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BOSTON, Jan 31 (Reuters) - The founder of a defunct cryptocurrency business was sentenced on Tuesday to more than eight years in prison for defrauding investors and customers out of millions of dollars by marketing a virtual currency called My Big Coin with lies and half-truths. Federal prosecutors had urged U.S. District Judge Denise Casper in Boston to impose a 13-year prison term on Randall Crater to send a message to others in the first sentencing of a cryptocurrency company founder for a marketing fraud. While Casper concluded that that request went too far, she rejected Crater's contention that a 30-month prison term was sufficient to punish him for his false claims, including that My Big Coin was a real cryptocurrency backed by gold. Prosecutors subsequently secured Crater's indictment in 2019 and accused him of causing investors and customers to lose $7.5 million from 2014 to 2017 with lies about My Big Coin, whose name sounded similar to the popular virtual currency bitcoin. Prosecutors said those false claims included that My Big Coin was a real virtual currency, was backed by gold and had a partnership with MasterCard (MA.N).

The stunning market selloff has cast a shadow over Adani Enterprises' secondary share sale that started on Friday. The share sale is being managed by Jefferies, India's SBI Capital Markets, Axis Capital, and ICICI Securities among others. Shares of other listed Adani firms also plummeted, with Adani Transmission Ltd (ADAI.NS), Adani Total Gas (ADAG.NS), Adani Green Energy (ADNA.NS) and Adani Ports (APSE.NS) sinking 20% each. Adani Ports, Adani Green Energy and Adani Transmission marked their worst intraday drop ever, with heavy volumes. Billionaire U.S. investor Bill Ackman said on Thursday that he found the Hindenburg report "highly credible and extremely well researched."

☆ U.S. securities regulator probes investment advisers over crypto custody -sources
▼ + stars: | 2023-01-27 | by ( Chris Prentice | ) www.reuters.com time to read: +3 min

NEW YORK, Jan 26 (Reuters) - The U.S. Securities and Exchange Commission is probing registered investment advisers over whether they are meeting rules around custody of client crypto assets, three sources with knowledge of the inquiry told Reuters. SEC enforcement staff are asking investment advisers for details around what the firms did to assess custody for platforms including FTX, one of the sources said. By law, investment advisers cannot have custody of client funds or securities if they do not meet certain requirements to protect the assets. "This is an obvious compliance issue for investment advisers. Under Democratic leadership, the SEC has made crypto a priority area for enforcement, nearly doubling the size of its crypto team last year.

☆ S.Korea fines Citadel Securities for stock algorithm trading breaches
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

SEOUL, Jan 27 (Reuters) - South Korea's financial regulator has imposed a fine of 11.88 billion won ($9.66 million) on U.S.-based Citadel Securities, saying it disturbed the local stock market with high-frequency algorithm trading. The Commission said it was the first time it had imposed fines on such high-frequency trading on the South Korean stock market, which has a high proportion of retail investors and little competition among algorithmic traders. It added the firm did not provide algorithm source codes in the consultation process. "Citadel Securities works diligently to follow all applicable laws, regulations, and rules in jurisdictions in which we trade," it said in a statement. We disagree with the FSC’s decision relating to our trading activity more than five years ago and will be seeking to appeal the decision."

☆ India market regulator increases scrutiny of Adani group - sources
▼ + stars: | 2023-01-27 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +3 min

Email queries and phone calls sent to Adani Group were not answered. Adani earlier this week dismissed the Hindenburg report as baseless and said it is considering whether to take legal action against the New York-based firm. The regulator had sought clarity from the group on these entities when the group approached it for regulatory clearance last year. Hindenburg's report on the Adani group comes amid a $2.45 billion secondary share sale by the group's flagship company Adani Enterprises. Some issues raised in the Hindenburg report point to concerns similar to what the regulator had regarding movement of funds between parties related to the Adani Group through offshore funds back into local companies, sources said.

