Wall Street ends lower; fears of AI bubble and inflation send investors away
INDIA MARKET | Sat, 13 Dec 2025, 7:56AM IST
Technology stocks led a broad market decline on Friday, with the S&P 500 and Nasdaq falling over 1%. Concerns over an AI bubble, fueled by Broadcom and Oracle's warnings, coupled with rising Treasury yields, pressured investors. Anticipation of key labor and inflation data also contributed to market caution.
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Paks ties with Nordic states touch new low
INDIA NEWS | Sat, 13 Dec 2025, 7:55AM IST
Pakistan which once cherished its political support from Nordic states has now encountered serious difficulties in dealing some of the countries in Northern Europe and ties have touched a low. Pakistan on Thursday summoned the ambassador of Norway and issued a demarche over "unwarranted attendance" of court proceedings in a human rights case. Ambassador Per Albert Ilsaas on Thursday attended a Supreme Court proceeding pertaining to controversial social media posts by rights activist Imaan Zainab Mazari-Hazir and her husband Hadi Ali Chattha. This would be the first time in recent years that Pakistan has served a demarche to an European envoy. European envoys are generally given red carpet welcome and treated with care by Islamabad given its financial dependence on Europe through GSP Plus and other schemes. Norway hosts sizeable number of Pakistani nationals. Speaking to media in Islamabad on Thursday, Foreign Ministry Spokesperson Tahir Andrabi said the Norwegian Ambassador was "summoned to the Ministry of Foreign Affairs today by the Additional Foreign Secretary (Europe), regarding his unwarranted attendance at a court proceeding in Islamabad, which constitutes a breach of diplomatic protocol and relevant international law." Andrabi said, "Noting that his actions amount to interference in the internal affairs of the country, the ambassador was urged to adhere to the established norms of diplomatic engagement, as outlined in the relevant articles of the Vienna Convention" Imaan, however, defended the envoy's presence in response to a journalist who termed it a "breach of diplomatic norms".She quipped, "Who is going to explain to this genius that diplomats routinely observe court proceedings, that it is not equivalent to them taking a position on any case? This is a standard practice, but it's very clear where the pressure to malign the ambassador is coming from. Imaan and her husband are facing trial under the Prevention of Electronic Crimes Act 2016. They have moved the Supreme Court, requesting an urgent hearing of their appeal against Islamabad High Court's refusal to grant interim relief. Late last month Finland began formal preparations to close its embassies in Islamabad, Kabul and Yangon in 2026 as part of a major overhaul of its global diplomatic network, the Ministry for Foreign Affairs announced. The move, the ministry had noted, is driven by operational and strategic reasons tied to political developments in the three countries and their limited commercial and economic relations with Finland.In a statement released by the Embassy of Finland in Islamabad, the Ministry said the restructuring aims to redirect diplomatic and economic resources toward regions that align more closely with Finlands long-term foreign policy and trade priorities.The Ministry for Foreign Affairs is reforming its network of missions abroad, the embassy stated. The Ministry has started preparations for closing the embassies of Finland in Islamabad, Kabul and Yangon. The plan is to close the embassies during 2026," it mentioned.The closures follow a strategic review launched earlier this year to assess whether Finlands diplomatic presence meets contemporary foreign policy needs and the objectives of Team Finlands export promotion initiatives. As part of this review, Finland has strengthened its footprint in the United States by opening a Consulate General in Houston, and plans to establish new commercial offices in 2026 in former Business Finland locations. Pakistan is clearly not a priority, a source explained.
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INDIA MARKET | Sat, 13 Dec 2025, 7:50AM IST
ICICI Direct forecasts the Nifty reaching 30,000 by 2026. The brokerage suggests investing in Bajaj Finserv, Indian Oil Corporation, LTIMindtree, Pidilite Industries, SRF, Can Fin Homes, and Jamna Auto Industries. BFSI and Consumption sectors are expected to lead growth. The Bank Nifty is also projected for significant gains. Current market breadth indicates a potential for broad-based opportunities next year.
