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☆ Food production is accelerating the climate crisis, but AI and other emerging technologies could turn things around
▼ + stars: | 2023-11-07 | by ( Hazel Davis | ) www.businessinsider.com time to read: +6 min

Many common consumer food products are derived from fossil fuels. AdvertisementAdvertisementMultinational consumer food brands, including the fast-food giants McDonald's and Burger King, are under increasing pressure to decarbonize their supply chains and meet global net-zero and ESG goals. Many common ingredients used in consumer products are derived from fossil fuels or produced through unsustainable farming methods. AdvertisementAdvertisementHoxton Farms, a London-based biotech company, is working on creating cultivated fat as a sustainable alternative to traditional animal fats. Regulatory challenges and the path forwardWhile the potential for sustainable and alternative food products is promising, regulatory challenges exist.

Persons: —, Twig, Russ Tucker, Tucker, Ed Steele, Steele, Shivin Kohli, Kohli Organizations: Service, Department, Agriculture, Food and Drug Administration, FDA, USDA, Access Locations: Burger, Hoxton, London

☆ High bond yields challenge “Pax Americana”
▼ + stars: | 2023-11-06 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

There are also many reasons why “Pax Americana” – the period of U.S. dominance since World War Two - is under stress. The combination of high bond yields with a large fiscal deficit and rising sovereign debt is making it harder for politicians to govern the country. If anything, they may have a tougher job to make their fiscal maths add up than the United States because their growth prospects are not as rosy. What’s more, the near-record yield gap with the United States is bringing its own headaches by putting downward pressure on the yuan. These are consolations for the United States as it grapples with the geopolitical consequences of high interest rates.

Persons: Joe Biden, Kevin Lamarque, Joe Biden’s, doesn’t, Liz Truss, haven’t, Paul Tucker, “, Fitch, Peter Thal Larsen, Thomas Shum Organizations: Air Force, Joint Base Andrews, REUTERS, Reuters, Federal Reserve, International Monetary Fund, Bank of England, AAA, AA, United, Bank for International, Initiative, Thomson Locations: Lewiston , Maine, Joint Base Andrews , Maryland, U.S, Israel, Ukraine, China, United States, Europe, Asia, Russia, Britain, Washington, Republic

"The decision has been made - he will run," said one of the sources who has knowledge of planning. Three other sources said the decision had been made: Putin will run. A foreign diplomatic source, who also requested anonymity, said Putin made the decision recently and that the announcement would come soon. Peskov said in September that if Putin decided to run, then no one would be able to compete with him. "Russia is facing the combined might of the West so major change would not be expedient," one of the sources said.

Persons: Vladimir Putin, Kuzma Minin, Dmitry Pozharsky, Mikhail Metzel, Putin, Boris Yeltsin, Josef Stalin, Leonid Brezhnev's, Dmitry Peskov, Peskov, Mikhail Gorbachev grappled, Yevgeny Prigozhin, Prigozhin, Alexei Navalny, Oleg Orlov, Guy Faulconbridge Organizations: Unity, Sputnik, Kremlin, Reuters, Kommersant, West ., KGB, Soviet, Cuban Missile, West, NATO, China, European Union, Thomson Locations: Red, Moscow, Russia, MOSCOW, West . RUSSIA, Soviet Union, Ukraine, United States, European, Soviet Russia, Afghanistan

SummaryCompanies New nuclear submarine nearly ready for serviceRussia building more submarinesKremlin: relations with Washington 'below zero'MOSCOW, Nov 5 (Reuters) - Russia's new strategic nuclear submarine, the Imperator Alexander III, has successfully tested a Bulava intercontinental ballistic missile, the Russian defence ministry said on Sunday. The Imperator Alexander III is the seventh of the Russian Project 955 Borei (Arctic Wind) class nuclear submarines and the fourth of the modernised Borei-A variant, according to Russian sources. They are known in NATO as the Dolgoruky class of submarines, after the first boat - the Yuri Dolgoruky - became the first new generation of nuclear submarine launched by Russia since the Cold War. [1/2]Russia's new nuclear-powered submarine Imperator Alexander III test launches the Bulava ballistic missile, designed to carry nuclear warheads, from the White Sea, in this screengrab taken from a video released on November 5, 2023. Kremlin spokesman Dmitry Peskov said in an interview aired on Sunday that relations with the United States were below zero.