☆ U.S. SEC probes Elon Musk's role in Tesla self-driving claims - Bloomberg News
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

Jan 27 (Reuters) - The U.S. securities regulator is investigating Elon Musk's role in shaping EV maker Tesla's (TSLA.O) self-driving claims, Bloomberg News reported on Friday, citing a person with knowledge of the matter. The review is part of an ongoing Securities and Exchange Commission (SEC) probe of the company's statements about its Autopilot driver-assistance system, the report added. SEC officials are considering whether Musk may have inappropriately made forward-looking statements, the report said, without specifying which specific statements or activities by Musk attracted the regulator's attention. Tesla Chief Executive Musk did not immediately respond to a Reuters request for comment, while the SEC declined to comment. Musk is also under trial for allegedly misleading investors with his 2018 tweet saying "funding secured" for taking Tesla private.

☆ Rogers' bid for Shaw boosted after court rejects antitrust effort to block deal
▼ + stars: | 2023-01-25 | by ( Maiya Keidan | ) www.reuters.com time to read: +3 min

TORONTO, Jan 24 (Reuters) - A Canadian court on Tuesday dismissed the competition bureau's effort to overturn an approval of Rogers Communications Inc's (RCIb.TO) C$20 billion ($14.9 billion) bid to buy Shaw Communications Inc (SJRb.TO). Rogers and Shaw shares extended gains on the decision, and both closed about 3% higher, while the benchmark Canadian share index (.GSPTSE) was flat. The Federal Court of Appeal in Ottawa swiftly dismissed the antitrust regulator's appeal to overturn a Dec. 30 decision by the Competition Tribunal to approve the deal. Justice David Stratas told the court that many of the points of law the antitrust agency had raised were "without merit." Shaw, Rogers and Quebecor said in a joint statement on Tuesday that "we welcome this clear, unequivocal, and unanimous decision by the Federal Court of Appeal."

☆ Italy supreme court upholds nullity of ruling over Vivendi's control of TIM
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

MILAN, Jan 25 (Reuters) - Italy's supreme court upheld a ruling which had annulled a market regulator's resolution indicating French media group Vivendi (VIV.PA) was exercising 'de facto control' of Telecom Italia (TIM) (TLIT.MI), a court document showed on Wednesday. Italian market watchdog Consob ruled that Vivendi, TIM's top shareholder with a 24% stake, took control of two-thirds of the Italian phone company's board in 2017. Activist fund Elliott eventually wrested control from Vivendi the following year. In 2020, Italy's top administrative court annulled the resolution of Consob, which subsequently appealed that decision. The supreme court's ruling came as Vivendi is calling for governance changes in Telecom Italia to better reflect the relative weight of shareholders.

☆ Canada judge calls into question regulator's argument to block Rogers-Shaw deal
▼ + stars: | 2023-01-24 | by ( Maiya Keidan | ) www.reuters.com time to read: +4 min

TORONTO, Jan 24 (Reuters) - A Canada federal judge called into question the competition bureau's argument to block Rogers Communications Inc's (RCIb.TO) C$20 billion ($14.9 billion) bid for Shaw Communications Inc (SJRb.TO) as the court hearing kicked off on Tuesday. But the bureau failed to convince the competition tribunal, a quasi court that handles merger disputes, that the deal is harmful for Canadian consumers. "According to the tribunal, this was not a particularly close case," the judge told the court on Tuesday. "I think the appeal is going to be dismissed," said Michael Osborne, a competition lawyer at law firm Cozen O'Connor. A spokesperson for the competition bureau declined to comment while the matter was before the court.

☆ U.S. FDA proposes limits on lead in processed baby food
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

Jan 24 (Reuters) - The U.S. Food and Drug Administration on Tuesday proposed significant limits on levels of lead in processed baby food that could reduce exposure to the contaminant by as much as 27%. The health regulator's new draft guidance applies to packaged foods intended for babies and children under two years of age. "Although it is not possible to remove these elements entirely from the food supply, we expect that the recommended action levels will cause manufacturers to implement agricultural and processing measures to lower lead levels," the FDA said. High levels of lead exposure can cause brain damage and other problems, particularly in young children. The FDA estimates the new limits could cut lead exposure by 24-27% from processed baby foods.