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Biden-era US withheld intel from Israel
INDIA NEWS | Sat, 13 Dec 2025, 7:42AM IST
U.S. intelligence officials temporarily suspended sharing some key information with Israel during the Biden administration over concerns about its conduct of the war in Gaza, according to six people familiar with the matter.In the second half of 2024, the U.S. cut off a live video feed from a U.S. drone over Gaza, which was being used by the Israeli government in its hunt for hostages and Hamas militants. The suspension lasted for at least a few days, said five of the sources.The U.S. also restricted how Israel could use certain intelligence in its pursuit of high-value military targets in Gaza, said two of the sources, who declined to specify when this decision was taken.All of the sources spoke on the condition of anonymity to discuss U.S. intelligence.The decision came as worries intensified in the U.S. intelligence community about the number of civilians killed in Israel's military operations in Gaza. Officials were also concerned that Shin Bet, Israel's domestic security agency, was mistreating Palestinian prisoners, the sources said.Officials were concerned that Israel had not provided sufficient assurances that it would abide by the law of war when using American information, according to three of the sources. Under U.S. law, intelligence agencies must receive such assurances before sharing information with a foreign country.While the Biden administration maintained a policy of continuous support of Israel with both intelligence and weapons sharing, the decision inside the intelligence agencies to withhold information was limited and tactical, said two of the sources. The officials sought to ensure that Israel was using American intelligence in accordance with the law of war, said the sources.One person familiar with the matter said intelligence officials have latitude to make some intelligence-sharing decisions in real time without an order from the White House. Another person familiar with the matter said any requests by Israel to change how it uses U.S. intelligence required new assurances about how it would use the information.Reuters could not determine the dates of the decisions or if President Joe Biden was aware of them. A spokesperson for Biden did not respond to a request for comment.DENYING BATTLEFIELD INTELLIGENCE TO ALLY IS UNUSUALThe intelligence sharing resumed after Israel provided assurances that it would follow U.S. rules.The Biden administration's concerns about Israel's actions in Gaza have been widely reported, but less is known about how the U.S. intelligence community handled relations with its Israeli counterparts. Reuters' reporting underscores the depth of intelligence officials' concern over how Israel used American intelligence.Israel and the United States maintained security cooperation throughout the war in Gaza, said the Israeli military press office, which did not directly address the instances when intelligence was withheld."The strategic intelligence cooperation continued throughout the war," the office wrote in an email.The Israeli prime minister's office, which oversees Shin Bet, did not respond to a request for comment.The CIA and the Office of the Director of National Intelligence, which oversees U.S. intelligence, did not respond.Larry Pfeiffer, a former senior National Security Agency and CIA official, said it is routine for the U.S. to require recipients of U.S. intelligence to provide assurances that any information they receive would not be used to violate human rights "in any way shape or form." But denying battlefield intelligence to a key ally, particularly during a conflict, is unusual, said experts, and indicates a level of tension between the two.In the case of Israel, such a move is also politically sensitive, given long-standing U.S.-Israeli intelligence ties and the strong bipartisan support for the country following the October 7, 2023, Hamas attack on Israel that sparked the conflict."Intelligence-sharing is sacred, especially with a particularly close ally in a volatile region," said Daniel Hoffman, a former chief of covert CIA operations in the Middle East.EXPANDED INTELLIGENCE SHARING AFTER HAMAS ATTACKFollowing the October 7 attack, Biden signed a memorandum directing his national security agencies to expand intelligence sharing with Israel, said two of the sources.In the days that followed, the U.S. established a team of intelligence officials and analysts led by the Pentagon and Central Intelligence Agency that flew MQ-9 Reaper drones over Gaza and provided a live feed to Israel to help locate and detain Hamas fighters, according to three of the people familiar with the matter. The drone feed also helped with hostage recovery efforts.Reuters could not determine what specific information the U.S. drone feed provided that Israel couldn't obtain on its own.Toward the end of 2024, however, American intelligence officials received information that raised questions about Israel's treatment of Palestinian prisoners, said four of the sources. The sources did not disclose details of the alleged mistreatment that raised concerns.Rights groups have reported grave abuses of Palestinians in Israeli detention during the war. Israel's military is investigating dozens of cases but says abuse is not systematic.Shin Bet did not provide adequate assurances that it was not mistreating its prisoners, prompting American intelligence officials to shut down its access to the drone feed, two of the sources said.The decision to stop sharing the intelligence came after Biden's administration had determined that it was still legal for the U.S. to send weapons and intelligence