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Often dubbed "Russia's Google", Yandex has struggled to balance domestic pressures with the interests of its Western investors since Russia sent troops into Ukraine in February 2022. Yandex's net income fell to 9.6 billion roubles ($106.8 million) while its adjusted earnings before income, tax, depreciation and amortisation (EBITDA) fell 4% to 24.7 billion roubles. Revenue continued to grow, however, gaining 55% to 182.5 billion roubles, Yandex said. Yandex's Dutch-registered holding company is advancing plans to divest ownership and control of most of Yandex Group with a corporate restructuring. U.S. sanctions imposed last week on Alexei Kudrin, the former finance minister now spearheading Yandex's restructuring efforts, could hamper those plans.

Persons: Yandex, Alphabet's, Alexei Kudrin, Gleb Stolyarov, Alexander Marrow, Jason Neely, Emma Rumney Organizations: Google, Yandex, Reuters, Thomson Locations: Russian, Ukraine, Russia, Yandex's, U.S

The audit has not changed the U.S. Treasury's view that the bank must make reforms before the department will support disbursements from the Afghan Fund to Da Afghanistan Bank, or DAB, as the central bank is known, said a U.S. Treasury official on condition of anonymity. It also must prove that it has "adequate" controls against money-laundering and terrorism financing and install a "reputable" independent monitor, said the Treasury official. A Taliban administration spokesman and a spokesperson for the Afghan central bank did not respond to request for comment. Afghanistan remains mired in grave humanitarian and economic crises that some experts say has been worsened by U.S. restrictions hampering DAB's ability to perform key central bank functions, such as ensuring stable exchange rates and prices. Calling the audit a "preliminary assessment," the Treasury official said its "limitations" suggested that "more comprehensive third-party assessment efforts may be needed."

Persons: ”, disbursements, Shah Mehrabi, Mehrabi, Anwar ul, Haq Ahady, Jonathan Landay, Charlotte Greenfield, Don Durfee Organizations: U.S ., Afghan, Da, Da Afghanistan Bank, Treasury, Federal Reserve Bank of New, DAB, U.S . Agency for International Development, USAID, U.S, Afghan Fund, State Department, The State Department, Reuters, Thomson Locations: WASHINGTON, ISLAMABAD, U.S, Da Afghanistan, Swiss, Federal Reserve Bank of New York, Afghan, Washington, United States, Afghanistan, American

☆ MarketAxess tops profit estimates on strength in Eurobond trading
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - MarketAxess Holdings (MKTX.O) reported a better-than-expected second-quarter profit on Thursday, as a bustling Eurobond market helped offset the hit from a decline in U.S. government bond trading. The New York-based bond trader reported a profit of $1.59 per share for the three months ended June 30, beating analysts’ estimates of $1.57 per share, according to Refinitiv data. MarketAxess is an electronic trading platform for institutional investors and broker-dealers to trade corporate bonds and other fixed-income products. That prompted Eurobond investors to keep rejigging their portfolios, boosting trading volumes for the segment by 30.2% in the second quarter. However, a 33.1% slump in trading volumes for U.S. government bonds proved a drag.

Persons: MarketAxess, Sri Hari, Pooja Desai, Maju Samuel Organizations: MarketAxess Holdings, The, European Central Bank, U.S . Federal Reserve, Treasury, Sri, Thomson Locations: The New York, Washington, Bengaluru

IMPORTED ASSEMBLY KITSAfter a chaotic decade following the collapse of the Soviet Union in 1991, Russia encouraged Western carmakers to build factories. "Undoubtedly, the expansion of Chinese carmakers on the Russian market will continue," said Andrey Olkhovsky, the head of dealership chain Avtodom. It is a radical change of fortunes for Chinese carmakers in Russia. Production of Chinese vehicles only began in Russia in 2019 with the arrival of Chinese automotive company Great Wall Motor (601633.SS). LESS LOCAL INPUTUnder the partnership with Chinese firms, less of the production at former Western factories is currently conducted in Russia, the sources said.

