangladesh’s ousted prime minister Sheikh Hasina was sentenced to 21 years in prison for corruption related to land grabs in Dhaka, following a death sentence for crimes against humanity. The 78-year-old, currently in India, received seven years for each of three cases, while her son and daughter were also jailed for five years each. The verdict comes amid ongoing political turmoil ahead of the 2026 elections.
The convictions deepen Bangladesh’s political crisis and highlight persistent issues of corruption at the highest levels. The rulings may influence upcoming elections and affect international perceptions of governance and rule of law in Bangladesh.
Fraud Watch
Sambalpur police arrested Madhusudan Barai, 36, for running a fraudulent investment scheme that defrauded 47 investors of nearly Rs 50 crore. Operating through A&A Enterprises Investment Returns, Barai lured victims with false promises of high returns, collecting funds via cheques, cash, and online transfers. Initial investigations verified Rs 20 crore in transactions, with police now scrutinizing his financial records and assets.
This case highlights the risks of unregulated investment schemes promising unrealistic returns. Investors and professionals should exercise due diligence and verify credentials before committing funds. Authorities continue to investigate for broader financial irregularities and potential accomplices.
Global Integrity Outlook
Africa
The Federal High Court in Abuja dismissed former Binance compliance head Tigran Gambaryan's suit against the EFCC and NSA, ruling it lacked merit and upheld ongoing investigations into Binance concerning money laundering and foreign exchange violations. Justice Mohammed Umar stated Gambaryan failed to prove rights violations and his suit was an abuse of judicial process. The ruling reinforces authorities' statutory powers amid concerns over $26 billion passing through Binance from unidentified sources.
US
Bruna Ferreira, linked to White House press secretary Karoline Leavitt by her former engagement to Leavitt's brother, remains detained by ICE two weeks after her arrest in Massachusetts. Ferreira, a Brazilian immigrant under DACA and a business owner, was detained despite no criminal record evidence and is currently held in Louisiana amid shifting U.S. immigration policies.
Latin America
Donald Trump has actively intervened in Honduras' elections by endorsing conservative candidate Nasry 'Tito' Asfura, pledging to work together to fight drug trafficking and opposing leftist rivals accused by Trump of communism. This interference occurs amid Honduras' political crisis marked by corruption and contested electoral processes, raising concerns about election irregularities.
Asia
Hong Kong police arrested two directors and an engineering consultant from Prestige Construction on manslaughter suspicions related to the worst fire in 77 years, which killed at least 75 people and left 300 missing. The fire spread rapidly due to unsafe scaffolding and materials during renovations at the Wang Fuk Court complex, highlighting concerns over building safety in the densely populated city.
Quick Bits / Short Reads
ECB meeting accounts highlight persistent uncertainty justifies pausing rate cuts, with the central bank valuing optionality and flexibility over rushing further easing. — Forexlive
US Fed’s November Beige Book notes employers are avoiding mass layoffs by adjusting work hours and that AI is replacing some entry-level jobs, contributing to weak labor demand and modest employment decline. — Mint
Sensex and Nifty touched fresh intraday highs but closed off peaks as profit-booking in large caps prevailed; market experts expect large-caps to lead 2026, supported by strong earnings growth and stable valuations. — Mint
US dollar faces largest weekly decline in four months amid bets on Fed easing and pressure from President Trump, while the yen gains on Bank of Japan hawkishness and currency intervention prospects. — Channel Newsasia
Dr. Phone Fix reports Q3 2025 revenue up 14% YoY to CAD3.27M, adjusted EBITDA grows 181% to CAD0.42M, and the company expands to 41 stores nationwide pending acquisition closure. — Benzinga
CF Energy Corp. reports Q3 2025 revenue of RMB88.5M (CAD17.2M), down 30% YoY due to nonrecurring urban gas project absence, but gross margin rises to 31.0% amid improved pricing and procurement. — Benzinga
Sebi introduces additional 1% commission incentives for mutual fund distributors to boost investments from new women investors and B-30 city clients, effective February 2026, capped at ₹ 2,000 per application. — Mint
Bitcoin rebounds above $90,000 following a month-long decline from an October high of $126,080, fueled by easing volatility, fresh inflows into BlackRock’s US Bitcoin ETF, and rising expectations for a December Fed rate cut. — IBTimes
Stay sharp, stay ethical, and keep following the money.
— The Integrity Ledger Team