Persons: Imperator Alexander III, Alexander III, Yuri Dolgoruky, Vladimir Putin, Putin, Dmitry Peskov, Peskov, Dmitry Donskoy, Potemkin, Lidia Kelly, Guy Faulconbridge, William Mallard, David Goodman Organizations: Federation of American Scientists, Navy, Russian, Russian Defence Ministry, REUTERS Acquire, Soviet Union, Northern, Thomson Locations: Russia, Washington, MOSCOW, Russian, NATO, Soviet, Ukraine, United States, Pacific, Melbourne, Moscow

MOSCOW, Nov 3 (Reuters) - Russia on Friday dismissed new U.S. sanctions over the war in Ukraine, saying that the United States would never defeat Moscow, while the boss of Russia's fastest growing natural gas company quipped the sanctions were a badge of success. The United States on Thursday targeted Russia's future energy capabilities, sanctions evasion and a suicide drone that has been a menace to Ukrainian troops and equipment, among others, in sanctions on hundreds of people and entities. The Arctic-2 LNG project - targeted by the new sanctions - had been expecting to start exporting soon and it is uncertain how much Russian LNG will now be blocked. The largest Russian LNG producer Novatek NVTK.MM said in September it would start shipments from Arctic-2 LNG early next year. Leonid Mikhelson, the head of Russian natural gas producer Novatek(NVTK.MM), told a conference in the Uzbek city of Samarkand that the U.S. sanctions were a badge "of our professionalism".

Persons: Maria Zakharova, Vladimir Putin, Putin, Novatek NVTK.MM, Leonid Mikhelson, Novatek, Guy Faulconbridge, Andrew Osborn Organizations: Monetary Fund, Russian LNG, Thomson Locations: MOSCOW, Russia, Ukraine, United States, Moscow, Russian, U.S, Europe, Uzbek, Samarkand

☆ PayPal gets crypto green light in UK as sets up post-Brexit base
▼ + stars: | 2023-11-01 | by ( Huw Jones | ) www.reuters.com time to read: +1 min

A smartphone with the PayPal logo is placed on a laptop in this illustration taken on July 14, 2021. The regulator has also brought in tougher safeguards on marketing cryptoassets, which have snarled rivals like Binance. PayPal said on Wednesday that the FCA has approved the company as an authorised electronic money institution and consumer credit firm, as well as its registration as a cryptoasset business, although the pause in UK crypto services would continue as previously announced. The approvals mean that from Nov. 1 PayPal's UK customers will be transferred to a new entity based in Britain from PayPal Europe, which had hitherto served UK customers, reflecting Britain's departure from the European Union. "PayPal continues to offer our customers the same products and services in the United Kingdom," it said.

Persons: Dado Ruvic, PayPal, Huw Jones, Jonathan Oatis, Alexander Smith Organizations: PayPal, REUTERS, Financial, Authority, PayPal Europe, European Union, Thomson Locations: Britain, United Kingdom

☆ UK AI Safety Summit: who will attend and what’s on the agenda?
▼ + stars: | 2023-10-31 | by ( Martin Coulter | ) www.reuters.com time to read: +4 min

LONDON, Oct 31 (Reuters) - Britain will host the world's first global artificial intelligence (AI) safety summit this week to examine the risks of the fast-growing technology and kickstart an international dialogue on regulation of it. The aim of the summit is to start a global conversation on the future regulation of AI. Currently there are no broad-based global regulations focusing on AI safety, although some governments have started drawing up their own rules. A recent Financial Times report said Sunak plans to launch a global advisory board for AI regulation, modeled on the Intergovernmental Panel on Climate Change (IPCC). When Sunak announced the summit in June, some questioned how well-equipped Britain was to lead a global initiative on AI regulation.

Persons: Olaf Scholz, Justin Trudeau –, Kamala Harris, Ursula von der Leyen, Wu Zhaohui, Antonio Guterres, James, Demis Hassabis, Sam Altman, OpenAI, Elon Musk, “, Stuart Russell, Geoffrey Hinton, Alan Turing, Rishi Sunak, Sunak, Joe Biden, –, Martin Coulter, Josephine Mason, Christina Fincher Organizations: Bletchley, WHO, Canadian, European, United Nations, Google, Microsoft, HK, Billionaire, Alan, Alan Turing Institute, Life, European Union, British, EU, UN, Thomson Locations: Britain, England, Beijing, British, Alibaba, United States, China, U.S