Persons: Jetour, Maxim Shemetov, Moscow's, Sergei Sobyanin, French carmaker, JAC, Sehol, Moskvich, capitalising, Vladimir Bespalov, Vladimir Putin, Andrey Olkhovsky, Olkhovsky, Wall, Sollers, Avtovaz, Denis Manturov, Gleb Stolyarov, Alexander Marrow, Zhang Yan, Daniel Flynn Organizations: REUTERS, French, French carmaker Renault, Moscow Automobile Factory, JAC Motors, Reuters, Renault, Nissan, Russia's Industry, Trade Ministry, Wall, Chery, Geely, HK, Argo, Ford Transit, Nissan's St, Lada, China's FAW Group's, FAW, Western, Trade, Thomson Locations: Lyubertsy, Moscow Region, Russia, Soviet, Moscow, Anhui, Ukraine, Soviet Union, Western, Tula, Autostat, Tatarstan, Nissan's, Nissan's St Petersburg, St Petersburg, Leningrad, Japan, Europe, China, Shanghai

According to JPM's circular, the shares currently unaccounted for are estimated to be less than 1% of the shares held in custody at another financial institution. This meant Deutsche was unable to reconcile the company shares held at another custodian bank with the depositary receipts on its own books. The Bank of Russia did not immediately respond to a request for comment on JP Morgan's search for the potentially missing Magnit shares. More than 60% of Magnit's shares are free-float, with shareholders including major global asset managers, Refinitiv data shows. When first announcing the plans, Magnit said its voluntary tender offer was also addressed to JPM, regarding shares held in its DR program custody account.

Persons: Morgan Chase, Mike Segar, Morgan, JPM, Deutsche, Russia's, Magnit, Sinead Cruise, Alexander Marrow, Jane Merriman Organizations: Co, New York City, REUTERS, Reuters, Deutsche Bank, Deutsche Bank . Lawyers, Deutsche, Bank of Russia, Settlement Depository, NSD, Kremlin, Thomson Locations: New York, Ukraine, Moscow, Russian, Krasnodar, Russia, Uzbekistan, Euroclear

☆ Lebanon PM will not extend central bank governor's mandate
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +3 min

BEIRUT, July 10 (Reuters) - Lebanon's caretaker premier, Najib Mikati, will not extend the term of central bank Governor Riad Salameh when it ends later this month, the prime minister's office said on Monday. One of Lebanon's four vice governors told Reuters that all four were considering quitting together if no successor is named, raising the possibility of a leaderless central bank amid a deep financial crisis. Mikati's deputy, Saade Chami, told Reuters last week that such a threat was "dangerous" and that the vice governors should "assume their responsibility in case this appointment is not possible." Central bank governors are typically appointed by the president, but parliament has been unable to elect a president to follow Michel Aoun, whose term ended in late October. The central bank governor, who was once a regular at banking conferences and high-end restaurants, is now rarely seen in public except for occasional media interviews.

Persons: Najib Mikati, Riad Salameh, Salameh, Saade Chami, Michel Aoun, Nabih Berri, Berri, Mikati, Maya Gebeily, Mark Heinrich, Leslie Adler Organizations: Reuters, Thomson Locations: BEIRUT, Central

By 1156 GMT, the rouble was 1.8% weaker against the dollar at 89.15 after earlier hitting 89.3275, its weakest point since March 29, 2022. It lost 1.8% to trade at 96.74 versus the euro , also a 15-month low. It shed 1.4% against the yuan to 12.23 <CNYRUBTOM=MCX>, a more than 14-month low. The rouble lost a key support factor on Wednesday as a month-end tax period that typically sees exporters convert foreign currency revenues to meet local liabilities passed. Brent crude oil , a global benchmark for Russia's main export, was up 0.1% at $74.41 a barrel.

Persons: C.bank, Yevgeny Prigozhin's, Vladimir Putin's, Alexei Zabotkin, Zabotkin, Alexander Marrow, Jamie Freed, Robert Birsel, Jane Merriman, Mark Heinrich Our Organizations: Alor Broker, Bank of Russia, Brent, Gazprom, Thomson Locations: Moscow, Russian, Alor, Russia, Ukraine

June 30 (Reuters) - The Russian rouble slumped to a more than 15-month low against the dollar and euro on Friday, weighed down by domestic political risk concerns after an aborted armed mutiny over the weekend and lacking support drivers. By 0734 GMT, the rouble was 0.8% weaker against the dollar at 88.26 after earlier hitting 88.6775, its weakest point since March 29, 2022. It lost 0.9% to trade at 95.97 versus the euro after also hitting a 15-month low of 96.3225. The rouble lost a key support factor on Wednesday as a month-end tax period that typically sees exporters convert foreign currency revenues to meet local liabilities passed. The rouble-based MOEX Russian index (.IMOEX) was 0.4% lower at 2,785.8 points.

