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02 September
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Analysis-A City divided? London tackles Brexit with twin-track finance By Reuters

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By Huw Jones LONDON (Reuters) - High in the skyscrapers that have taken root in its warren of medieval streets, City of London grandees are plotting a post-Brexit regulatory revamp to rival New York. The City, as London's traditional financial heartland is known, has retained little direct access to the European Union financial market since Britain fully left the bloc in December. And with little sign of that changing, Britain is now rewriting inherited EU laws that typically combined retail and wholesale markets, making them cumbersome to amend quickly. What has emerged is a twin-track approach,...

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02 September
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Japan investigating Amazon cloud disruptions to brokers, airline By Reuters

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TOKYO (Reuters) -Japan is investigating an Amazon (NASDAQ:AMZN) Web Services outage that caused disruptions at major online brokerages, a leading mobile phone carrier and the country's biggest airline, a government spokesperson said on Thursday. The outage, at least the third for Amazon since June, hit ANA Holdings Inc, which said some flights were delayed after problems with its ticketing and check-in system, although services were later restored. An Amazon spokesperson said that the six hour disruption in the Tokyo region was caused by the "loss of several core networking devices" and had "been resolved". Amazon...

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02 September
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European court says German energy regulatory methods are insufficient By Reuters

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FRANKFURT (Reuters) -The Court of Justice of the European Union on Thursday said Germany's energy regulator must be more independent in applying the bloc's electricity and gas regulations. The CJEU criticised the Bundesnetzagentur's (BnetzA), practices regarding company unbundling rules and methods related to the calculation of network tariffs. It sided with the EU Commission in a case which will be relevant to continued moves to more decarbonised systems known as the "energy transition". The BnetzA said it would study the ruling but not rock the boat for investors ahead of possible changes in implementing EU...

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02 September
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Irish data privacy watchdog fines WhatsApp 225 million euros By Reuters

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By Conor Humphries DUBLIN (Reuters) - Ireland hit Facebook (NASDAQ:FB)'s WhatsApp with a record 225 million euro ($266 million) fine on Thursday following an inquiry into the messaging app's transparency around sharing personal data with other Facebook companies. WhatsApp said the fine was "entirely disproportionate" and that it would appeal. Ireland's Data Privacy Commissioner (DPC), which is the lead data privacy regulator for Facebook within the European Union, said the issues related to whether WhatsApp conformed in 2018 with EU data rules about transparency. "This includes information provided to data subjects about the processing...

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02 September
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China’s Alibaba to invest $15.5 billion towards “common prosperity” By Reuters

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SHANGHAI (Reuters) - Chinese e-commerce giant Alibaba (NYSE:BABA) Group will invest 100 billion yuan ($15.5 billion) by 2025 in support of "common prosperity", the government-backed newspaper Zhejiang Daily reported on Thursday. Alibaba's investment will go towards supporting small and medium enterprises and agriculture, and towards setting up a 20 billion yuan "common prosperity development fund", said the newspaper, based in the province where Alibaba's headquarters are housed. An Alibaba spokesperson confirmed the news. ($1 = 6.4613 Chinese yuan renminbi) ...

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02 September
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Singapore Exchange launches SPAC rules after easing some proposals By Reuters

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By Anshuman Daga SINGAPORE (Reuters) - Singapore Exchange unveiled new rules on Thursday to allow special purpose acquisition companies (SPACs) to list in the city-state, after rolling back some measures that were viewed as too strict by market participants. Following a market consultation, SGX's regulatory arm announced rules that included halving the minimum capitalisation requirement for SPACs to S$150 million ($112 million) from its initial proposal. It also said it will now allow warrants to be detachable and all shareholders would have redemption rights. SGX's rules, effective from Friday, would make it the first Asian bourse...

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02 September
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U.S. Manufacturing Expands at Faster Pace, Backlogs Swell By Bloomberg

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(Bloomberg) -- U.S. manufacturing expanded at a stronger-than-expected pace in August, reflecting faster orders and production growth as well as rising backlogs consistent with global supply chain challenges.  The Institute for Supply Management’s gauge of factory activity rose to 59.9 from 59.5 in the prior month, according to data released Wednesday. Readings above 50 indicate expansion. The median projection in a Bloomberg survey of economists called for the measure to fall to 58.5.  While the highest ISM reading for bookings in three months and firmer production highlight sustained demand, the pickup in order backlogs underscores persistent...

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02 September
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MARKET WRAP: FTSE 100 finishes higher, ADP misses estimates, oil falls By Investing.com

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Key Points FTSE 100 closing price of 7,150.6, +0.4% FTSE begins month on front foot USD declines amid weak private payrolls report Oil falls as OPEC+ meets Bitcoin steady, DeFi cryptos outperform By Samuel Indyk Investing.com – The FTSE 100 began the new month on the front foot as the midcap FTSE 250 hit another record high. 888 Holdings (LON:888) was one of the best performing major UK stocks after a trading update pre-market. The gambling company reported a 39% increase in revenue in the first half of the year and said they were confident that...

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02 September
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Explainer-What is China’s ‘common prosperity’ drive and why does it matter? By Reuters

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By Kevin Yao BEIJING (Reuters) - President Xi Jinping has called for China to achieve "common prosperity", seeking to narrow a yawning wealth gap that threatens the country's economic ascent and the legitimacy of Communist Party rule. "Common prosperity" as an idea is not new in China, but a sharp escalation in official rhetoric and a crackdown on excesses in industries including technology and private tuition has rattled investors in the world's second-largest economy. Xi, poised to begin a third term in 2022, is turning towards inequality after concluding a campaign to eliminate absolute...

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02 September
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Apple loosens App Store payment rules for Netflix, others in deal with Japan By Reuters

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By Stephen Nellis SAN FRANCISCO (Reuters) - Apple Inc (NASDAQ:AAPL) said on Wednesday it would loosen rules on its App Store that have banned companies such as Netflix Inc (NASDAQ:NFLX) from providing customers a link to create a paid account to bypass Apple's in-app purchase commissions. It is the second concession to regulators and companies in less than a week as the iPhone maker faces legal, regulatory and legislative challenges to the App Store, which forms the core of its $53.8 billion services segment. But Apple will still ban developers from taking other forms of payment...

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