United States
Nominations
Trump’s pick for US Attorney General Ed Martin had his nomination withdrawn after Republican senators expressed concern over his hyper-partisan conduct.
Crypto
Crypto exchange Coinbase will buy Deribit, a Dubai based market for cryptocurrency derivatives, in a deal valued at $2.9bn.
A small group of traders purchased (subscription) Melania Trump’s cryptocurrency token minutes before it was unveiled. The purchases were mostly offloaded within 12 hours earning the group a $99.6mn windfall.
Cybersecurity
NSO Group, a spyware merchant, has been ordered to pay more than $167m in damages to the WhatsApp group for a 2019 hacking campaign aimed at more than 1,400 WhatsApp users.
Data
Google will partner with Elementl Power, a nuclear site developer, to build three advanced nuclear reactors in order to bolster energy sources for its expanding data centers.
Enforcement
The DOJ and SEC are reportedly investigating a $32m deal and other transactions between CrowdStrike and distributor Carahsoft Technology Corp. in connection with the software supplied to the IRS.
SEC charges man for misappropriating $3.7m that was raised to build a block-chain based casino.
ESG
According to ISS-Corporate, for the first time ever, women and non-white men hold just over half of the boardroom seats at S&P 500 companies.
Regulation
SEC Commissioner Caroline Crenshaw harshly criticizes the agency’s decision to settle with Ripple Labs, which was sued for failing to register its crypto tokens as securities in 2020.
The CFPB announced that it will de-prioritize enforcement actions involving “buy now, pay later” loans.
OCC issues interim final rule on bank mergers, effectively rescinding stringent Biden-era regulations.
China
The chair of China’s Securities Regulatory Commission has suggested that US tariffs are putting pressure (subscription) on its capital markets.
China’s central bank releases 10-point plan to stabilize markets.
Canada
Investor advocacy group pens letter endorsing Canadian Securities Administrators’ proposal to give the Ombudsman of Banking Services and Investments (OBSI) the power to make binding decisions to resolve complaints.
EU
The validity of the UK adequacy decisions under the GDPR and Law Enforcement Directive (LED) has been extended by six months until 27 December 2025 in recognition of the fact that the UK’s data protection reform package is still pending.
Hong Kong
The Hong Kong SFC and Stock Exchange have announced the launch of a dedicated channel to facilitate new listings by technology and biotech companies.
India
The UK has concluded a “landmark” trade deal with India slashing tariffs on key products and exports.
International
The IFRS Foundation has published the 12th compilation of the IFRS interpretation committee’s agenda decisions.
Singapore
Singapore’s Securities Industry Council has published a consultation on proposed amendments to the Singapore code on take-overs and mergers. These seek to enhance investor and shareholder disclosures and improve certainty and timeliness of outcomes.
Spain
Spain’s Prime Minister says that he will not deviate (subscription) from his government’s commitment to renewable energy stating that the causes of the energy blackout were not yet known.
Switzerland
The Swiss president has said (subscription) that Switzerland and the United States have agreed to accelerate their trade talks.
UK
Cyber insurance rates for UK retailers are expected to rise (subscription) steeply following the highly disruptive attacks against Marks and Spencer, Harrods and the Co-op.
The Bank of England lowered interest rates by a quarter of a point to 4.25%. The split decision by the Monetary Policy Committee underlines wider uncertainty on the future direction of the UK as well as the global economy. In contrast the US Fed held its interest rates also citing uncertainty stemming from tariffs, which have raised the risk of an economic slowdown as well as inflation.
The US and the UK have agreed on a trade deal reducing tariffs imposed by President Trump.
The slide in the share price of BP, a result of its disastrous strategic pivot to renewables, has reportedly made it vulnerable (subscription) to an acquisition by one of its rivals.
The head of the UK’s beleaguered Office for National Statistics has stepped down citing health issues.
HSBC is facing (subscription) a significant shortage of desk space at its new London HQ. This is the consequence of a combination of an impending move from its larger Canary Wharf base as well as a shift away from post-pandemic home working policies. Reportedly it appears to be a problem faced by other companies.
