BUSINESS
EU to trace crypto assets to prevent money laundering, terror financing
The negotiators reached a provisional deal on a new bill aiming to ensure that crypto transfers can always be traced and suspicious transactions blocked. "This new regulation strengthens the European framework to fight money-laundering, reduces the risks of fraud and makes crypto-asset transactions more secure," said Ernest Urtasun, co-rapporteur for the Committee on Economic and Monetary Affairs (ECON).
US stocks see worst first half drop in over 50 yrs
Stocks in the UK, mainland Europe and Asia have also suffered steep losses. It comes as central banks around the world are trying to rein in soaring living costs, with prices of essential goods like food and fuel jumping. Some economists expect the US, which is the world's biggest economy, to go into a recession as early as this year as interest rates continue to rise.
Coinbase sold software to US authorities to track crypto transactions
According to a report in Intercept, Coinbase sold an analytics software license to ICE for $29,000 in August last year, followed by a software purchase potentially worth $1.36 million the next month. "ICE now has access to a variety of forensic features provided through Coinbase Tracer, the company's intelligence-gathering tool (formerly known as Coinbase Analytics)," the report said on Thursday.
Workers deal: Hyundai concludes, no progress in Ford India, arbitration in Renault Nissan
On Thursday, Hyundai Motor India announced the signing of a wage agreement with United Union of Hyundai Employees (UUHE). The wage agreement will be effective from 1.4.2021 and valid till 31.3.2024 with handsome wage hike. "Hyundai Motors is a running company. Ours is on the verge of closing," said a worker at Ford India Pvt Ltd's plant near here.
Top Apple corporate attorney pleads guilty to insider trading
California-based Levoff pleaded guilty by videoconference before US District Judge William J. Martini to six counts of an indictment charging him with securities fraud, said Vikas Khanna, an attorney for the US. Levoff was initially charged by a complaint in February 2019, according to the US Department of Justice.
Trade between Hong Kong, mainland China surges more than sixfold in 25 yrs
From 1997 to 2021, the value of trade increased 6.1 times from $50.77 billion to $360.33 billion, an average annual hike of 8.5 per cent, Xinhua news agency quoted China's Ministry of Commerce as saying. By the end of 2021, investment from Hong Kong into China had topped $1.4 trillion, the data showed.
Reliance Brands ties up with global fresh food chain Pret A Manger
With this long-term master franchise partnership, RBL will open the food chain across the country starting with major cities and travel hubs. Pret A Manger, French for ready to eat', first opened in London in 1986 now has 550 shops in nine markets including the UK, US, Europe, and Asia. The chain offers organic coffee, sandwiches, salads and wraps freshly made each day.
US charges Indian-origin virtual-world tech entrepreneur in $45mn investment fraud
US Assistant Attorney General Kenneth Polite announced on Wednesday the filing of charges in a federal court in Nebraska against Neil Chandran, who owned several companies under the banner of ViRSE. The Justice Department said that Chandran was arrested in Los Angeles. The Department added that Chandran, 50, falsely promised investors an extremely high rate of returns by claiming that a consortium of wealthy persons, including two billionaires, was about to acquire one or more of his companies.
OPEC+ stays course on oil output boost in August
At its last meeting in early June, OPEC+ decided to advance the planned output increases of 432,000 barrels per day (bpd) for September and redistribute it equally to the previous two months, thus raising production by 648,000 bpd in July and August. The 30th OPEC and non-OPEC Ministerial Meeting on Thursday confirmed the plan to increase production by 648,000 bpd in August.
Cryptocurrencies are clear danger to financial systems: RBI Governor
In the RBI's annual 'Financial Stability Report' (FSR) 2022, he wrote in the foreword that anything that derives value based on make believe, without any underlying, is just speculation under a sophisticated name. "While technology has supported the reach of the financial sector and its benefits must be fully harnessed, its potential to disrupt financial stability has to be guarded against," Das stressed.
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