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Here's the state of play globally for crypto regulation and enforcement in 2023 — and a look at what to expect in 2024. "However, much of their work has involved providing guidance to the industry through enforcement actions," continued Levin. Crypto market participants nevertheless hope that the spate of legal challenges brought to crypto companies in 2023 will bring clarity in the form of new regulations. The U.S.'s dominant role in global finance and its focus on consumer protection plays a crucial role in its leading position in crypto regulation enforcement. The region has been increasingly warming to crypto assets, despite a broader anti-crypto push from China, which banned bitcoin trading and mining in 2021.

Persons: Al Drago, Binance, Sam Bankman, Renato Mariotti, Mariotti, Richard Levin, Nelson Mullins Riley, Levin, ada, Changpeng Zhao, Damian Williams, Brian Armstrong, Armstrong, Alyse Killeen, Scarborough's Levin, FinCEN, Killeen, Diem, USDC, Braden Perry, it's, Kennyhertz Perry, Perry, Bafin Organizations: U.S . Securities, Exchange Commission, Bloomberg, Getty, Regulators, Securities and Exchange Commission, U.S, Alameda Research, U.S . Justice Department's Securities, Commodities, CNBC, Capitol, SEC, Futures Trading Commission, Department of Justice, Scarborough, CFTC, Protocol Labs, Southern, of, Stillmark, Meta, Visa, Mastercard, U.S ., European, IRS, European Union, EU, France's Financial Markets Authority, AMF, Treasury, Monetary Authority of, Three Arrows, Terra Labs, Terra, Hong Kong Securities, Futures Commission, SFC, OSL Locations: Washington, Europe, Asia, U.S, Alameda, of New York, European, Crypto, Ireland, Germany, France, Italy, Netherlands, Singapore, Dubai, Hong Kong, Monetary Authority of Singapore, China, East, Africa

☆ Fmr. CISA Director Chris Krebs explains the potential AI risks on financial systems
▼ + stars: | 2023-12-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. CISA Director Chris Krebs explains the potential AI risks on financial systemsChris Krebs, PinnacleOne president and former Cybersecurity and Infrastructure Security Agency director, joins 'Squawk Box' to discuss the the potential risks of AI on financial systems, after the Treasury Department's Financial Stability Oversight Council flagged the use of AI in financial services as a system vulnerability, what it means for financial organizations going forward, and more.

Persons: Chris Krebs, PinnacleOne Organizations: Infrastructure Security Agency, Treasury

Signage is seen for British utility company Thames Water at a repair site in London, Britain, June 28, 2023. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Dec 5 (Reuters) - Thames Water, Britain's biggest water utility, is proceeding with a three-year turnaround plan, it said on Tuesday, adding it had a high level of liquidity and the support of investors, as it seeks to ease concern over its financial stability. Thames Water's environment record has also come under scrutiny. "Our shareholders support this much needed investment, underscoring their commitment to delivering Thames' turnaround." Robert Goodwill, chairman of Britain's environment, food and rural affairs committee, said that he may need to ask Thames Water bosses further questions.

Persons: Toby Melville, Cathryn Ross, Alastair Cochran, Robert Goodwill, Sarah Young, Kate Holton, Barbara Lewis Organizations: Thames, REUTERS, Media, Thames Water, Ontario, China Investment Corp, Thomson Locations: London, Britain, Thames

Spokespeople for the banks declined to provide comment ahead of the hearing or did not respond to requests for comment. Kevin Fromer, president of the Financial Services Forum, which represents the CEOs, said he expected Basel to be a focus. Big bank CEOs have been appearing before Congress for several years after the 2007-09 financial crisis and subsequent scandals thrust the industry into Washington's crosshairs. Former Wells Fargo CEO Tim Sloan, meanwhile, resigned in March 2019 after stumbling during a hearing about the bank's regulatory woes. But after years of playing defense, the CEOs are expected to be more assertive, this time backed by Republicans critical of red tape.

