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Ukrainian President Volodymyr Zelenskyy visited the Kupyansk front.Fitch: Despite sluggish sales growth, the outlook for the European retail sector in 2026 remains neutral.On December 12th, Danske Bank analysts stated in a report that the pound may weaken slightly if the Bank of England cuts interest rates next Thursday. They expect the Bank of England to likely lower rates by 25 basis points to 3.75% by a 5-4 vote. October saw slower inflation, faster unemployment in the autumn, and an unexpected economic contraction in October; the November budget also appeared slightly tight. This suggests that Bank of England Governor Bailey will likely shift towards supporting a rate cut. Inflation and employment data released before next weeks decision may not be sufficient to prevent a rate cut.According to the Financial Times, Ukraine will join the European Union in 2027 under a draft peace plan mediated by the UK and the US.On December 12th, Andrew Wishart of Berenberg stated that the UK economic slowdown has been stronger than expected, which could prompt inflation to fall more quickly and accelerate the Bank of Englands pace of interest rate cuts. He pointed out that the UKs three-month GDP fell by 0.1% month-on-month in October, widening the cumulative output contraction since June to 0.4%. More recent survey data suggests that this weakness is continuing, likely stemming from deteriorating fundamentals rather than budget-related confidence setbacks. Berenberg now expects the Bank of England to implement four 25-basis-point rate cuts by July 2026, bringing the benchmark interest rate down to 3.0%, lower than the previously predicted 3.5%. "An economic downturn is a necessary pain to bring inflation down to an acceptable level. It now appears that this pain may be more severe than we initially anticipated."

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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