Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, curated by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Trade] The United Kingdom has agreed on a post-Brexit trade deal with the European Union. While the full-text of the trade agreement is yet to emerge, preliminary announcements indicate the agreement will allow for tariff and quota-free trade in goods, but not in services.
Over60: Mint, BBC
[Regulatory] China’s State Administration for Market Regulation announced it would probe alleged monopolistic behaviour by Alibaba, while four financial regulators have summoned Ant Group, Alibaba’s financial affiliate. The announcements led to a slump in Alibaba’s stock, which has now lost 26% of its value since the start of October.
[Economy] The Turkish central bank hiked its benchmark rate by 200 basis points to 17% to contain inflation as soon as possible. Turkish inflation jumped to 14% last month from 12% and the lira remains near a record low after shedding nearly 23% this year.
[Regulatory] The United States Securities and Exchange Commission filed a lawsuit against cryptocurrency platform Ripple, its CEO, and its chairman, for orchestrating securities fraud worth $1.3 billion. The SEC said Ripple illegally marketed XRP, the world's third-largest cryptocurrency, to retail customers.
Over60: Financial Times
[E-Commerce] Flipkart has made key changes to its board as the Walmart Inc-owned e-commerce firm readies for an initial public offering (IPO) and days after its digital payments firm PhonePe was spun off as an independent entity.
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