Persons: Andy Cecere, William Demchak, Jamie Dimon, Jane Fraser ,, Brian Moynihan, William Rogers, Wells, Bank of America's Brian Moynihan, Citi's Jane Fraser, Wells Fargo's Charles Scharf, Goldman Sachs, David Solomon, Morgan Stanley's James Gorman, Ronald O'Hanley, BNY Mellon's Robin Vince, Sherrod Brown, Brown, Kevin Fromer, Dimon, Elizabeth Warren, Tim Sloan, meanwhile, Tim Scott, Pete Schroeder, Nupur Anand, Tatiana Bautzer, Saeed Azhar, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: U.S . Bancorp, PNC Financial Services Group, JPMorgan Chase, Co, Citigroup, Jane Fraser , Bank of America, Truist Financial, JPMorgan, Bank of America, Bank of America's, Democratic, Silicon Valley Bank, Financial Services, Big, Former Wells, Republicans, Thomson Locations: WASHINGTON, Wells Fargo, Silicon, Basel, New York

☆ Bank of England drags Bagehot into the shadows
▼ + stars: | 2023-12-01 | by ( Liam Proud | ) www.reuters.com time to read: +8 min

That is no longer tenable, in part because of reforms to bank regulation that shifted activity from traditional lenders to financial market players. These days, the institutions in need of urgent liquidity are just as likely to be pension funds, insurers or hedge funds. The British central bank’s initial ideas make sense, but only solve part of the problem. The central bank can short-circuit the panic by opening the credit taps. Central banks are only just starting to grapple with what it means to be a lender of last resort in that context.

Persons: Walter Bagehot’s, Andrew Hauser, BoE, WALTER, Gurney, Peter Thal Larsen, Streisand Neto, Thomas Shum Organizations: Reuters, Bank of England, Reuters Graphics Reuters, U.S, Treasury, Federal Reserve, Pensions, . Treasury, Citadel, Millennium Management, City of, U.S . Federal, Gurney & Company, Victorian, Thomson Locations: British, City, City of London, Basel, Overend, Lombard

☆ Central banks of India, England resolve trade settlement stand-off
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] FILE PHOTO: A Reserve Bank of India (RBI) logo is seen inside its headquarters in Mumbai, India, April 6, 2023. REUTERS/Francis Mascarenhas//o/File Photo Acquire Licensing RightsMUMBAI, Dec 1 (Reuters) - The central banks of India and England on Friday signed an agreement on information exchange for settlement of bond trades, the Reserve Bank of India (RBI) said. In India, bonds are settled through the Clearing Corporation of India (CCIL). The two central banks have also established a framework for the BoE to rely on the Indian central bank's regulatory and supervisory activities, while safeguarding the United Kingdom's financial stability, the RBI said. This meant that European banks had to settle their India-based trades through banks based in other jurisdictions.

Persons: Francis Mascarenhas, BoE, CCIL, Siddhi Nayak, Jayshree, Nivedita Bhattacharjee, Sohini Organizations: Bank of India, REUTERS, Rights, Reserve Bank of India, Clearing Corporation of India, Bank of England, United, European Securities and Markets Authority, Siddhi, Thomson Locations: Mumbai, India, England

☆ Swedish property firms should cut debt, raise equity, Riksbank chief says
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +3 min

Commercial property companies ramped up borrowing when rates were low and some are now struggling to pay off or roll-over debt after eight interest rate hikes by the central bank. Thedeen said many companies in the commercial real estate sector needed to restructure their balance sheets. Even if rates have peaked, problems for the commercial real estate sector are not over. Short-dated debt and large refunding needs mean "the Swedish property sector has more risk" than in other European countries, Maria Gillholm, senior credit officer at Moody's, said. The commercial real estate sector triggered a financial crisis in Sweden in the early 1990s and authorities have said it is once again the biggest risk to financial stability.

Persons: Erik Thedeen, Jonas Ekstromer, Thedeen, It's, Riksbank, Moody's, Maria Gillholm, Simon Johnson, Terje Solsvik, Essi Lehto, Susan Fenton Organizations: TT, Agency, Rights, Moody's, Thomson Locations: Stockholm, Sweden, Swedish, Europe

Periods of high inflation would offset those when inflation was low as occurred between the financial crisis and the pandemic. Those concerns may not matter anymore if the pandemic has driven inflation and interest rates chronically higher. Speaking at a Boston Fed labor market conference in November, Kohn said the new framework showed the risks of not keeping inflation at bay to begin with. "Probing" for maximum employment "can't ignore...inflation risks," Kohn said, calling for a return to a strategy disavowed in the last review. "I think preemptive tightening is best-practice central banking, and I hope they return to allowing that."