☆ NatWest admits 'serious failings' in Nigel Farage incident; shares slide after earnings
▼ + stars: | 2023-10-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The logo of NatWest, a retail unit of RBS, outside a bank branch in London, U.K., on Tuesday, June 26, 2012. Simon Dawson | Bloomberg | Getty ImagesTrading in NatWest shares was briefly suspended on Friday morning as the stock slid after a combination of lacklustre earnings and regulators flagging possible rule-breaking in a highly mediatized case. NatWest CEO Alison Rose then admitted to discussing Farage's bank account with a BBC reporter, supplying information that was used in a story and later proved to be inaccurate. Alison Rose, NatWest chief executive, (right) departs 10 Downing Street in London, after meeting with Chancellor Jeremy Hunt. NatWest Group Chairman Howard Davies said the report "sets out a number of serious failings in the treatment of Mr Farage."

Persons: Simon Dawson, Coutts, Nigel Farage, Farage, Alison Rose, Chancellor Jeremy Hunt, James Manning, Howard Davies, Mr Farage, Davies Organizations: NatWest, RBS, Bloomberg, Getty, Trading, Authority, NatWest Group, BBC Locations: London

A man walks past ATM machines at branch of the NatWest bank in Manchester, Britain September 21, 2017. The bank's shares fell as much as 18% in early trading before closing down 12% - their largest daily drop since the Brexit vote in June, 2016. Farage said in a statement on Friday that he viewed the report as a "whitewash" and its findings "laughable". She added that the review showed she did not leak detailed financial information and had been unaware of "deeply unpleasant and unfair" internal staff comments made about Farage. A NatWest document unearthed by Farage in July found that an internal committee had deemed his views did not align with the bank's own.

Persons: Phil Noble, Nigel Farage, Coutts, Farage, Alison Rose, Travers Smith, Howard Davies, Rose, Mr Farage, Davies, Paul Thwaite, Rick Haythornthwaite, Iain Withers, Lawrence White, Samuel Indyk, Jason Neely, Sharon Singleton, Kirsten Donovan Organizations: NatWest, REUTERS, Financial Conduct Authority, Barclays, Rival, Lloyds, Thomson Locations: Manchester, Britain

☆ UK watchdog finds potential NatWest 'regulatory breaches' in Farage fiasco
▼ + stars: | 2023-10-27 | by ( Iain Withers | ) www.reuters.com time to read: +1 min

[1/2] Signage is seen for the FCA (Financial Conduct Authority), the UK's financial regulatory body, at their head offices in London, Britain March 10, 2022. REUTERS/Toby Melville/File Photo Acquire Licensing RightsLONDON, Oct 27 (Reuters) - British watchdog the Financial Conduct Authority said on Friday that it had identified potential "regulatory breaches" in NatWest's handling of a decision to close former Brexit party leader Nigel Farage's accounts. NatWest said it would disclose a decision on whether to dock its former CEO Alison Rose's pay over the matter "as soon as possible". "This report, and additional information we have considered, has highlighted potential regulatory breaches and a number of areas for improvement," the FCA said in a statement, adding it was reviewing the firm's governance, systems and controls. Reporting by Carolyn Cohn and Iain Withers, editing by Lawrence WhiteOur Standards: The Thomson Reuters Trust Principles.

Persons: Toby Melville, Nigel Farage's, Farage, Alison Rose's, Travers Smith, Alison Rose, Carolyn Cohn, Iain Withers, Lawrence White Organizations: FCA, Financial, Authority, REUTERS, British, NatWest, Thomson Locations: London, Britain

☆ Morning Bid: Amazon and goldilocks ride to the rescue
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +6 min

Unlike the reaction to similarly decent results from some of its Big Tech peers this week, shares in the online retail giant Amazon climbed 5% after hours. And both Nasdaq and S&P500 futures were set to bounce into the weekend later after the cash markets closed at their lowest since May. With nominal U.S. growth running at close to 8%, depending on which inflation gauge you use, the heat is impressive. And even the racy headline GDP growth rate was below many assumptions of a 5%-plus print. That bond relief has perhaps flattered the overnight stocks bounce - although on aggregate the earnings season is pretty decent too.

