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EU High Representative for Foreign Affairs and Security Policy Karas: Iran cannot be allowed to charge countries passage fees.JPMorgan Chase: The base case is that the disruption to cross-strait shipping will eventually be resolved, and oil prices are expected to remain high in the second quarter (above $100 per barrel) and fall in the second half of 2026.JPMorgan Chase: The near-term risk is that oil prices could be pushed to the $120-$130 per barrel range.European Central Bank (ECB) Governing Council member Villeroy said on Thursday that the ECBs next move is likely to be an interest rate hike as the Middle East conflict continues, but it is too early to determine when such a hike will be necessary. The ECB kept its key interest rate unchanged at 2% last month, but outlined several ways the conflicts development could affect the eurozones economic outlook. In an adverse scenario, disruptions to oil and gas transport via the Strait of Hormuz would continue until the end of the second quarter, keeping energy prices high. In this scenario, ECB economists predict average inflation this year will reach 3.5%, well above its 2% target. Villeroy said, "A prolonged conflict is clearly a negative factor. We are closer to a moderately adverse scenario than the baseline scenario. The ECB must remain vigilant as there are signs that inflation expectations are rising."The Russian Foreign Ministry announced on April 2 that Foreign Minister Sergey Lavrov and Saudi Foreign Minister Faisal held a telephone conversation that day, expressing serious concern over the continued deterioration of the military and political situation in the Persian Gulf region. Both sides emphasized the urgent need to end the military confrontation, which has resulted in civilian casualties and severe damage to civilian infrastructure, including to countries not directly involved in the conflict. They affirmed the need to intensify political and diplomatic efforts to peacefully resolve the Middle East crisis, based on international law and taking into account the legitimate interests of all countries in the region. Against this backdrop, both sides reiterated their firm commitment to maintaining close diplomatic policy coordination between Russia and Saudi Arabia, particularly within the framework of the United Nations.

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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