Sam Bankman-Fried, the disgraced co-founder and former head of digital-asset exchange FTX, was arrested in the Bahamas on Monday. India’s retail inflation rate unexpectedly decelerated to an 11-month low in November, and factory output contracted to hit a 26-month low in October. Read more on these in our morning brief of top headlines.
Ex-FTX CEO Sam Bankman-Fried arrested in Bahamas as US files charges
Sam Bankman-Fried, the disgraced co-founder and former head of digital-asset exchange FTX, was arrested in the Bahamas on Monday. Bankman-Fried’s detention followed a notification from the US that it had filed criminal charges against him, the Bahamas attorney general said in a statement. Authorities in both countries had been probing his involvement in the company’s collapse last month. Read more
CPI inflation eases to 11-month low of 5.9% in November; IIP contracts
India’s retail inflation rate unexpectedly decelerated to an 11-month low in November, and factory output contracted to hit a 26-month low in October, further strengthening the case for ending the rate hike cycle by the central bank. The data released by the National Statistical Office on Monday showed that the Consumer Price Index (CPI)-based inflation rate eased below the Reserve Bank of India’s (RBI’s) upper tolerance limit of 6 per cent, to 5.88 per cent, in November. Read more
Helped by PLI scheme, Apple’s India exports set to hit Rs 20,000 crore
Propelled by the central government’s production-linked incentive (PLI) scheme, Apple Inc. through its three contract manufacturers — Foxconn, Wistron, and Pegatron — is poised to export iPhones worth Rs 20,000 crore from India between April and December this year, say sources in the know. Between April and November, Apple had breached exports of Rs 17,500 crore. Read more
NBFCs’ share in India’s lending pie fell to 5-year low of 19.8% in H1FY23
Banks are gaining market share at the expense of non-bank lenders such as housing finance companies, retail lenders, and those giving gold loans. There has been a steady decline in the market share of non-banking financial companies (NBFCs) in the credit market as banks have stepped up lending. NBFCs’ share declined to a five-year low of 19.8 per cent in the first half of FY23, down from 20.3 per cent in H1FY22, and an all-time high of 23.1 per cent in H1FY19. Read more
India, China troops clash along LAC in Tawang; minor injuries on both sides
Indian and Chinese troops clashed along the Line of Actual Control (LAC) in the Tawang sector of Arunachal Pradesh on December 9 and the face-off resulted in “minor injuries to a few personnel from both sides”, the Indian Army said on Monday. The clash near Yangtse along the LAC in the sensitive sector took place last Friday amid the over 30-month border standoff between the two sides in eastern Ladakh. Read more
