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Canadas third-quarter current account will be released in ten minutes.Latvian Prime Minister: Will nominate ECB Governing Council member Kazakhi to serve as ECB Vice President.The Israel Defense Forces say they have struck Hezbollah infrastructure in southern Lebanon.On November 27th, JPMorgan Chases Head of European Interest Rates Strategy Research stated on Thursday that the UKs tax increase budget has reduced near-term uncertainty but will not change the banks expectation of rising government bond yields next year. Francis Diamond said, "The short-term uncertainty surrounding the budget, and its potential impact on the UK government bond market, has been eliminated because there is more room for maneuver." He also stated, "In the medium term, I think there is always a challenge… as the 2029 general election approaches, it remains questionable whether these tax increases will achieve their intended goals." Currently, investors welcome Reeves greater policy space but also warn of uncertainty surrounding the budgets outcome—as most tax increases will take effect later rather than in the short term. Diamond stated that the tax increases in the budget do not change his view that the Bank of England will cut interest rates three more times before June next year, then maintain the policy rate at 3.25%. Furthermore, he still expects the yield on 10-year UK government bonds to rise from the current slightly below 4.50% to 4.75% by the end of 2026.November 27th - The latest minutes of the European Central Banks (ECB) meeting revealed that policymakers were in no hurry to cut interest rates at last months meeting, as uncertainty remained exceptionally high and further rate cuts might not be necessary. The ECB kept interest rates unchanged at its meeting last month, stating that policy was in a "good position" because the economy showed resilience and inflation was stable at the target level. This bolstered investor confidence that further rate cuts would not be made this year, with the market now viewing the probability of a further rate cut in 2026 at only one-third. The minutes noted that "the option of waiting for more information remains highly valuable, and the current level of policy rates should be considered sufficiently robust to handle shocks." Some officials even believed that the ECB might not cut rates again. The minutes stated, "There is a view that the rate-cutting cycle has ended, as the current favorable outlook is likely to persist unless risks materialize."

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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