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Federal Reserves Barr: The Justice Departments investigation is an attack on the Feds independence.January 16th - Canadas auto sector contracted sharply in November, battered by a global chip shortage, weak demand, and increasing pressure from the U.S. trade war. The sector dragged down broader merchandise activity. Statistics Canada reported on Thursday that overall manufacturing sales fell 1.2% in the month, while wholesale revenue declined 1.8%. Both figures missed expectations; economists had forecast a 1.1% decline in factory sales and a 0.1% increase in wholesale trade. The motor vehicle sector led the decline, with manufacturing sales plunging 15.9% in November, marking the second consecutive monthly drop and reaching its lowest level since October 2022. Statistics Canada stated that auto production at a major assembly plant was severely disrupted in November due to the global semiconductor shortage. This exacerbated the effects of weak demand and trade headwinds. The data suggests that the Canadian economy is under pressure from U.S. President Donald Trumps tariff policies, and the weakening momentum foreshadows a slowdown in Canadian growth in the fourth quarter.On January 16th, soybean oil futures surged as much as 3.8% as the market anticipated the Trump administration would release long-awaited U.S. biofuel blending quotas in March. The U.S. Environmental Protection Agency (EPA) stated last year that it would raise targets for so-called biodiesel, which can be made from soybean oil and other crop feedstocks, but traders have been awaiting final details. According to sources familiar with the matter, the plan may be finalized in the coming months. However, these sources also indicated that the timeline could still change. Analyst Brett Gibbs stated that if the increased targets are adopted, biodiesel production will increase significantly. He noted, "This has always been our preferred way to support biofuels and domestic crops."Shopify (SHOP.N) shares fell further to 3%.The US Treasury auction for the four weeks ending January 15th yielded a winning bid of 3.595%, unchanged from the previous week.

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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