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On February 7th, Federal Reserve Chairman Daly wrote that when communicating with businesses, they exhibit cautious optimism. Economic growth is strong, consumer spending remains stable, job supply is ample, and increased productivity is helping to control costs. However, after speaking with workers, they are less certain. This is reflected in recent polls, which show Americans expect fewer jobs and a rising unemployment rate. In many ways, this disconnect is justified. We are already in a period of relatively low hiring and layoffs, and this has been the case for some time. This situation may continue, but workers are keenly aware that it could change rapidly, leaving them in a labor market with fewer hires and more layoffs. This situation is indeed unsettling, given that inflation is above the FOMCs 2% target. And what does this mean for policy? We must balance both sides of our mission. Americans need both price stability and full employment, and we cannot take either for granted.On February 7th, the General Administration of Customs issued Announcement No. 18 of 2026, promulgating the "Interim Measures of the Customs of the Peoples Republic of China for the Supervision of Business Premises and Goods Subject to Zero Duty Import for Consumption by Residents in the Hainan Free Trade Port." These measures officially came into effect on the date of issuance. The Measures clarify that the Customs will supervise the "zero duty" duty-free shops and "zero duty" imported goods in the Hainan Free Trade Port in accordance with the management regulations for duty-free shops and duty-free goods. Specifically, "zero duty" imported goods must be imported from overseas and processed through customs procedures by the operating units of the "zero duty" duty-free shops, and must be sold in designated areas (counters) within the duty-free shops, and must not be stored together with other goods. Residents of the island must proactively present their valid identification documents when purchasing "zero duty" imported goods for verification of identity.Market news: Abu Dhabi National Oil Company and Rhein Group will explore new opportunities to supply liquefied natural gas to the German and European markets.Market news: The Iranian delegation has left Muscat.Federal Reserves Daly: Businesses are cautiously optimistic, while workers are less certain.

Global crypto rules needed to keep markets clean, says UK watchdog

Cory Russell

Jul 15, 2022 14:57

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International crypto companies like Binance must be governed by global laws in order to "keep markets clean," according to a statement made on Thursday by the British Financial Conduct Authority.


The majority of the world's cryptocurrency companies are unregulated, but several nations want proof that they have effective safeguards in place to thwart money laundering.


The biggest cryptocurrency exchange in the world, Binance, was told by the FCA last year that it was "not capable of being adequately monitored" and so could not engage in any regulated activity in Britain.


Regulators in Spain, France, and Italy have this year given Binance permission to operate in those countries' domestic marketplaces.


In answer to a query on whether authorities are being pitted against one another by cryptocurrency startups, FCA Chief Executive Nikhil Rathi said at the Peterson Institute for International Economics in Washington, "I believe some global baseline norms are vital."


The clean markets that we all want depend on having excellent shared regulatory standards and information sharing across borders, according to Rathi. "As we have seen in other domains like anti-money laundering, these are essentially cross-border actions by some very well organized players," he added.


After rejecting applications from a large number of organizations, the regulator has come under fire from the cryptocurrency industry.


We will always be vigilant about consumer protection when it comes to cryptocurrencies, Rathi stated.

Rathi said that, regrettably, the FCA's long-ago warning that holders of crypto currencies may lose all of their money has come true after the recent decline in the price of bitcoin.


A global regulatory agency, the Financial Stability Board, said this week that it planned to provide draft proposals for regulating crypto assets to G20 nations in October.


Earlier this month, a French member of the European Parliament asked the French market regulator to reconsider its decision to register Binance.

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