Persons: Joshua Roberts, Jerome Powell, There's, Miesha Williams, Powell, Charles Evans, Evans, Fed, Loretta Mester, Austan Goolsbee, Goolsbee, Donald Kohn, Kohn, Howard Schneider, Dan Burns, Andrea Ricci Organizations: Federal Reserve, REUTERS, Rights, U.S, Federal, Spelman College, Reuters, Chicago Fed, Chicago, Cleveland Fed, Boston Fed, Thomson Locations: Washington , U.S, Atlanta

☆ I'm a career coach who works with Millennials and Gen Z. The younger generation needs constant stimulation. Millennials just want stability.
▼ + stars: | 2023-11-30 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +7 min

Alice Stapleton is a UK-based career change coach who works with both Gen Z clients and millennials. Stapleton told Business Insider that Gen Z workers are much more focused on flexibility and impact. AdvertisementThis as-told-to essay is based on a conversation with Alice Stapleton, a 41-year-old UK-based career change coach and host of The Career Change Diaries podcast. I'm a career change coach who predominantly works with people in their twenties, thirties, and early forties. Another difference is Gen Z is looking for diverse workplaces, whereas I get the sense that millennials prefer to be around like-minded people.

Persons: Alice Stapleton, Stapleton, —, I'm, I've, Gen, They're Organizations: Business, Service Locations: UK

☆ Morning Bid: November bids adieu with inflation data, OPEC
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. With signs of turn emerging in Federal Reserve policy guidance and October PCE inflation readings set to encourage that later in the day, rate cut fever was in full flow across the Atlantic too. Headline annual inflation in the bloc fell as low as 2.4% - within arm's length of the ECB's 2% target. Later on Thursday, U.S. PCE inflation for the prior month is pencilled to fall 3.0% from 3.4% - with a core also ebbing to 3.5%. "Monetary policy is in a good place," Cleveland Fed President Loretta Mester said on Wednesday, echoing comments from previously hawkish Fed governor Christopher Waller the previous day.

Persons: Brendan McDermid, Mike Dolan, policymaker Fabio Panetta, Loretta Mester, Christopher Waller, John Williams, Christine Lagarde, Megan Greene, Kroger, Bernadette Baum Organizations: New York Stock Exchange, REUTERS, Treasury, Federal, European Central Bank, Bank of Italy, policymaker, U.S ., ECB, Cleveland Fed, Wall, OPEC, Dallas Fed, PMI, York Federal, Bank of England, Academy Sports, Rock Biotech, Titan, Reuters, Thomson Locations: New York City, U.S, China, Canada, Vienna, Automotive, Duluth, BOS, Jan

☆ In the Market: Regulators look to pry open the dark corners of Treasury markets
▼ + stars: | 2023-11-29 | by ( Paritosh Bansal | Thomson Reuters | Paritosh Oversees The Work Of More Than Journalists Across The Globe Who Write About Finance | ) www.reuters.com time to read: +6 min

Duffie said more could be done, but added that the "official sector Treasury market datasets are far more comprehensive now than they were a few years ago." They would have much better estimates of the basis trade, for example, but they still wouldn't know exactly how big it is. The trade involves hedge funds exploiting the difference between a Treasury security and its derivative in the futures market. The CFTC data includes other trades that hedge funds enter into that involve shorting treasury futures, the two industry sources said. At a major Treasury market conference earlier this month, officials underscored the importance of good data.

Persons: Darrell Duffie, Duffie, John Williams, Sherlock Holmes, Paritosh Bansal, Anna Driver Organizations: U.S . Federal Reserve, Financial Research, Stanford University, Treasury, Futures Trading Commission, Securities, Exchange Commission, Regulators, ” New York Fed, Thomson Locations: ”

☆ Current policy rate lets Fed be 'nimble' with incoming data, Mester says
▼ + stars: | 2023-11-29 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

Loretta Mester, president of the Federal Reserve Bank of Cleveland, speaks during an interview in Manhattan, New York, U.S., August 15, 2017. The central bank's rate policy will need to be "nimble" and "I believe the current level of the (federal) funds rate positions us well to do that." Mester, who will retire from the regional Fed bank next June, spoke two weeks ahead of the Fed's Dec. 12-13 policy meeting. That gathering is widely expected to result in no change in the current 5.25%-5.50% policy rate range. She noted that Fed rate hikes have tightened financial conditions and moderated demand at a time when supply chains have been healing.