Persons: Yevgeny Prigozhin's, Vladimir Putin's, Alexander Marrow, Jamie Freed, Robert Birsel Organizations: Alor Broker, Gazprom, Thomson Locations: Russian, Alor, Russia, Ukraine, Moscow, Brent

First Deputy Prime Minister Andrei Belousov said demand for foreign currency had increased sharply in about 15 regions. "The rouble in the cash market sold off sharply on Saturday with buy/offer spreads widening out substantially," said Goldman Sachs in a note. "Should the response to the events over the weekend be additional spending, we think this would be followed by a weaker rouble." Rouble opens at 15-month low vs dollarInvestors globally were watching for ripple effects from the aborted mutiny, with some expecting a move into safe havens such as U.S. government bonds and the dollar. The rouble-based MOEX Russian index (.IMOEX) was 1.2% lower at 2,762.5 points.

Persons: Yevgeny Prigozhin, Vladimir Putin's, Andrei Belousov, Belousov, Alexey Antonov, Goldman Sachs, Rouble, Alexander Marrow, Karin Strohecker, Kim Coghill, Ed Osmond Organizations: rouble, Alor Broker, Brent, Sinara Investment Bank, Thomson Locations: Russian, Russia, Rostov, Moscow, Voronezh, Lipetsk, Alor

June 26 (Reuters) - The Russian rouble hit its lowest in nearly 15 months against the dollar on Monday before paring some losses, as investors responded for the first time to an aborted mutiny by heavily armed mercenaries in Russia over the weekend. By 0727 GMT, the rouble was 0.5% weaker against the dollar at 85.15 , after hitting 87.2300 in early trade, its weakest point since late March 2022. With the rouble not trading over the weekend, Russian banks had offered exchange rates well above the official rate beyond 90 to the dollar, but those were gradually easing as tensions subsided. Rouble opens at 15-month low vs dollarInvestors globally were watching for ripple effects from the aborted mutiny, with some expecting a move into safe havens such as U.S. government bonds and the dollar. The rouble-based MOEX Russian index (.IMOEX) was 1% lower at 2,767.9 points.

Persons: Yevgeny Prigozhin, Vladimir Putin's, Alexey Antonov, Rouble, Brent, Sinara, Alexander Marrow, Kim Coghill Organizations: Sinara Investment Bank, Thomson Locations: Russian, Russia, Rostov, Moscow, Alor, Washington

☆ Singapore has pledged billions to fight climate change. Experts say it's not enough
▼ + stars: | 2023-06-21 | by ( Nyshka Chandran | ) www.cnbc.com time to read: +5 min

Bloomberg | Bloomberg | Getty ImagesSingapore, a tiny city-state with an import-dependent economy, is especially vulnerable to rising sea levels, heat waves and other adverse effects of climate change. Around the globe, financing for climate adaptation has traditionally lagged behind mitigation investments that are focused on slowing or stopping the rise in fossil fuel emissions. Singapore's climate challengesIn 2019, Singapore prime minister Lee Hsien Loong said climate change was a matter of "life and death" for the city-state. An initiative of London's Imperial College and Singapore Management University, SGFC was launched in 2020 to advance climate financing solutions. In 2020, Vena Energy became the first Singapore-based company to issue green bonds in U.S. dollars with a $325 million five-year green bond aimed at refinancing existing corporate loans for green projects.