☆ U.S. FDA proposes shift to annual COVID vaccine shots
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

It has also asked the panel to consider the usage of two COVID vaccine shots a year for some young children, and in older adults and persons with compromised immunity. The regulator also sought its advisers' views on the need for routine selection of variants for updating the vaccine, similar to the way strains for flu vaccines are changed annually. The agency expects that simplifying the COVID vaccine composition and annual immunization schedules may contribute to less complicated vaccine deployment, fewer vaccine administration errors and less complex communication, which could potentially lead to improved vaccine coverage rates. Currently, most people in the United States need to first get two doses of the original COVID vaccine spaced 3-4 weeks apart, depending on the vaccine, followed by a booster a few months later. The FDA's proposal follows the European regulator's backing last month for the use of bivalent COVID shots for primary vaccination.

☆ Regulator fines Air India $37,000 for unruly passenger incident
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

NEW DELHI, Jan 20 (Reuters) - Air India has been fined 3 million Indian rupees ($37,000) for its handling of an unruly passenger on one of its flights in November, India's aviation regulator said on Friday. Air India, on Friday, said it was studying the regulator's order on the matter, but acknowledged that there were "gaps" in the airline's internal reporting and assured the "relevant steps" were being taken to address them. "We are also strengthening our crews' awareness of and compliance with policies on the handling of incidents involving unruly passengers," said a spokesperson. India's aviation regulator had earlier issued formal paperwork, named show cause notices, to some Air India staff, including the pilots and cabin crew of the flight involved in the incident, asking why enforcement action should not be taken against them. Air India had also issued show cause notices and de-rostered one pilot and four cabin crew as part of its investigation.

☆ Eli Lilly Alzheimer's drug setback extends rival Biogen's lead - analysts
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +2 min

Jan 20 (Reuters) - The U.S. health regulator's rejection of accelerated approval for Eli Lilly and Co's Alzheimer's disease drug extends the market lead for rivals Eisai and Biogen's treatment by months, analysts said. "This is a modest positive for Biogen" because it delays donanemab's launch, Jefferies analyst Michael Yee said, adding that Eli Lilly could file for traditional approval by mid-2023. The setback for Lilly comes just weeks after the FDA granted Biogen Inc (BIIB.O) and Japanese drugmaker Eisai Co Ltd's (4523.T) accelerated approval for their Alzheimer's drug Leqembi. read moreAnalysts are waiting for the traditional approval of Biogen's drug and for wider health insurance coverage before they expect sales of the drug to pick up. "But if there is anything wrong with the (Eli Lilly) data set, it is easier to reject an unapproved drug than remove an approved drug from market," said Skorney.

☆ Exclusive: India regulator probes investments between Nippon Mutual Fund, Yes Bank, sources say
▼ + stars: | 2023-01-19 | by ( Jayshree Pyasi | ) www.reuters.com time to read: +4 min

MUMBAI, Jan 19 (Reuters) - An Indian regulator is investigating investments between Nippon India Mutual Fund, the largest foreign-owned fund in the country, and Yes Bank between 2016 and 2019 for suspected misuse of investors' money, sources said. SEBI's regulations say that the parent of a mutual fund cannot access investors' money either directly or indirectly. The current owner of the fund, Nippon India, as well as the previous owner could be liable, the sources said. As of December 2022, Nippon India was the fourth-largest mutual fund in India with assets under management of 2.9 trillion rupees ($35.46 billion) as well as the biggest foreign-owned mutual fund. On Friday, SEBI proposed further tightening of mutual fund regulations asking mutual fund owners to reduce their stake gradually as a measure to check their influence on investment decisions.

☆ Spotify joins media firms to urge EU action against Apple's 'unfair' practices
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

Jan 18 (Reuters) - Music streaming service Spotify Technology (SPOT.N), along with other media firms such as Deezer, urged the European Commission to take action against Apple Inc (AAPL.O) for anticompetitive and unfair practices, in a joint industry letter on Wednesday. The letter, addressed to the European Union antitrust regulator's Executive Vice-President Margrethe Vestager, demanded the Commission to act fast for the welfare of European consumers. Spotify has for years accused Apple of abusing its market position using its App Store rules to stifle competition. "We are writing to you to call for swift and decisive action by the European Commission against anticompetitive and unfair practices by certain global digital gatekeepers, and Apple in particular," read the letter, which was signed by chief executives of media firms Schibsted, Proton and Basecamp. Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Philippines' Nobel laureate Ressa cleared of tax evasion, calls verdict win for justice
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