Persons: Loretta Mester, Shannon Stapleton, Mester, Mester's, Michael S, Paul Simao Organizations: Federal Reserve Bank of Cleveland, REUTERS, Cleveland Federal, Fed, Financial, FOMC, Thomson Locations: Manhattan , New York, U.S, Chicago

☆ New Zealand's central bank defends Maori language use
▼ + stars: | 2023-11-29 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

[1/3] Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr is pictured during an interview at the bank in Wellington, New Zealand, April 16, 2019. REUTERS/Charlotte Greenfield/File Photo Acquire Licensing RightsWELLINGTON, Nov 29 (Reuters) - New Zealand’s central bank chief defended its use of the Maori language in official communications on Wednesday, as the country’s new centre-right government looks to roll back the use of the Indigenous language in the public sector. Central bank governor Adrian Orr said at a media conference following the bank’s monetary policy meeting that it was proud of its Maori name "Te Putea Matua" and would continue to use it in addition to the Reserve Bank of New Zealand (RBNZ). Over the past few years, the RBNZ has undergone an overhaul that puts the country's Maori heritage and language at the centre of its operations. The government has not released specific details on the policies and it is unclear whether they would directly impact the central bank.

Persons: Adrian Orr, Charlotte Greenfield, Orr, Christopher Luxon's, Luxon, Lucy Craymer, Sam Holmes Organizations: Bank of New Zealand, REUTERS, Rights, Reserve Bank of New Zealand, Labour, New Zealand, prudential, Thomson Locations: Wellington , New Zealand, Central, Te Ao

☆ I doubled my revenue as a freelancer to more than $200,000 in one year. These 3 strategies helped me scale up.
▼ + stars: | 2023-11-28 | by ( Hannah Logsdon | ) www.businessinsider.com time to read: +6 min

Upselling at the end of a project and targeting niche industries helped her hit $200,000 in 2022. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In my first full calendar year, I earned $100,000 in revenue, and in my second year, I more than doubled that number. When advertising these skills on freelance marketplaces, I positioned myself as an expert in sales optimization, client acquisition, and virtual assistance. Using these strategies, my business revenue for my second full year surpassed $200,000.

Persons: Hannah Logsdon, — Organizations: Service

☆ BoE leads central bank chorus on need for restrictive policy
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

Deputy Governor for Markets and Banking of the Bank of England Dave Ramsden attends a press conference concerning interest rates, at the Bank of England, in London, Britain, November 2, 2023. Speaking at a central bank conference in Hong Kong, Bank of England (BoE) Deputy Governor Dave Ramsden also said he saw no financial stability grounds to lower interest rates, which are currently up at 5.25%. “We think that monetary policy is likely to need to be restrictive for an extended period of time," he said. Even with all that tightening, Ramsden said inflation was not expected to return to 2% until the end of 2025. Markets have started to position for the first rate cut, with a move seen as soon as April or June.

Persons: Bank of England Dave Ramsden, HENRY NICHOLLS, BoE, Dave Ramsden, Ramsden, Michele Bullock, Bullock, Pablo Hernández de Cos, Cos, Wayne Cole, Selena Li, Xie Yu, Jamie Freed, Simon Cameron, Moore Organizations: Markets, Banking, Bank of England, Reserve Bank of Australia, Bank of Spain, European Central Bank, ECB, Thomson Locations: London, Britain, HONG KONG, Australia, Spain, Hong Kong

☆ Global regulators to assess if more crypto safeguards needed
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 28 (Reuters) - More measures may be needed to stop blow-ups at complex crypto firms like FTX from destabilising the wider financial system, the global Financial Stability Board (FSB) said on Tuesday. The vulnerabilities are similar to those found in traditional finance, including leverage, liquidity mismatches, technology and operational vulnerabilities, the FSB said in a report. Evidence suggests that the threat to wider financial stability and the economy is limited at present, it added. The FSB and IOSCO, a global body of securities watchdogs, have already published this year high level recommendations for supervising crypto activities. Regulators, however, should assess whether these measures adequately stop risks from crypto being amplified across the financial system, the report said.

Persons: Dado Ruvic, FTX, Huw Jones, Kirsten Donovan Organizations: REUTERS, FSB, Thomson

☆ EU committee backs law to relocate euro clearing from London to bloc
▼ + stars: | 2023-11-28 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Nov 28 (Reuters) - An influential committee of European Union lawmakers voted on Tuesday in favour of a draft law aimed at shifting clearing of euro-denominated derivatives from a post-Brexit London to the bloc. Long a Brexit battleground between London and Brussels, the EU wants better oversight of clearing in euro denominated interest rate swaps bought by EU-based market participants, the bulk of which are cleared by the London Stock Exchange Group in the United Kingdom. EU securities regulator ESMA would also have to become the direct supervisor of clearers based in the EU. LSEG CEO David Schwimmer has said he is "optimistic" that clearing in London for EU customers would continue after that date. EU banks have warned that being cut off from global clearing pools in London would put them at a competitive disadvantage to international rivals.