Persons: Brendan McDermid, Mike Dolan, megacaps, Wang Yi, crumb, Sanofi, TRowe Price, Stanley Black, Decker, CBRE, Christine Lagarde, Jane Merriman Organizations: Chevron Corp, Hess Corp, New York Stock Exchange, REUTERS, Amazon, Big Tech, Nasdaq, Treasury, Federal Reserve, Fed, Big, Exxon Mobil, Chevron, Apple, of Japan, European Central Bank, Britain's NatWest, Financial, Authority, University of Michigan, Colgate, Palmolive, Xcel Energy, Charter Communications, Phillips, Central Bank, European Union Summit, Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, United States, China, Syria, Europe, Dallas, Abbvie, LyondellBasell, Brussels

☆ UK's data watchdog to review handling of Farage's NatWest privacy complaint
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +1 min

A man walks past ATM machines at branch of the NatWest bank in Manchester, Britain September 21, 2017. Picture taken September 21, 2017. The ICO had found former NatWest CEO Alison Rose infringed Farage's data rights when she discussed his relationship with the bank with a BBC journalist, according to a copy of the ICO decision seen by Reuters and other media on Wednesday. In a statement on Friday, the ICO said Rose had since expressed concerns. An ICO spokesperson reiterated on Friday that the regulator had upheld two parts of Farage's complaint, but did not intend to take further regulatory action for now.

Persons: Phil Noble, Nigel Farage, Alison Rose, Rose, Ms Rose, Iain Withers Organizations: NatWest, REUTERS, ICO, BBC, Reuters, Thomson Locations: Manchester, Britain

U.S. Representative Jamaal Bowman (D-NY) speaks during the National Action Network National Convention in New York City, U.S., April 7, 2022. Bowman, 47, had previously admitted to pulling the fire alarm, mistakenly thinking it would open a door to the Cannon House Building. The bill ultimately passed with near-unanimous Democratic support but, at the moment, Democrats were scrambling to buy time to read the bill, which Republican then-House Speaker Kevin McCarthy had just unveiled. The Cannon House Building was ultimately evacuated for about 90 minutes. Some House Republicans had called for Bowman to resign following the incident.

Persons: Jamaal Bowman, Eduardo Munoz, Bowman, Kevin McCarthy, Kanishka Singh, Tomasz Janowski Organizations: National Action Network, REUTERS, Rights, Democratic U.S, Columbia, DC, Washington, U.S . Capitol Police, Cannon, Democratic, Republican, Republicans, Thomson Locations: New York City, U.S, Westchester County, District, DC, Washington

☆ With China playing catchup with the U.S., these 3 charts show the top countries for fintech in 2023
▼ + stars: | 2023-10-26 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

UK has second-biggest number of top fintech firmsThe U.S. was home to 65 of the top fintech companies, according to CNBC's list of world's top 200 fintech companies. In the U.S., some of the top global fintech companies on Statista's list include names like Stripe, PayPal and Intuit . Stateside, meanwhile, the largest fintech unicorns are Stripe ($95 billion), Chime ($25 billion), Ripple ($15 billion), Plaid ($13.5 billion), Devoted Health ($12.6 billion, and Brex ($12.3 billion). Other leading ecosystems for fintech unicorns include India, on 17 unicorns, and China, on eight. Standing in 8th place is Mexico, with five fintech unicorns, Singapore, also with five, and the Netherlands, which has four in total.

Persons: Ed Jones, Starling, Tencent, Statista, Andreessen Horowitz, Wise, Vlad Tenev, Group's, —, Nick Parmenter Organizations: AFP, Getty, CNBC, Statista, Ant Group, Plaid, Visa, Mastercard, European Union, Apple, Google, Sequoia Capital, PayPal, Intuit, Financial, Authority, Consumers Locations: U.S, Beijing, China, Silicon, Europe, Ukraine, Covid, India, France, Brazil, Germany, Mexico, Singapore, Netherlands, Statista

REUTERS/Joe Skipper/File Photo Acquire Licensing RightsWASHINGTON, Oct 25 (Reuters) - Antisemitic and Islamophobic incidents including violent assaults and online harassment have spiked in the U.S. since the Israel-Hamas conflict erupted on Oct. 7, two advocacy groups said Wednesday. The Council on American-Islamic Relations (CAIR) said it received 774 complaints of incidents motivated by Islamophobia and bias against Palestinians and Arabs from Oct. 7 to Tuesday. The Anti-Defamation League (ADL) said its preliminary data showed a 388% rise in antisemitic incidents in the U.S. from Oct. 7 to Monday over the prior year. About 190 of those were directly linked to the war between Israel and Hamas, ADL said. Palestinian Islamist group Hamas' Oct. 7 attack killed over 1,400 people, Israel has said.

