9 BILLION DOLLAR SCAM
Anthropic IPO: Rising costs, risks, rapid growth mark AI frontrunner
Anthropic, established by ex-OpenAI researchers, is gearing up for an anticipated entry into the stock market in the United States. The organization has impressively generated $16.29 billion in revenue during the first half of 2026. Yet, significant operational losses due to soaring computing costs pose a challenge, along with over $500 billion in cloud computing commitments. Competing against OpenAI and Google, they must adeptly maneuver through a tough economic environment.
Rupee weakens for third session as importers step up dollar bids, foreign outflows bite
The Indian rupee declined for three consecutive trading sessions due to increased dollar buying by importers. Elevated oil prices and foreign outflows have contributed to the weakness in the local currency. Brent crude oil prices have risen significantly, raising concerns over inflation and import costs. Foreign investors have been net sellers of Indian equities, adding to market pressures.
India's textile industry targets $350 billion by 2030 as exports rebound, costs rise: Report
India's textile industry has seen significant growth, expanding to nearly USD 190 billion in FY26. The sector aims for USD 350 billion by 2030, driven by domestic demand and manufacturing investments. Despite challenges like rising cotton prices and trade uncertainties, textile exports grew by 10.3 percent year-on-year in the April-August 2026 period. Notably, the United States remains India's largest export destination, although market diversification is being pursued.
Global equity funds attract $28.16 billion as easing yields boost sentiment
Global equity funds attracted $28.16 billion in weekly inflows as easing US Treasury yields and strong corporate earnings lifted investor sentiment. Asian equities led regional allocations, while technology, bond and precious metals funds also drew fresh investments.
Is India a “shadow transshipment” hub? The data says otherwise
Between 2014 and 2024, India’s goods exports to the US grew 1.86 times, while US exports to India grew 1.94 times. A rising two-way relationship, with India’s global exports also up 1.36-fold, is hard to square with a “mere pass-through” story tailored to one market.
Jio’s record India IPO falls short of record payday for bankers
Jio Platforms raised about $3.1 billion through its record IPO, but intense competition among investment banks kept fees relatively low at around 0.65% of the issue size.
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Rupee falls 5 paise to 94.98 against US dollar in early trade
In early trading, the rupee was priced at 94.98 against the US dollar, slipping by 5 paise primarily due to high crude oil rates and ongoing geopolitical conflicts. Despite the dollar index facing a slight decline of 0.15 percent, India's forex reserves have seen a downturn, potentially affecting the currency's stability. However, the Reserve Bank of India's timely intervention might bolster the rupee at lower trading levels.
Global Market: South Korean shares fall over 1% as AI trade concerns weigh; won strengthens
South Korean shares fell as AI-related concerns weighed on sentiment ahead of major US technology earnings. The won strengthened against the dollar, while government bond yields declined.
Powerball jackpot soars to $687 million for October 26 drawing - Here's what Monday night's winner could take home
The Powerball jackpot has soared to an impressive $687 million for the upcoming Monday night drawing, following a previous draw that saw no winners. Players have the choice between a 30-year annuity or a lump-sum cash payout. Despite the enticing prize, the odds of winning remain overwhelmingly slim. The next drawing is set for October 26, and tickets can conveniently be purchased online or at various local vendors.
China now spends 2.8% of its economy on research, passing the OECD average for the first time: Could US science cuts reshape the global AI and semiconductor race?
China’s research spending crossed $584 billion in 2025, rising 8.2% in a year. The increase comes as Washington faces debate over federal science funding. Beijing is directing more money towards AI, semiconductors, quantum technology and basic science.
Netflix’s India push lifts Asia-Pacific revenue to $1.54 billion, with record subscriber additions
In its third-quarter shareholder letter dated October 20, Netflix said revenue in India grew about 18% year on year on a foreign-exchange-neutral basis. View hours in India rose 24%, while view hours per member grew in the low-to-mid single digits. The company credited a slate led by “Lock Upp,” its first daily reality series, along with the scripted show “Musafir Cafe” and “Operation Safed Sagar.”
Buy gold, then leave it in a forest: Bizarre investment scam in Norway is making victims lose their savings; banks issue warning
Gold scam: A bizarre investment scam in Norway is prompting warnings after victims were persuaded to buy gold and leave it at secluded forest locations, only for the precious metal to disappear. Finans Norge says the first cases emerged in spring, while separate figures reveal that Norwegian banks and their customers lost 962 million kroner to financial fraud last year.
RBI’s forward dollar sales surge to record $200 billion in August
The Reserve Bank of India recorded a net purchase of $43.26 billion in August's foreign exchange market. This was done to manage significant dollar inflows from the FCNR(B) scheme and overseas borrowings. Despite the net purchase, foreign exchange reserves did not increase due to large forex sell/buy swaps. By August 31, measures attracted over $127 billion, aiding the RBI's operations.