Persons: Xinying Tok, Lee Hsien Loong, Grace Fu, Emirhan Ilhan, SGFC, issuances, Vena Organizations: Bloomberg, Getty Images, Singapore, Carbon Trust, National University of Singapore Business School, Green Finance Institute, City State, Singapore Green Finance, London's Imperial College, Singapore Management University, Monetary Authority of, Insurance, Vena Energy, Resources Locations: Getty Images Singapore, Singapore, Southeast Asia, City, Monetary Authority of Singapore

June 14 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. A raft of economic data and a likely medium-term policy easing from China will give Asian markets direction on Thursday, but the main steer will probably come from investors' reaction to the Federal Reserve's 'hawkish skip' on interest rates. China's central bank, meanwhile, is expected to cut the borrowing cost of medium-term policy loans for the first time in 10 months on Thursday, after it lowered two key short-term policy rates earlier this week. The annual rate of growth in investment is seen slowing to 4.4% from 4.7%, industrial production to 3.6% from 5.6%, and retail sales to 13.6% from 18.4%. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jamie McGeever, Dow, disinflation Organizations: Federal, Fed, Nasdaq, Nikkei, Wednesday, People's Bank of, Institute of International Finance, Thomson, Reuters Locations: China, U.S, Japan, People's Bank of China, outflows, Beijing

"But the situation is changing and it is possible that a window of opportunity will appear before the end of this year, then we will issue yuan bonds." Russian firms placed bonds worth 1.7 billion yuan ($237.5 million) in May. The bank has issued 140 billion roubles ($1.7 billion) worth of rouble-denominated bonds this year, he said, and would continue to do so at the right price. The head of Sberbank rival VTB last week told Reuters Russia's economy had adapted to sanctions. Sberbank's record first-quarter profit of 357.2 billion roubles featured no one-time revenues, meaning profits should grow as the business does, Skvortsov said.

Persons: Taras Skvortsov, Skvortsov, VTB, Alexander Marrow, Elena Fabrichnaya, Lisa Shumaker Organizations: Reuters, Monetary Fund, Thomson Locations: Russia, Ukraine MOSCOW, Ukraine

☆ British Prime Minister Rishi Sunak pitches UK as home of A.I. safety regulation as London bids to be next Silicon Valley
▼ + stars: | 2023-06-12 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

British Prime Minister Rishi Sunak speaks to the media during London Tech Week at the QEII centre on June 12, 2023. British Prime Minister Rishi Sunak made a big pitch to the tech community Monday, casting the U.K. as a global center for artificial intelligence and regulation of the technology. "I want to make the U.K. not just the intellectual home but the geographical home of global AI safety regulation," Sunak added. However, the U.K. is trying to make measures of its own to be more of a leader in the world of AI. The government in March published a white paper detailing its plan for AI regulation, which sought to take a principles-based approach to the technology rather than proposing new tailored regulations.

Persons: Rishi Sunak, Sunak, Jeremy Hunt Organizations: British, London Tech, Microsoft Locations: London, Silicon, U.S, Union

☆ US schools cancel recess, skylines vanish behind Canada wildfire smoke
▼ + stars: | 2023-06-07 | by ( Tyler Clifford | ) www.reuters.com time to read: +4 min

The U.S. National Weather Service issued quality air alerts from New England to South Carolina. In Bethesda, Maryland, a high school moved its graduation ceremony indoors, while a Brooklyn, New York, elementary school postponed its "Spring Fling" dance party. The smoke is crossing the U.S. northern border from Canada, where wildfire season got off to an unusually early and intense start due to persistent warm and dry conditions. Rochester, New York, near the Canadian border, had the worst air quality in the country, according to IQAir, while six towns along Maryland's Eastern Shore and Delaware were ranked in the bottom 10 for air quality. "This is an unprecedented event in our city and New Yorkers must take precaution," New York City Mayor Eric Adams said.

