• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On September 18, Federal Reserve Chairman Powell, in response to questions about the central banks statutory requirement to achieve "moderate long-term interest rates" at a press conference following the interest rate decision on Wednesday, explained why the three missions given to the Federal Reserve by Congress can be reduced to two major tasks in practice. Central bank officials have long positioned their mission as a dual task, with monetary policy focusing on keeping inflation low and stable and ensuring a continued strong job market, with little emphasis on the third task. Powell told reporters that the third task is real, but in the eyes of central bankers, it is a derivative of the two more well-known goals stipulated by law. He said: "We believe that moderate long-term interest rates are the result of achieving low and stable inflation and maximum employment." For some time, Federal Reserve officials did not believe that the third task required "independent action."1. The three major U.S. stock indices closed mixed, with the Dow Jones Industrial Average up 0.57%, the S&P 500 down 0.1%, and the Nasdaq down 0.33%. American Express and Caterpillar rose over 2%, leading the Dow higher. The Wind US Tech 7 Index fell 0.66%, with Nvidia down over 2% and Amazon down over 1%. Chinese concept stocks generally rose, with Baidu Group up over 11% and ACM Semiconductor up over 9%. The Federal Reserve announced a 25 basis point interest rate cut as expected. The markets positive reaction to the policy shift provided support for U.S. stocks, but the divergent performance of technology stocks curbed overall gains. 2. U.S. Treasury yields rose across the board, with the 2-year Treasury yield up 4.99 basis points to 3.545%, the 3-year Treasury yield up 6.40 basis points to 3.533%, the 5-year Treasury yield up 6.77 basis points to 3.652%, the 10-year Treasury yield up 6.12 basis points to 4.089%, and the 30-year Treasury yield up 3.86 basis points to 4.690%. Federal Reserve Chairman Powell emphasized that inflation remains high and stated that future rate cuts will be data-dependent, prompting the market to reassess tightening risks. 3. International precious metals futures generally closed lower, with COMEX gold futures down 0.82% to $3,694.60 per ounce and COMEX silver futures down 2.15% to $41.99 per ounce. 4. International oil prices fell slightly, with the main US crude oil contract closing down 0.85% at $63.97 per barrel; the main Brent crude oil contract fell 0.82% to $67.91 per barrel. 5. Most base metals prices in London fell, with LME zinc down 1.64% to $2,943 per ton, LME copper down 1.51% to $9,974 per ton, LME tin down 1.41% to $34,390 per ton, LME aluminum down 1.01% to $2,689.50 per ton, LME lead down 0.25% to $2,005 per ton, and LME nickel up 0.11% to $15,445 per ton. Expectations of loose monetary policy pushed the US dollar index to a yearly low, providing support for dollar-denominated base metals from a cost perspective.On September 18, the Hong Kong Monetary Authority lowered the benchmark interest rate by 25 basis points to 4.50%, and the Federal Reserve cut interest rates by 25 basis points overnight.Market news: The U.S. House of Representatives cleared procedural obstacles to voting on a temporary appropriations bill.On September 18th, Venezuelan Defense Minister Lopez Obrador announced the three-day "Sovereign Caribbean 200" military exercises on Orchila Island. The exercises, personally ordered by President Maduro, are intended to respond to US threats. The exercises will mobilize over 2,500 military personnel. The exercises will involve coordinated operations by the navy, army, and air force, involving 12 naval vessels of various classes, 22 military aircraft, and over 20 auxiliary vessels.

UK Government: Cryptoassets Could Be Seized to Stop Crime

Cameron Murphy

Apr 28, 2022 09:42


微信截图_20220428093416.png


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.