Persons: Joe Skipper, Joe Biden, Kanishka Singh, Cynthia Osterman Organizations: Israel, REUTERS, Rights, Islamic Relations, Defamation League, ADL, CAIR, U.S, Palestinian, Hamas, U.S . Justice, Reuters, Thomson Locations: Florida, Lady Lake , Florida, U.S, Israel, Brooklyn, Illinois, Palestinian American, Palestinian, Gaza, Washington

☆ UK's Sunak says AI risks must be addressed, ahead of key safety summit
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

British Prime Minister Rishi Sunak leaves 10 Downing Street to attend Prime Minister's Questions at the Houses of Parliament in London, Britain, October 18, 2023. Sunak wants Britain to be a global leader in AI safety, carving out a role after Brexit between the competing economic blocs of the United States, China and the European Union in the rapidly growing technology. The UK government will also publish a report on "frontier" AI, the cutting-edge general-purpose models that the summit will focus on. The report will inform discussions about risks such as societal harms, misuse and loss of control, the government said. China is expected to attend, according to a Financial Times report, while European Commission Vice President Vera Jourova has received an invitation.

Persons: Rishi Sunak, Clodagh, Sunak, Kamala Harris, Demis Hassabis, Vera Jourova, Paul Sandle, Mike Harrison Organizations: British, REUTERS, Safety, European Union, Google, Financial Times, European, Thomson Locations: London, Britain, Bletchley, United States, China, Canada, France, Germany, Italy, Japan, Hiroshima

☆ NatWest ex-CEO infringed data rights of former Brexit party leader Farage, ICO says
▼ + stars: | 2023-10-25 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Oct 25 (Reuters) - Britain's data watchdog said on Wednesday that former NatWest CEO Alison Rose infringed Nigel Farage's data rights when she discussed the former Brexit party leader's relationship with the bank with a BBC journalist. "We fully co-operate with the ICO (Information Commissioner's Office) in its assessment of any customer complaint but it would not be appropriate for us to comment on this individual case," a NatWest spokesperson said. The ICO said in its response to Farage's complaint about the incident, seen by Reuters, that in its view Rose shared "misleading information" and that Farage's rights were infringed as a result. Farage welcomed the response and said NatWest should cut Rose's notice pay and bonuses. "It would be an outrage if she walked away with a huge sum of money," Farage said on television channel GB News.

Persons: Dado Ruvic, Alison Rose, Nigel, Coutts, Rose, Farage, Travers, Iain Withers, David Gregorio, Jonathan Oatis Organizations: NatWest, REUTERS, BBC, ICO, Reuters, Financial Times, Natwest, Thomson

☆ US antisemitic incidents up about 400% since Israel-Hamas war began, report says
▼ + stars: | 2023-10-25 | by ( Kanishka Singh | Thomson Reuters | Kanishka Singh Is A Breaking News Reporter For Reuters In Washington Dc | ) www.reuters.com time to read: +2 min

THE NUMBERSThe ADL Center on Extremism said preliminary data showed 312 reported U.S. antisemitic incidents from Oct. 7 to Oct. 23, including harassment, vandalism and assault. In the same period of 2022, ADL recorded 64 U.S. antisemitic incidents, of which four were linked to Israel. Nearly 3,700 antisemitic incidents were recorded in 2022, more than in any year since ADL began tracking the issue in 1979. KEY QUOTE"When conflict erupts in Israel, antisemitic incidents soon follow in the U.S. and globally," said ADL CEO Jonathan Greenblatt, urging authorities to provide security and support to Jewish communities. Hamas' Oct. 7 attack killed over 1,400 people and Israel's air strikes on Gaza have since killed over 5,700 Palestinians as of Tuesday, according to Gaza officials.