to Israel despite mounting fears among some officials that its military was violating international law during its operations in Gaza.Israel's war in Gaza has killed more than 70,000 Palestinians, most of them civilians, according to Gaza health authorities.During the war, U.S. intelligence analysts continually assessed intelligence to determine if Israel's and Hamas' actions on the ground fit the U.S. definition of a war crime, according to two people familiar with the matter.While they were not legal analyses, those assessments raised serious questions about whether Israel, particularly through attacks that killed civilians and its treatment of prisoners, was violating the law of war, they said. Even as such concerns intensified, Biden administration lawyers maintained that Israel had not violated international law, according to multiple former officials.In the final weeks of the administration - months after the intelligence was shut off and restored - senior national security officials met at the White House for a National Security Council meeting, chaired by President Biden, according to two people familiar with the matter.At the meeting, intelligence officials proposed that the U.S. more formally cut off some intelligence that had been provided to Israel following the October 7 attack.The intelligence sharing partnership was set to expire and intelligence officials said their concerns had deepened that Israel had committed war crimes in Gaza, said the two sources. Just weeks earlier, the U.S. gathered intelligence that Israel's military lawyers warned there was evidence that could support war crimes charges against Israel for its military campaign in Gaza.Biden chose not to cut off the intelligence, however, saying the Trump administration would likely renew the partnership and that the administration's lawyers had determined Israel had not violated international law, according to the two sources.The spokesperson for Biden did not respond to questions about the 2024 meeting and the decision to maintain intelligence sharing.
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IndiGo estimates over 500 crore payout after mass flight cancellations
INDIA MARKET | Sat, 13 Dec 2025, 7:37AM IST
The budget airline said in a post on X it was in the process of identifying flights where customers were severely impacted and stranded at airports on December 3, 4 and 5
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Fed cut boosts D-Street even as rupee, trade worries persist
INDIA MARKET | Sat, 13 Dec 2025, 7:37AM IST
Indian stock markets saw a modest rise on Friday. The Nifty and Sensex closed higher, gaining about half a per cent. This uptick followed a US interest rate cut. However, uncertainty surrounding a US-India trade deal and a weaker rupee limited further gains. Investors are awaiting clarity on trade tariffs.
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Sebi mandates 2 new EDs to strengthen MIIs
INDIA MARKET | Sat, 13 Dec 2025, 7:32AM IST
Sebi has enhanced governance at Market Infrastructure Institutions by mandating the appointment of two executive directors. One ED will manage critical operations, while the other will oversee regulatory functions, compliance, risk, and investor grievances. Both will join the governing board, with hiring to be done through open advertisements.
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INDIA BUSINESS | Sat, 13 Dec 2025, 7:27AM IST
IndiGo flight status today: The IndiGo crisis continued on Saturday as four flights were cancelled at the Coimbatore Airport on December 13. The Chandigarh Airport also saw cancellations and Delhi Airport said all flight operations are presently normal. On Friday, IndiGo cancelled 200 flights from Delhi and Bengaluru airports amid the ongoing disruptions.
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US reps seeks details on Nvidia China deal
INDIA NEWS | Sat, 13 Dec 2025, 7:12AM IST
U.S. lawmaker John Moolenaar, the chair of the U.S. House of Representatives' bipartisan select committee focused on China, on Friday asked Commerce Secretary Howard Lutnick to explain the details of President Donald Trump's decision to allow Nvidia to sell its H200 chips to China.The move by Trump earlier this week signaled a marked break with precedent from Trump's own first administration and that of former President Joseph Biden's of not allowing China access to the most powerful artificial intelligence hardware from U.S. chip firms. The H200 is the predecessor to Nvidia's current flagship chips and is still in use in the U.S. AI industry.In a letter to Lutnick on Friday, Moolenaar cited media reports that said Trump's decision was based at least in part on claimed chip performance gains by Huawei Technologies Co, which is developing its own AI chips. But those gains came from a chip that was illegally procured through shell companies from Taiwanese and Korean suppliers, Moolenaar's letter said, and Huawei's next offering is expected to take a step backward when only depending on domestic Chinese chip factories.Moolenaar said that the coming setback for Huawei was proof Trump's earlier approach to export controls was working and changing course presented risks."As AI evolves, aggregate computing power - not theoretical per-chip efficiency - will remain the engine of progress," Moolenaar wrote. "Approving the sale of cutting-edge chips to Chinese companies risks undercutting the extraordinary strategic advantage that President Trump achieved in his first term."Moolenaar asked Lutnick for a briefing on the evidence and analysis underlying the H200 decision by mid-January.The White House and Commerce Department did not immediately respond to requests for comment.