Persons: Long, Danuta Huebner, David Schwimmer, Huw Jones, Mark Potter Organizations: European Union, EU, London Stock Exchange Group, Deutsche Boerse, European, Thomson Locations: London, Brussels, United Kingdom, EU, Frankfurt, Madrid

☆ ECB could take bigger role in supervising shadow banks, Enria says
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

European Union (EU) flags fly in front of the headquarters of the European Central Bank (ECB) in Frankfurt, Germany, July 8, 2020. REUTERS/Ralph Orlowski/File Photo Acquire Licensing RightsFRANKFURT, Nov 28 (Reuters) - The European Central Bank may need to take on a bigger role in supervising shadow banks as they are now bigger than conventional lenders and may be sitting on elevated risk, the outgoing head of the ECB's supervision arm told European newspapers. "These are different animals to banks, so we shouldn’t expect to supervise them in the same way as we supervise banks." Taking on oversight of shadow banks would require legislative changes, a time consuming process even under the best of circumstances, and requiring broad political agreement. But some have argued that such a change could ease liquidity stress, particularly if shadow banks gained access to the ECB lending operations.

Persons: Ralph Orlowski, Andrea Enria, Expansión, Enria, Balazs Koranyi, Tomasz Janowski Organizations: Union, European Central Bank, REUTERS, Rights, prudential, ECB, Thomson Locations: Frankfurt, Germany

☆ Global bank ranking removes Unicredit and moves up UBS, China banks
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +1 min

Unicredit Bank logo is seen in this illustration taken March 12, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsZURICH, Nov 27 (Reuters) - The Financial Stability Board (FSB) on Monday removed Italy's UniCredit (CRDI.MI) from the list of global systemically important banks and moved three banks, including Switzerland's UBS (UBSG.S), up a bucket. UniCredit, which was the only lender in Italy among those deemed as being of global systemic importance by the FSB, had no comment. UBS moved up a bucket after earlier this year taking over Credit Suisse in the first merger of two systemically important banks. Agricultural Bank of China and China Construction Bank also moved up from bucket 1 to bucket 2.

Persons: Dado Ruvic, Italy's, Noele Illien, Giulio Piovaccari, Louise Heavens, Sharon Singleton Organizations: REUTERS, Rights, UBS, UniCredit, Credit Suisse, China's Bank of Communications, Agricultural Bank of, China Construction Bank, Thomson Locations: Italy, Agricultural Bank of China

☆ Asia stocks swing lower, gold climbs as oil slips
▼ + stars: | 2023-11-27 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

One mover was gold, which climbed to $2,009.87 an ounce and briefly hit a six-month top of $2,017.82. S&P 500 futures eased 0.2% and Nasdaq futures lost 0.4%. "Indeed, this message of patience is likely to be notable in upcoming DM policy communications in response to recent financial market developments." Markets priced in 80 basis points of U.S. easing next year, and around 82 basis points for the ECB. Reports suggest African oil producers are seeking higher caps for 2024, while Saudi Arabia may extend its additional 1 million bpd voluntary production cut, which is due to expire at the end of December.

Persons: Issei Kato, Jerome Powell, Bruce Kasman, Christine Lagarde, Brent, Wayne Cole, Stephen Coates Organizations: REUTERS, Nikkei, SYDNEY, Japan's Nikkei, Nasdaq, Federal, JPMorgan, European Central Bank, EU, ECB, CBA, Thomson Locations: Tokyo, Japan, United States, Europe, Asia, Pacific, Saudi Arabia, OPEC

☆ Asia stocks turn lower, gold jumps as oil slips
▼ + stars: | 2023-11-27 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

S&P 500 futures eased 0.2%, and Nasdaq futures lost 0.4%. That in turn has been a drag on the dollar which has lost 3% on a basket of major counterparts this month . Reports suggest African oil producers are seeking higher caps for 2024, while Saudi Arabia may extend its additional 1 million bpd voluntary production cut, which is due to expire at the end of December. "Saudi Arabia and OPEC+ faces a challenge in convincing markets that it can help keep oil markets tight in 2024," wrote commodity analysts at CBA in a note. "OPEC+ will have to show significant supply discipline, or at least jawbone such ability, to alleviate market worries of a deep surplus in oil markets next year."