Persons: Joe Skipper, Jonathan Greenblatt, Joe Biden, Kanishka Singh, Kieran Murray, Cynthia Osterman Organizations: U.S, Israel, Hamas, REUTERS, Palestinian, Defamation League, ADL, Extremism, U.S . Justice, Thomson Locations: Florida, Israel, Lady Lake , Florida, U.S, United States, Gaza, Washington

☆ Insiders question WPP CEO Mark Read's bounceback plan after chaotic period of mergers, account losses, and a stock market slump
▼ + stars: | 2023-10-25 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +11 min

"OMD and Publicis are winning all the meaningful pitches," said a former WPP agency executive, referring to competitors Omnicom and Publicis Groupe. Further, GroupM is just one of the many parts of WPP's business that Read needs to fix. Insiders describe a whirlwind of change but confusion about the bigger visionA current WPP agency executive said they were frustrated by what they described as a vacuum of information about the bigger strategy for WPP. Getty Images"It feels like something bigger has to happen now," said a current WPP agency executive. The ongoing pitch for Volkswagen's $4 billion global media business underscores the tremendous amount of resources needed to win the proposal, and the huge prize at stake.

Persons: Christian Juhl, San, GroupM, Publicis, Kirk McDonald, McDonald didn't, Ogilvy, it's, Thomas Singlehurst, Juhl, Mark Read's, It's, Read, Martin Sorrell, AKQA, Sard, Wunderman Thompson, J.Walter Thompson, Joanne Wilson, Andrew Scott, Roberto Quarta, Angela Ahrendts, Craig Barritt, —, haven't, Clark, Arthur Sadoun, WPP's Read, Michael Farmer Organizations: WPP, Publicis, L'Oreal, Omnicom Media Group, Pfizer, North, GroupM, Verizon, Discovery, Adobe, Citigroup, Shanghai, reined, AKQA Group, Finsbury Glover, Partners, Young, Rubicam, London Stock Exchange, Brexit, Getty, Burberry, Apple, The New School Industry, VW, Groupe, Epsilon Locations: San Francisco, China, EssenceMediaCom, Kansas, Kansas City, New York, Mayfair , London, New York City

Saudi Crown Prince Mohammed bin Salman receives U.S. President Joe Biden at Al Salman Palace upon his arrival in Jeddah, Saudi Arabia, July 15, 2022. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS/File Photo Acquire Licensing RightsWASHINGTON, Oct 24 (Reuters) - U.S. President Joe Biden and Saudi Arabian Crown Prince Mohamed bin Salman on Tuesday discussed efforts to prevent the Israel-Hamas conflict from widening, the White House said. Biden and the Saudi crown prince welcomed the delivery of humanitarian assistance from Egypt into Gaza and recognized that "much more is needed for civilians" to have sustained access to food, water and medical assistance, according to the White House. They both welcomed ongoing efforts to secure the release of hostages held by Hamas and called for their immediate release, the White House added. Biden and U.S. Secretary of State Antony Blinken have said they thought Hamas' Oct. 7 assault on Israel that left over 1,400 people dead was in part motivated to disrupt a potential normalization of ties between Israel and Saudi Arabia.

Persons: Prince Mohammed bin Salman, Joe Biden, Mohamed bin Salman, Biden, Antony Blinken, Donald Trump, John Kirby, Kanishka Singh, Ismail Shakil, Chris Reese, Chizu Nomiyama, Cynthia Osterman Organizations: Al, Saudi Royal Court, REUTERS, Rights, Saudi Arabian, White, Hamas, U.S, United, White House, Thomson Locations: Saudi, Jeddah, Saudi Arabia, Bandar, Israel, Egypt, Gaza, United States, United Arab Emirates, Bahrain, Riyadh, Gulf

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsWASHINGTON, Oct 23 (Reuters) - Officials from the United States and China on Monday held a two-hour long virtual meeting to discuss domestic and global macroeconomic developments, the U.S. Treasury Department said, calling the meeting "productive and substantive". U.S. and Chinese officials also raised "areas of concern," statements from the two sides said, without elaborating. The meeting was led by senior officials from the U.S. Treasury Department and China's finance ministry. The EWG was launched last month following U.S. Treasury Secretary Janet Yellen's trip to Beijing in July. China's top diplomat will travel to the United States later this week to meet Blinken.

