India’s Economic Growth Slows to 7-Quarter Low

India’s economy has hit its slowest growth in nearly two years, reflecting high food inflation and weakened consumer spending.

• Key figures: Real GDP growth fell to 5.4% in the third quarter, compared to 8.1% in the same period last year.
• Sector analysis: Manufacturing grew by a sluggish 2.2%, while overall economic activity, measured by real gross value added, rose by 5.6%.
• Big picture: Despite this dip, India remains one of the fastest-growing major economies post-Covid.

Bank of England Warns of Financial ‘Fire-Sales’ Risk

The Bank of England (BoE) has highlighted the risk of asset “fire-sales” amplifying market crises, particularly by non-bank institutions like pension funds and hedge funds.

• Key findings: A sharp rise in bond yields, triggered by geopolitical tensions, could force mass asset sales, worsening market shocks.
• Stress tests: BoE stress tests show UK banks are resilient against two crisis scenarios, and future tests will be conducted biennially.
• What’s next? More regulatory measures are needed to mitigate risks outside the banking sector.

Swiss Bank Lombard Odier Charged with Money Laundering

Lombard Odier, one of Switzerland’s prestigious private banks, is facing charges of aggravated money laundering linked to Gulnara Karimova, daughter of Uzbekistan’s former president.

• Allegations: Prosecutors claim Lombard Odier played a central role in hiding Karimova’s embezzled billions through a Swiss organisation called “The Office.”
• Legal developments: This follows a years-long investigation and charges against Karimova in 2023.
• Bank response: Lombard Odier has yet to comment on the allegations.

Australia Bans Social Media for Children Under 16

Australia has introduced a groundbreaking law banning children under 16 from using social media platforms, despite criticism about the bill’s rapid passage.

• Key points: The law is among 30 bills passed overnight, including reforms to the Reserve Bank of Australia and tax transparency measures.
• Government’s stance: Prime Minister Anthony Albanese defended the law, citing improved mental health from similar policies like banning mobile phones in schools.
• Concerns: Critics argue the law may have unintended negative effects due to a lack of detailed debate.

Canada Sues Google Over Online Ad Monopoly

Canada’s competition regulator has filed a lawsuit against Google, accusing it of anti-competitive practices in the online advertising sector.

• Allegations: Google is accused of abusing its dominance to prevent rivals from competing fairly, harming advertisers, publishers, and consumers.
• Broader context: This follows a US judge’s ruling earlier this year that Google violated antitrust laws.
• Implications: The case underscores growing global scrutiny of Big Tech’s market power.

Conclusion: A Rapidly Changing Global Landscape

From slowing economies to legal battles and transformative legislation, these global stories reflect dynamic changes shaping the world today. Stay informed as these developments unfold.

Source: (FT.com)