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July 3 - According to the latest statistics from the European Automobile Manufacturers Association (EAMA), Chinese passenger car manufacturers surpassed Japanese manufacturers in market share in Europe for the first time in May. Data shows that in May, five Chinese automakers sold 138,400 vehicles in 31 European countries, a year-on-year increase of 65%; while six Japanese automakers sold 130,400 vehicles in the same 31 countries, a year-on-year decrease of 3%.On July 3, Faraday Future (FFIE.O) announced that it plans to hold an online extraordinary general meeting of shareholders at 0:00 Beijing time on August 13 to seek approval of proposals aimed at supporting the global deployment and long-term growth of the companys EAI robots. Among the proposals, the Board of Directors is calling on all shareholders to approve the amendment to the companys Third Amendment and Restation of Incorporation Certificate, changing the company name from Faraday Future Intelligent Electric Inc. to Faraday Future Physical AI Ecosystem Inc.On July 3, Russian Deputy Prime Minister Novak instructed relevant departments and enterprises to develop specific measures to stabilize fuel supplies in the regions most severely affected by the situation. TASS reported on July 2 that Novak stated Russia has sufficient fuel reserves to meet domestic market demand, but panic buying has led to a 20% to 30% increase in demand. Shortages at some gas stations are due to adjustments in the logistics of refineries distribution to specific oil depots and gas stations, and readjusting the logistics system will take time. He also indicated that Russia may implement a short-term diesel export ban to ensure domestic supply.The China Earthquake Networks Center officially reported that a 6.2-magnitude earthquake occurred at 10:31 a.m. on July 3 in the sea area near Halmahera Island, Indonesia (1.85 degrees north latitude, 127.40 degrees east longitude), with a focal depth of 120 kilometers.July 3rd - On Friday, the dollar was on track for its biggest weekly drop in nearly three months after a weak June jobs report delayed market expectations of a Federal Reserve rate hike, giving the weak yen some breathing room. The sharp slowdown in U.S. job growth in June prompted traders to lower their expectations for a near-term Fed rate hike, with the market now pricing in a 52% chance of a rate hike at the September meeting, down from 64% the previous trading day. U.S. Treasury yields also retreated from earlier highs, with the two-year Treasury yield ending a three-day winning streak. "Marginally, this data is dovish, helping to ease concerns about an overheated labor market and the need for more aggressive policy tightening," said Sim Moh Siong, FX strategist at OCBC Bank. However, he added that as long as expectations of Fed tightening remain unchanged, the overall outlook for the dollar remains constructive, especially against lower-yielding currencies.

UK Government: Cryptoassets Could Be Seized to Stop Crime

Cameron Murphy

Apr 28, 2022 09:42


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The British government suggested on Thursday that crypto assets might be confiscated to help battle economic crime, but the plan fell short of the drastic change demanded by legislators, who want an unified crime-fighting agency.


Scams involving banking and the internet have increased dramatically in the United Kingdom, especially after the COVID-19 outbreak.


In response to a parliamentary investigation into economic crime, the administration said that it would introduce laws to allow cryptoassets to be confiscated and recovered more rapidly as soon as legislative time permits.


"In particular, (we propose) the development of a civil forfeiture authority to limit the danger presented by people who cannot be punished but use their wealth to continue crime," the government told the Treasury Select Committee in parliament.


The panel proposed creating a single organization to combat economic crime to replace a "bewildering" multitude of institutions, but the administration insisted that its multi-agency system was the best.


"It allows us to discriminate between various sorts of criminality," the government stated, adding that public-sector fraud required a different reaction than schemes perpetrated by individuals or corporations.


In a statement, TSC Chair Mel Stride stated, "This might be a big squandered opportunity."


The government has already endorsed a suggestion that requires internet platforms like as Google and Facebook to take aggressive steps to combat fraudulent financial product advertising, but the law will take time to adopt and execute.


"Now is the time for online platforms to step up and take down these fake ads," Stride added.


Google has already pledged to only accept financial advertisements from organizations that are authorized by the Financial Conduct Authority, and Facebook owner Meta is expected to follow suit later this year.


The investigation advised that internet platforms be required to assist clients who have been scammed, a measure that the government is considering.


"We're working together with technology firms, law enforcement, and civil society partners to investigate all options for assisting victims of online fraud and mitigating the damage they've suffered," the government stated.

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