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Elon Musks SpaceX Valued at $800 Billion, as It Prepares to Go Public
GLOBAL NEWS | Sat, 13 Dec 2025, 6:25AM IST
A sale of insider shares at $421 a share would make Mr. Musks rocket company the most valuable private company in the world, as it readies for a possible initial public offering next year.
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Mega reforms in nuclear power and insurance
INDIA NEWS | Sat, 13 Dec 2025, 6:00AM IST
New Delhi: The union cabinet approved a revamp of atomic energy legislation, fully opened up the insurance sector to overseas investors and allowed the export of coal from within existing domestic supply contracts as the government prepares to implement a number of big-ticket policy changes aimed at taking forward its economic agenda. The big legislative push comes close on the heels of the governments renewed reforms drive, following the sweeping overhaul of the goods and services tax (GST) regime and the notification of labour codes-moves to support the economy amid geoeconomic challenges and the 50% tariffs imposed by the US.The approvals are a key step forward in policy changes that have been previously announced. The cabinet chaired by Prime Minister Narendra Modi gave its nod to the Sustainable Harnessing and Advancement of Nuclear Energy for Transforming India (SHANTI) bill to overcome a stringent liability provision, which had discouraged foreign investors, and ending the state monopoly in the sector. These measures are part of a bigger push to boost Indias atomic energy capacity to 100 gigawatts by 2047. ET was the first to report on the SHANTI bill on December 12. The government cleared the Insurance Laws (Amendment) Bill (2025), paving the way for 100% foreign investment in the insurance sector, raising it from 74% now. It also allows companies to avail of a composite licence to undertake various types of insurance activities. 125939646 According to officials, the Insurance Amendment Bill will be introduced as the omnibus Sabka Bima Sabki Raksha, replacing the Life Insurance Corporation Act (1956), the Insurance Regulatory and Development Authority Act (1999) and the Insurance Act (1938). In another move to consolidate various laws, the cabinet cleared the Securities Market Code Bill, which will replace three existing acts.Higher Education RegulatorThese are the Securities Contracts (Regulation) Act (1956), the Securities and Exchange Board of India Act (1992) and the Depositories Act (1996). The cabinet also approved a bill to set up a higher education regulator to replace bodies such as the University Grants Commission (UGC) and the All India Council for Technical Education (AICTE). The proposed legislation, earlier called the Higher Education Commission of India bill, has been named the Viksit Bharat Shiksha Adhikshan bill.The cabinet also cleared a bill to repeal 71 laws that have outlived their utility on the statute books, officials said, adding that at least one of them dates back to the British colonial era. Also approved was the free trade agreement (FTA) with Oman, ahead of Modis visit to the country, and the Coal Linkage for Seamless, Efficient & Transparent Utilisation or CoalSETU window. This is for the auction of coal linkages for diverse industrial uses, besides exports to ensure fair access and optimal utilisation of the resource.The government will introduce the Pujya Bapu Gramin Rozgar Guarantee bill to amend the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) to guarantee 125 days of work to the rural poor in a year, from 100 now, besides dropping Gandhi from the name of the legislation.The cabinet approved the allocation of Rs 11,700 crore for Census 2027 through digital means, which will start April. While aggregated data on caste and other economic parameters will be published, individual data won't be made public as per the data protection law.
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IITs revamp curricula to keep pace with rapid tech shifts
INDIA BUSINESS | Sat, 13 Dec 2025, 6:00AM IST
To align with the fast-paced world of tech and business, Indian Institutes of Technology are revamping their curricula. Students will benefit from a tailored learning experience, with opportunities to join and leave programs as their interests evolve. New interdisciplinary avenues promise a blend of subjects for a well-rounded education.
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How media industry wants to regulate GenAI training
INDIA BUSINESS | Sat, 13 Dec 2025, 6:00AM IST
Amid rising concerns, India's media industry is highlighting the risks of unregulated AI training exploiting copyrighted works. In response, the government is crafting a strategic framework to harmonise AI advancements with intellectual property rights.