Why Norwegians are buying gold and leaving it in forests
A gold investment scam in Norway has prompted banks to warn customers after victims were allegedly persuaded to buy gold and leave it in forests, believing it would be kept safe as its value increased. Finans Norge says cases have been reported around Oslo and in Bergen, as authorities and banks step up efforts to raise awareness about financial fraud.
India’s forex reserves fall $5 billion to $721.02 billion as of October 16
India's foreign exchange reserves fell by $5 billion to reach $721.02 billion for the week ending October 16. Previously, reserves declined by $8.578 billion to an amount of $726.027 billion. The decline in reserves reflects ongoing economic conditions impacting forex stability within the country. This trend indicates a continued volatility in India's foreign exchange market and its implications for the economy.
Infosys Q2 Results: Profit rises 6% YoY to Rs 7,823 crore; co lowers revenue guidance
Infosys Q2 Results: IT services major Infosys Ltd on Friday reported 6% year-on-year (YoY) growth in its consolidated net profit at Rs 7,823 crore in the second quarter. The same stood at Rs 7,364 crore in the year-ago period. The company has trimmed its revenue growth guidance to 1-2% in constant currency for FY27 as against 1.5-3% given earlier.
Hacked phone, alleged $2 billion in accounts and UAE-Saudi links: What Cole’s report claims about Trump's son-in-law Jared Kushner
Jared Kushner has rejected claims in a Vanity Fair excerpt from Matthew Cole's upcoming book. The book alleges that $2 billion was illegally linked to Kushner through foreign accounts. Cole describes how these arrangements supposedly involved Kushner, UAE President Mohamed bin Zayed, and Saudi Crown Prince Mohammed bin Salman. Kushner claims these allegations are completely false, lacking any evidence or valid documentation.
Steep bill for AI buildout punishes Meta, other tech favorites
Investors sold shares of Meta Platforms and a wealth of companies central to the AI trade, a day after Meta -- one of the so-called hyperscalers spending billions to build data centers and other infrastructure supporting the AI boom -- said it would issue a new class of shares that will help it raise funds.
Rhode Island sues Meta over alleged tolerance for scam advertising
The suit, filed by Rhode Island Attorney General Peter Neronha in Providence Superior Court, accuses Meta of unlawfully profiting from and participating in the creation of billions of dollars in scam advertising - even as it assured its billions of users that it was working diligently to protect them.
Easy exits hurting Indian stocks: Nirmala Sitharaman explains why equities are underperforming
Finance Minister Nirmala Sitharaman says easy liquidity is allowing investors to exit Indian equities as the Nifty and Sensex struggle to deliver positive returns. Foreign investors have pulled out nearly $63.6 billion since October 2024, erasing nine years of inflows, amid rising US yields, a stronger dollar and AI-driven investment shifts.
11 years, zero net FII flow: How a $64 billion outflow erased 9 years of equity buying
Foreign institutional investors have dramatically pulled back from Indian equities, reversing nearly nine years of consistent investment. A massive $63.6 billion in outflows occurred, particularly pronounced in 2026. Industries suffering the most include financial services, automobiles, and oil and gas. Although domestic investors have somewhat mitigated the foreign sell-off, the prospects for renewed foreign investments appear grim, with rising bond yields and energy costs dampening interest.
Powerball jackpot climbs to $607 million for October 19 drawing - Here's what Monday night's winner could take home
The Powerball jackpot has soared to an impressive $607 million, with the next drawing set for October 19. In a twist, the previous drawing yielded no jackpot winners. Those fortunate enough to win can opt for either a cash payout or an annuity payment. Players can snag their tickets in various states or through designated online platforms, giving them a fresh opportunity to strike it rich soon.
$60 billion in 6 weeks: RBI's rupee defence comes at a cost
Reserve drain Forex reserves fall to $726 b on Oct 9 from $785.7 b on Sept 4, with latest reporting week alone showing a depletion of $8.58 b
India's forex reserves shed $60 billion in six weeks as RBI steps in to support rupee, one of Asia's worst-performing currencies this year
India’s foreign exchange reserves declined by nearly $60 billion in six weeks to $726.027 billion as of October 9, from a record high of $785.706 billion on September 4. The fall was largely attributed to the Reserve Bank of India’s intervention to support the rupee amid rising crude oil prices, higher US yields and sustained foreign investor outflows. Foreign currency assets and gold reserves also recorded significant declines during the reporting week.
India's forex reserves drop by $8.58 billion to $726.03 billion in week ended October 9: RBI
India’s foreign exchange reserves fell by $8.578 billion to $726.027 billion in the week ended October 9, according to data released by the Reserve Bank of India (RBI). The decline followed a $12.952 billion drop in the previous week. Foreign currency assets and gold reserves recorded significant declines, while special drawing rights and India’s reserve position with the IMF also fell.
Wipro Q2 net profit falls marginally to Rs 3,200 crore; revenue grows 9% to Rs 24,753 crore
Bengaluru-based Wipro said the business environment was weak and unchanged in the past quarter, when it reported its weakest deal wins in 15 quarters. Its headcount fell by more than 6,700 employees to the lowest in 12 quarters.
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