
Feeling the heat: 44% of Japan firms see earnings hit from extreme weather: Reuters poll
By David Dolan TOKYO Some 44% of Japanese companies see extreme weather events around the globe hitting earnings,
2023-09-14 07:23

PwC Australia sidelines 9 directors as leak of tax information investigated
The Australian branch of the PricewaterhouseCoopers consultancy network has ordered nine partners to go on leave while an inquiry examines the leaking of confidential Australian tax avoidance policy changes to corporate clients who could benefit from the information
2023-05-29 15:20

Philadelphia Inquirer hit by cyberattack causing newspaper's largest disruption in decades
The Philadelphia Inquirer has experienced the most significant disruption to its operations in 27 years due to what the newspaper calls a cyberattack
2023-05-15 12:20

Yen Weakens Past 150 Per Dollar Again, Raising Intervention Risk
The yen slumped back past 150 per dollar again, piling pressure on the Bank of Japan ahead of
2023-10-26 08:28

Sinema cites bill targeting leaders of failed banks after criticism of her Wall Street ties
Arizona Sen. Kyrsten Sinema is taking credit for helping broker legislation that would target executives of failed banks
2023-06-23 05:53

‘Volatile’ cryptocurrency trading should be regulated as gambling, says treasury committee
Consumer cryptocurrency trading should be regulated as gambling, the treasury committee has urged. In a new report, the committee called for consumer trading in unbacked crypto assets to be treated in regulation as gambling. The cross-party committee of MPs said cryptocurrencies such as Bitcoin are being used by criminals in scams and money laundering. Unbacked crypto assets – often called cryptocurrencies – are not supported by underlying assets, the committee added. They pose significant risks to consumers, given their price volatility and the risk of losses, according to the MPs, who said retail trading in unbacked crypto more closely resembles gambling than a financial service and should be regulated as such. The report said: “We strongly recommend that the government regulates retail trading and investment activity in unbacked crypto assets as gambling rather than as a financial service, consistent with its stated principle of ‘same risk, same regulatory outcome’.” The committee pointed to HM Revenue and Customs (HMRC) figures indicating that around 10 per cent of UK adults hold or have held crypto assets. The MPs also said potential productive innovation in financial services should not be unduly constrained. They said technologies underlying crypto assets may bring some benefits to financial services, particularly for cross-border transactions and payments in less developed countries. A balanced approach should be taken to supporting the development of crypto asset technologies, while avoiding spending public resources on projects without a clear, beneficial use, the MPs said. Harriett Baldwin, chair of the treasury committee, said: “The events of 2022 have highlighted the risks posed to consumers by the crypto asset industry, large parts of which remain a wild west. “Effective regulation is clearly needed to protect consumers from harm, as well as to support productive innovation in the UK’s financial services industry. “However, with no intrinsic value, huge price volatility and no discernible social good, consumer trading of cryptocurrencies like Bitcoin more closely resembles gambling than a financial service, and should be regulated as such. “By betting on these unbacked ‘tokens’, consumers should be aware that all their money could be lost.” The committee is considering central bank digital currencies as a separate piece of work. A treasury spokesperson said: “Risks posed by crypto are typical of those that exist in traditional financial services and it’s financial services regulation – rather than gambling regulation – that has the track record in mitigating them. “Crypto offers opportunities but we are taking an agile approach to robustly regulating the market, addressing the most pressing risks first in a way that promotes innovation.” Read More Crypto rules get final approval to make Europe a global leader on regulation Is my money safe? What you need to know about bank failures Nearly 80% of APP scam cases start online, says UK Finance Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live
2023-05-17 12:54

Industrial gases firm Linde raises outlook after Q2 beats targets
Linde, the world's largest industrial gases company, on Thursday raised its full-year earnings guidance after reporting second-quarter results
2023-07-27 18:25

Cisco Gives Strong Sales Forecast In Sign Companies Are Still Spending on IT
Cisco Systems Inc., the largest maker of machines that run computer networks and the internet, said orders declined
2023-05-18 05:25

China urgently needs to address economic uncertainty - EU business group chief
By Laurie Chen BEIJING The head of an influential European business lobby in China said Beijing needs to
2023-08-22 17:22

Airbnb sues New York City over restrictions on short-term rentals
Airbnb is suing New York City over rules that the company says would make it much more difficult for people to turn their property into short-term rentals
2023-06-02 05:51

Switzerland’s Economy Relies on Mothers Working Part-Time, at Their Cost
When Kerstin Roethlisberger had children, she did what mothers in Switzerland do more than anywhere else in the
2023-06-24 13:28

Microsoft defeats gamers' bid to block $69 billion Activision deal in US court
By Mike Scarcella Microsoft Corp evaded a potential early legal obstacle in its $69 billion deal to acquire
2023-05-22 22:55
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