Persons: Dado Ruvic, Joe Biden, Xi Jinping, Janet Yellen's, Antony Blinken, Gina Raimondo, Blinken, Han Zheng, Jake Sullivan, Wang Yi, Kanishka Singh, Liz Lee, Ethan Wang, Christian Schmollinger Organizations: REUTERS, Rights, U.S . Treasury Department, Economic, Treasury Department, Treasury, U.S . National, Thomson Locations: United States, China, Taiwan, San Francisco, People's Republic of China, U.S, Beijing, Yellen, New York, Malta, China's, Washington

☆ Britain scraps cap on banker bonuses inherited from EU
▼ + stars: | 2023-10-24 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

A general view of the Bank of England in the City of London, Britain, September 25, 2023. REUTERS/Hollie Adams/File Photo Acquire Licensing RightsLONDON, Oct 24 (Reuters) - Britain on Tuesday scrapped a decade-old cap on banker bonuses inherited from the European Union, signalling a clear divergence in post-Brexit financial rules from the 27-country bloc it left in 2020. The BoE and Financial Conduct Authority proposed scrapping the cap in a public consultation earlier this year, and its abolition was confirmed in final policy published on Tuesday. The TUC confederation of labour unions said the decision to scrap the bonus cap was "obscene". Law firm Linklaters said scrapping the cap puts Britain back into line with the rest of the world, apart from the EU, but it would continue to apply to staff working at EU banks in London who are regulated under the bloc's rules.

Persons: Hollie Adams, BoE, Suzanne Horne, Paul Hastings, Paul Nowak, Linklaters, David Milliken, Iain Withers, Barbara Lewis, Mark Potter, Jonathan Oatis Organizations: Bank of England, City of, REUTERS, European Union, Financial, Authority, London, Finance, TUC, Britain, Thomson Locations: City, City of London, Britain, EU, London, New York, United States, Asia

☆ EU lawmakers back easing securities rules to attract more listings
▼ + stars: | 2023-10-24 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Oct 24 (Reuters) - A panel of European Union lawmakers on Tuesday voted in favour of easing the bloc's securities rules to encourage more company listings and compete better with capital markets in New York and post-Brexit London. Companies in the EU typically turn to banks for loans to expand, and the reforms are aimed at diversifying corporate funding. Multiple-voting structures are a key part of New York's attraction as a listings destination, particularly for tech companies. Britain is rewriting its securities rules which it inherited when it was a member of the EU and its planned changes are similar to those approved by EU lawmakers on Tuesday. The European Parliament and EU states have joint say on the EU rules and will now start negotiations on a final text that becomes law.

Persons: Alfred Sant, Huw Jones, Susan Fenton Organizations: European Union, London . Companies, European Commission, Lawmakers, EU, Thomson Locations: New York, London, Britain

☆ Bonus cap axed for UK bankers means unlimited payouts again
▼ + stars: | 2023-10-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The UK has abandoned a cap on bankers’ bonuses, in its latest push to boost the competitiveness of London’s financial industry following Brexit. “A bonus cap is not routinely imposed in other leading international financial centers outside the EU,” the regulator added, noting that the cap had been identified as “a factor in limiting labor mobility.”The UK government has long been opposed to the cap and believes that lifting it will help shore up London’s position as an international financial hub. Brexit made access to Europe’s vast market for financial services more difficult and costly for UK-based banks, and London has lost some business to cities such as Paris, Frankfurt and Amsterdam. Britain’s financial regulators have since echoed these concerns and the PRA said Tuesday that scrapping the cap would better align pay with performance. The UK government has come under increasing pressure to deliver post-Brexit benefits for London, the center of Britain’s hugely important financial services sector.

Persons: “, “ We’re, — Organizations: London CNN, European Union, Prudential, Authority, EU, UK Finance, London, ARM Locations: London, Paris, Frankfurt, Amsterdam, ”, New York

Former U.S. President Barack Obama speaks during the Sandy Hook Promise Benefit in New York City, U.S., December 6, 2022. In rare comments on an active foreign policy crisis, Obama said any Israeli military strategy that ignores the human costs of the war "could ultimately backfire." Israel has heavily bombarded Gaza with air strikes since Hamas' Oct. 7 assault on Israel left over 1,400 people dead. Obama condemned Hamas' attack and reiterated his support for Israel's right to defend itself, while cautioning about risks to civilians in such wars. Obama and Israeli Prime Minister Benjamin Netanyahu had a testy relationship when Obama was in office, including when Obama's administration was negotiating a nuclear deal with Iran.

Persons: Barack Obama, Sandy, David, Dee, Delgado, Obama, Joe Biden, Biden, Benjamin Netanyahu, Kanishka Singh, Matt Spetalnick, Arshad Mohammed, Jeff Mason, Kieran Murray, Stephen Coates Organizations: U.S, REUTERS, Rights, Hamas, Israel, Palestinian, Israeli, Thomson Locations: New York City, U.S, Gaza, Israel, Iran, Washington

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