[1/4] Rappler CEO and Nobel Laureate Maria Ressa speaks to the press after a Manila court acquitted her from a tax evasion case, outside the Court of Tax Appeals in Quezon City, Philippines, January 18, 2023. The tax evasion case stemmed from accusations by the state revenue agency that Rappler had omitted from its tax returns the proceeds of a 2015 sale of depositary receipts to foreign investors, which later became the securities regulator's basis to revoke its licence. The Philippine's justice department said it respected the decision of the court. Ressa, 59 is currently on bail as she appeals a six-year prison sentence handed down in 2020 for a libel conviction. Reporting by Karen Lema; Editing by Ed Davies, Jacqueline Wong and Michael PerryOur Standards: The Thomson Reuters Trust Principles.

☆ Didi's China ride-hailing app back on some app stores
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Jan 17 (Reuters) - Didi Global's Chinese ride-hailing app returned to some Android app stores on Tuesday, according to Reuters checks and a source with direct knowledge of the matter, signalling its emergence from around 1-1/2 years of regulatory troubles. Didi has been awaiting approval to resume new user registrations and downloads of its 25 banned apps in China as a key step to return to normal business since its regulatory problems started in mid-2021. Its 25 mobile apps were then ordered to be taken down from app stores, the registration of new users was suspended, and it was fined $1.2 billion over data-security breaches. Didi said in a statement on Monday it had been given the green light from domestic regulators to resume new user registrations for its core ride-hailing app from Monday. Reporting by Yingzhi Yang and Julie Zhu Editing by David Goodman and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ China to allow Didi apps back online, in latest sign of regulatory thaw, sources say
▼ + stars: | 2023-01-13 | by ( ) www.cnbc.com time to read: +3 min

A logo for Chinese ride-hailing platform Didi is illuminated outside company headquarters on Jan. 21, 2022 in Hangzhou, China. Shen Longquan | Visual China Group | Getty ImagesChinese authorities are set to allow Didi Global's ride-hailing and other apps back on domestic app stores as soon as next week, five sources told Reuters, in yet another signal that their two-year regulatory crackdown on the technology sector is ending. Didi has been awaiting authorities' approval to resume new user registrations and downloads of its 25 banned apps in China as a key step to resume normal business since its regulatory troubles started in mid-2021. The one-week-long holiday period in China would help Didi start to attract new clients for the business and work towards bringing it back to normal, added two of the sources. China's central bank will step up support for private firms as part of steps to shore up the economy, while easing a crackdown on tech companies, Guo Shuqing, Communist party chief of the People's Bank of China, told state-owned CCTV on Sunday.

[1/2] The app logo of Chinese ride-hailing giant Didi is seen reflected on its navigation map displayed on a mobile phone in this illustration picture taken July 1, 2021. Didi has been awaiting authorities' approval to resume new user registrations and downloads of its 25 banned apps in China as a key step to resume normal business since its regulatory troubles started in mid-2021. A lifting of the ban on Didi apps would come as Chinese policymakers seek to restore private sector confidence and count on the technology industry to help spur economic activity that has been ravaged by the COVID-19 pandemic. The delay in the return of the apps had cast a shadow over Didi's business plans. That deal is primarily subject to the apps' resumption for official announcement, said the two sources.

☆ Dutch regulator grants Russian independent TV Rain five-year broadcasting license
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

Jan 10 (Reuters) - The Dutch Media Authority issued a five-year broadcasting permit for the Russian independent television station TV Rain after its license had been cancelled in Latvia, according to a statement on the regulator's website. The permit, dated Dec. 22, will "provide a commercial television broadcasting service as a commercial media institution," the regulator said. Latvia cancelled the licence of TV Rain in early December after the company was branded a threat to national security. The liberal-leaning TV Rain, or Dozhd, shifted to broadcasting from Latvia and other countries in July, after being forced to shut its Moscow studio following Russia's invasion of Ukraine. Reporting by Lidia Kelly and Elaine Monagham; Writing by Lidia Kelly; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

☆ Eli Lilly has spent years and billions of dollars in search of an effective Alzheimer's drug. But success is not all or nothing for the stock
▼ + stars: | 2023-01-09 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +22 min

Eli Lilly (LLY) has spent decades researching Alzheimer's disease without successfully bringing to market a treatment that slows the memory-destroying condition. For Eli Lilly as a company, an Alzheimer's drug is an important pursuit. Lilly's Alzheimer's history Eli Lilly's "first real foray" into Alzheimer's came in the 1990s, according to Dr. John Sims, Eli Lilly's head of medical development for donanemab. Financial implications for Lilly LLY mountain 2021-10-08 The Club started a new position in Eli Lilly (LLY) in October 2021. The Eli Lilly logo is shown on one of the company's offices in San Diego, California, September 17, 2020.