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How media seeks rules for GenAI training
INDIA NEWS | Sat, 13 Dec 2025, 6:00AM IST
Mumbai: Indias media and entertainment industry has raised concerns that unlicensed generative artificial intelligence (GenAI) training could undermine revenues and business models, as the government seeks to create a framework that balances AI innovation with copyright protection and fair remuneration for content creators.The Department for Promotion of Industry and Internal Trade (DPIIT) has released a working paper on GenAI training that brings together written submissions from broadcasters, news publishers, music labels and film producers based on separate consultations held with stakeholders of the content industry. The paper, titled One National One License One Payment - Balancing AI Innovation and Copyright, aims to establish a transparent and unified licensing system for AI training on copyrighted materials while ensuring that content rights holders are paid fair royalties.Industry groups told a DPIIT committee that AI developers are using copyrighted material at scale without consent, undermining monetisation and eroding competitive advantages. The dispute is about whether AI can be permitted to scrape content and use it to train an LLM (large language model), said Abhishek Malhotra, senior advocate at theSupreme Court. 125939866 Platform for Direct PermissionsThe content then generates answers to user queriesThis issue is pending before courts across the world, including in India, Malhotra said. He said a fair, reasonable and non-discriminatory (FRAND) licensing regime can do away with litigations and disputes. However, this will require dialogue and discussion among various stakeholders, with the government mediating, to arrive at a resolution, Malhotra said.The News Broadcasters and Digital Association, which represents television and digital news networks, said AI systems that scrape and repurpose news in real time directly compete with publishers. The group warned that since news content has a narrow monetisation window, summarisation tools that bypass the original source cause what it called irreparable financial harm. The Indian Broadcasting and Digital Foundation, representing broadcasters and digital and OTT platforms, called for the creation of licensing platforms so that AI developers can obtain direct permissions from copyright owners.It said the law should require voluntary, opt-in licences based on explicit consent, proper attribution and mutually agreed compensation for any use of copyrighted material for training or deployment. News agency ANI noted that global AI developers are already entering commercial licensing agreements with international publishers such as the Financial Times and the Associated Press. ANI argued that Indian content creators must also benefit from these deals. The agency has filed Indias first major AI copyright lawsuit against OpenAI.Data Mining ExceptionsThe Indian Music Industry asked the government to retain the countrys current copyright regime, which supports free market licensing, and warned against introducing text and data mining exceptions that could weaken protections.The DPIIT committee noted that a fully voluntary licensing system may not be feasible at internet scale as online data is projected to reach 175 zettabytes by 2025, potentially involving content belonging to a billion separate copyright owners. Part 1 of the working paper reviews global options such as blanket exemptions, text and data mining exceptions, opt-out mechanisms, voluntary licensing, and collective licensing. The panel concluded that none of these approaches fully addresses Indias needs. It rejected a zero price licence for AI training, saying it would weaken incentives for human creativity and reduce the production of original content.Instead, the paper proposes a hybrid system. Under this model, AI developers would automatically receive a blanket licence to train on all lawfully accessed content, without needing individual negotiations. They would pay royalties only when the AI tool is commercialised. A government-appointed committee would set royalty rates, which may be reviewed by courts. A centralised body would collect and distribute the royalties to reduce costs and ensure clarity for both large and small developers, it said. Legal experts said as multiple AI tools emerge, it will be increasingly difficult for any publisher, broadcaster or music label to identify and stop the unauthorised use of their content since AI training occurs globally across jurisdictions.As AI evolves, the training use of copyrighted works should also be recognised as a form of adaptation to safeguard creators rights, said Mallika Noorani, senior partner at Parinam Law Associates. However, meaningful protection will ultimately depend on enforceability, which requires far greater auditability, transparency and cooperation from AI developers, she said. Kaushik Moitra, partner and practice lead for regulatory, IP and TMT at Bharucha and Partners, said broadcasters and other content creators can pursue infringement actions for unauthorised scraping under the broadcast reproduction right.
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F.D.A. Approves Two New Drugs to Treat Gonorrhea
GLOBAL NEWS | Sat, 13 Dec 2025, 4:04AM IST
The sexually transmitted disease has become increasingly resistant to existing antibiotics.
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