Persons: Eric Adams, Tyler Clifford, Denny Thomas, Ken Li, Nancy Lapid, Joseph Ax, Mark Porter, David Gregorio Our Organizations: YORK, U.S, National Weather Service, D.C, Twitter, East Coast, York City, Thomson Locations: Vermont, South Carolina, East, Ohio, Kansas, Midwest, New England, Washington, Bethesda , Maryland, Brooklyn , New York, Montclair , New Jersey, New York, Canada, York, Delhi, Rochester , New York, Shore, Delaware, Manhattan, New, Toronto, Canada's, Quebec

☆ China's top investment bank CITIC cuts base salary by up to 15% -sources
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

HONG KONG/BEIJING, June 5 (Reuters) - China's CITIC Securities is cutting pay across its investment banking division, lowering base salaries by up to 15%, two sources said, in a rare move in the country's financial sector as Beijing pushes to bridge income disparity. The country's top investment bank by market value has also yet to pay bonuses to bankers for work done last year, the two sources close to the matter said. China's well-heeled financial dealmakers over the past year have been getting a crash course in austerity with pay cuts and perks reined in as their state-owned employers respond to the "common prosperity" drive. CITIC Securities' domestic rival China International Capital Corp (CICC) (3908.HK) last month cut this year's bonuses for investment bankers by 30%-50% from a year earlier, said two separate sources with knowledge of the matter. Besides remuneration cuts, some investment banks have asked staff to avoid displays of wealth such as uploading photographs to social media of expensive meals or overseas trips, industry sources have said.

Persons: China's, CICC, Julie Zhu, Selena Li, Roxanne Liu, Louise Heavens, Kirsten Donovan Organizations: CITIC Securities, China International Capital Corp, HK, Reuters, China's, Thomson Locations: HONG KONG, BEIJING, Beijing, China, CICC, Hong Kong

☆ Countdown to mega merger - how Credit Suisse wobbled and UBS rushed to rescue
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +6 min

March 19: An emergency rescue of Credit Suisse, brokered by the Swiss government, central bank and financial regulator, is announced. March 23: Switzerland's financial market regulator FINMA defends its decision to impose steep losses on Credit Suisse bondholders, calling the decision legally watertight. Separately, some holders of Credit Suisse AT1 bonds wiped out by the merger instruct lawyers to represent them for possible litigation to recover losses. April 6 - UBS CEO Ermotti tells Credit Suisse staff to stay focussed on the business, but warns of "change and hard decisions" ahead. April 15 - The Federal Reserve approves UBS's acquisition of the U.S. subsidiaries of Credit Suisse.

Persons: Greensill, FINMA, Sergio Ermotti, Axel Lehmann, Ulrich Koerner, Ermotti, John Revill, Tomasz Janowski Organizations: UBS, Credit Suisse, Suisse, U.S . Securities, Exchange Commission, SEC, Silicon Valley Bank, Swiss National Bank, Saudi National Bank, Credit, Swiss Bank Employees Association, Federal Reserve, Court, Switzerland's Social Democratic Party, Thomson Locations: ZURICH, Silicon, Swiss, Switzerland

[1/3] A tyre produced by the Finnish group Nokian Tyres on display at a dealership in Moscow, Russia, March 23, 2023. Nokian Tyres' protracted departure illustrates the growing headwinds faced by Western companies that have yet to fully depart the country. "The war changed the operating environment in a rapid and unpredictable way," Nokian Tyres' Chief Transformation Officer Johanna Horsma told Reuters. Additional valuation requirements published in mid-December came in the middle of Nokian Tyres' transaction, he added. The buyer needs to be well selected to avoid scammers, said Nokian Tyres' Horsma.

Persons: Maxim Shemetov, Johanna Horsma, Finland's Fortum, Germany's, Peter Wand, Baker McKenzie, Thomas Kormendi, Kormendi, Alexei Moiseev, Moiseev, Nokian, Tatiana Stanovaya, Elopak, Baker McKenzie's Wand, Alexander Marrow, Darya Korsunskaya, Matt Scuffham, Kirsten Donovan Organizations: Nokian Tyres, REUTERS, Finland's, U.S . Treasury, Reuters, Companies, Thomson Locations: Moscow, Russia, finalising, Ukraine, Western, Frankfurt

May 31 (Reuters) - Russia's unemployment rate dropped to a record low 3.3% in April, data showed on Wednesday, highlighting the labour shortage that is stifling economic growth, while other indicators painted a mixed picture. Retail sales, a key gauge of consumer demand, fell 0.1% compared with March and industrial output dropped 5.0%. Excluding seasonal factors, economic growth slowed to 0.2% in April, the ministry said. Russia's market has changed drastically since the sanctions war began, Tsukhlo said, with mass-market and expensive brands alike leaving the country. "(They) could have been replaced by Russian light industry products, but there is no one there to produce them," he said.