Persons: Issei Kato, Jerome Powell, Bruce Kasman, Christine Lagarde, Brent, Wayne Cole, Stephen Coates Organizations: REUTERS, Nikkei, SYDNEY, Japan's Nikkei, Nasdaq, Federal, JPMorgan, European Central Bank, EU, ECB, Australian, CBA, Thomson Locations: Tokyo, Japan, United States, Europe, Asia, Pacific, Saudi Arabia, OPEC

☆ Asia stocks steady ahead of inflation tests, OPEC+ meeting
▼ + stars: | 2023-11-27 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

The approach of month end could also cause some caution given the hefty gains investors are sitting on. "Indeed, this message of patience is likely to be notable in upcoming DM policy communications in response to recent financial market developments." Markets priced in almost 90 basis points of U.S. easing next year, and around 83 basis points for the ECB. The oil market faces a tense few days ahead of a meeting of OPEC+ on Nov. 30, a meting that had originally been slated for Sunday but was postponed as producers struggled to find a unanimous position. Reports suggest African oil producers are seeking higher caps for 2024, while Saudi Arabia may extend its additional 1 million bpd voluntary production cut, which is due to expire at the end of December.

Persons: Issei Kato, Jerome Powell, Bruce Kasman, Christine Lagarde, Brent, Wayne Cole, Christopher Cushing Organizations: REUTERS, Nikkei, SYDNEY, Japan's Nikkei, Nasdaq, Federal, JPMorgan, European Central Bank, EU, ECB, Thomson Locations: Tokyo, Japan, United States, Europe, Asia, Pacific, Saudi Arabia

☆ Bank of England should look more at money supply, lawmakers say
▼ + stars: | 2023-11-27 | by ( David Milliken | ) www.reuters.com time to read: +3 min

A bus passes the Bank of England in the City of London, Britain, February 14, 2017. "Climate change is the most-cited example of the expansion of the remit," committee chair George Bridges, a Conservative former Brexit minister, told Reuters. The House of Lords committee set up the inquiry in March, following a surge in inflation to a 41-year high last year. The central bank is midway through its own forecasting review led by former U.S. Federal Reserve Chair Ben Bernanke. The House of Lords committee said parliament should have more opportunity to debate these changes, and should conduct in-depth reviews of the BoE's work every five years.

Persons: Hannah McKay, BoE, Mervyn King, George Bridges, Ben Bernanke, Jeremy Hunt, Bridges, David Milliken, William Schomberg Organizations: Bank of England, City of, REUTERS, Economic Affairs Committee, Conservative, Reuters, U.S . Federal, Thomson Locations: City, City of London, Britain, Ukraine

☆ Bank of England needs reform, damning new report from lawmakers finds
▼ + stars: | 2023-11-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Andrew Bailey, governor of the Bank of England (BOE), during the Monetary Policy Report news conference at the bank's headquarters in the City of London, UK, on Thursday, Nov. 2, 2023. LONDON — The Bank of England's current remit risks it becoming entangled with wider government policy aims and jeopardizes its ability to focus on bringing down inflation, a scathing report by senior U.K. lawmakers released Monday says. The report also said the BOE and other central banks are suffering from a lack of "intellectual diversity" that have led to forecasting failures. The report was launched after U.K. inflation soared to a 41-year high through fall 2022, hitting a peak of 11.1% year-on-year in late 2022, one of the most severe levels of all developed economies. The Lords report, which was compiled through the collection of written evidence and panel interviews, notes that all central banks made mistakes in characterising inflation in 2021 as "transitory."

Persons: Andrew Bailey, BOE Organizations: Bank of England, City of, LONDON, of, Economic Affairs, U.S Locations: City, City of London

☆ I moved to Germany from the US for free education and almost got deported. It's one of the best things that ever happened to me.
▼ + stars: | 2023-11-26 | by ( Adriana Stein | ) www.businessinsider.com time to read: +8 min

After studying for 6 months, she failed a German language test and lost her student visa. I spent six months learning German from scratch at an in-person German language school. I failed the language test and learned first hand how strict rules could be in GermanyEverything felt set. I still live in Hamburg, Germany with my husband, who I met here. Failing the German language test and being rejected from my master's program was tough, but the resilience that blossomed has been worth it.

Persons: Adriana Stein, —, I've, I'd, Germany —, I Organizations: Service, Portland State University, University of Hamburg, University, Craigslist, AS Marketing Locations: Germany, Spain, Hamburg, Eastern Oregon, undergrad, Oregon

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