☆ Irish privacy regulator fines Meta more than $400 mln
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] A security guard stands watch by the Meta sign outside the headquarters of Facebook parent company Meta Platforms Inc in Mountain View, California, U.S. November 9, 2022. REUTERS/Peter DaSilvaDUBLIN, Jan 4 (Reuters) - Ireland's data privacy regulator fined Meta (META.O) 390 million euros ($414 million) on Wednesday for breaches at its Facebook and Instagram services and said both must reassess the legal basis on how they run advertising based on personal data in the European Union. Ireland's Data Privacy Commissioner (DPC), which is the lead privacy regulator for many of the world's largest technology companies within the EU, directed Meta to bring its data processing operations into compliance within three months. The penalties brought the total fines levied against Meta to date by the DPC to 1.3 billion euros. The DPC said that as part of its decision, the EU's privacy watchdog had purported to direct the Irish regulator to conduct a fresh investigation that would span all of Facebook and Instagram's data processing operations.

☆ Coinbase to pay $50 mln to settle NY state investigation, invest $50 mln in compliance
▼ + stars: | 2023-01-04 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 4 (Reuters) - U.S.-based cryptocurrency exchange Coinbase Inc (COIN.O) has reached a $100 million settlement with New York's Department of Financial Services (DFS), the exchange and the regulator said in statements on Wednesday. The settlement, which includes a $50 million penalty, caps the regulator's investigation into the firm's compliance with requirements to prevent money laundering. “Coinbase failed to build and maintain a functional compliance program that could keep pace with its growth. That failure exposed the Coinbase platform to potential criminal activity," said New York DFS Superintendent Adrienne Harris. Coinbase, a publicly traded firm and one of the largest global crypto exchanges, will pay another $50 million to boost compliance efforts aimed at blocking potential criminals from using the exchange, the company said.

☆ UK's Sun apologizes for Jeremy Clarkson's Meghan column
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

Dec 23 (Reuters) - Britain's Sun newspaper on Friday apologized for publishing a column by British television presenter Jeremy Clarkson about Prince Harry's wife Meghan, days after it became the UK press standards regulator's most complained about article. "We at The Sun regret the publication of this article and we are sincerely sorry," the newspaper said in a statement, adding that the article had been removed from its website and archives. Britain's Independent Press Standards Organisation (IPSO) regulator said on Tuesday that it had received more than 17,500 complaints, the most about any article since it was established in 2014. In a statement posted on Twitter on Monday, Clarkson said he was "horrified to have caused so much hurt" and would be "more careful in future". loadingReporting by Jyoti Narayan in Bengaluru; Editing by Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

☆ Australia rejects Telstra, TPG's network-sharing deal; firms to appeal
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +2 min

Dec 21 (Reuters) - The Australian Competition & Consumer Commission (ACCC) on Wednesday rejected TPG Telecom's (TPG.AX) regional network-sharing agreement with Telstra Group (TLS.AX), and said the deal would significantly weaken overall competition in the country. TPG's shares tanked nearly 6% to a record low following the news, while Telstra slipped 0.1%. In February, the telecom giants signed a regional multi-operator core network agreement under which Telstra — the country's largest telecoms operator — would gain access to TPG's 4G and 5G spectrums. TPG and Telstra expressed disappointment with the competition regulator's decision, which the latter said it would appeal against, while rival telecoms firm Optus — owned by Singapore Telecommunications (STEL.SI) — welcomed it. ACCC noted the network-sharing arrangement is proposed at a time when all the three companies — TPG, Telstra and Optus — are competing in the roll-out of 5G infrastructure including in regional areas.

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