Persons: Sergei Tsukhlo, Tsukhlo, Alexander Marrow, Darya, Alison Williams Organizations: Russia's Gaidar, Thomson Locations: Russia, Ukraine, Moscow, Russian

[1/2] A security guard stands next to the Trinity icon at the Trinity Lavra of St. Sergius in the town of Sergiyev Posad, Russia, July 18, 2022. REUTERS/Maxim Shemetov/File PhotoMay 27 (Reuters) - Patriarch Kirill, head of the Russian Orthodox Church, on Saturday dismissed his expert on art and restoration for obstructing the transfer of a historic 15th-century Trinity icon to the Church from a Moscow museum. On Saturday, Patriarch Kirill decreed that Kalinin be dismissed from his post "in connection with the obstruction of bringing the icon" to Moscow's Cathedral of Christ the Saviour. Kalinin was also banned from the priesthood, according to the note published on the Russian Orthodox Church's website. Patriarch Kirill said last year that those who died fighting in Ukraine would be purged of their sins.

☆ France summons brother, assistant of Lebanon central bank boss in fraud probe
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +2 min

Central bank chief Riad Salameh, his brother Raja Salameh, and his assistant Marianne Hoayek are being investigated in Lebanon, France and other countries for allegedly taking hundreds of millions in funds from the central bank. France has set a hearing in Paris for his brother Raja on May 31 and for Hoayek on June 13, a source close to the matter told Reuters. A Lebanese judicial source confirmed to Reuters that Lebanon's judiciary had received the summons and was working to deliver them. France last week issued an arrest warrant for Salameh, 72, after he failed to attend his own hearing in Paris. The Salameh brothers and Hoayek have already been charged in two separate cases in Lebanon related to embezzlement and other financial crimes.

☆ A man in South Korea got caught out after having his twin brother take an entrance exam for him when he double booked himself
▼ + stars: | 2023-05-18 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

A Bank of Korea employee got caught after his twin brother took an entrance exam in his name. The man had an entrance exam for two jobs on the same day, but got his brother to take one for him. Rather than trying to rearrange one of the exams, the man asked his twin to take the FSS exam under his name. South Korea is notorious for having a hyper-competitive job market, and for the length and intensity of work many people do. That ranks among the five highest working hours in developed nations.

May 4 (Reuters) - The Russian rouble climbed to a more-than-one-month high on Thursday, gaining for a fifth straight session, as oil prices staged a partial recovery, countering the impact of reduced foreign currency supply. By 0923 GMT, the rouble was 1% stronger against the dollar at 78.44 , its strongest mark since April 3. The rouble has also benefited with a lag from high oil prices throughout April, which translates to higher export revenues for Russian exporters. Russian stocks are unlikely to see any serious buying interest before Russia's long weekend, said Sinara Investment Bank analysts. Geopolitics are partly to blame for Russian stocks' recent decline, while investors globally fear recession, hence the sustained drop in Brent, Sinara said.

[1/4] A logo is on display in the office of Sberbank, Russia's state-owned dominant lender and one of the country's leading technology players, in Moscow, Russia, March 28, 2023. But it also highlights challenges as Russia's tech development becomes increasingly reliant on one state-owned player. Since 2020 it has cast itself as a technology company as well, and is now seeking a bigger slice of Russia's shrinking technology pie. "There are restrictions on some of them, it is a very complex technology," Belevtsev said. "There is already a lot of cooperation on engineers and technology," Belevtsev said.

☆ Britain takes further step towards London listings overhaul
▼ + stars: | 2023-05-02 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

LONDON, May 2 (Reuters) - Britain's stock market rules could be radically simplified as part of efforts to lure major company listings to London, under detailed plans unveiled by the country's financial watchdog on Tuesday. "We want to encourage more companies to list and grow in the UK, versus other highly competitive international markets," said FCA chief executive Nikhil Rathi. While the watchdog said it was committed to maintaining high standards, some experts expressed concerns at the reform push. The FCA said it aimed to make "substantial progress" on the reforms by the end of this year. Reporting by Iain Withers Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

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