25 August

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Binance can’t be supervised properly, says UK financial watchdog By Reuters

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By Huw Jones LONDON (Reuters) -The world's biggest crypto exchange Binance is not capable of being supervised properly and poses a significant risk to consumers, Britain's Financial Conduct Authority (FCA) said in a document published on Wednesday. The exchange has come under pressure from regulators across the world in past weeks due to concerns over the use of crypto in money laundering and risks to consumers. The FCA banned Binance in June from conducting any regulated activity and imposed several requirements on the platform. Its document published on Wednesday expands on its reasons for placing the...

25 August

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Danske Bank defeats appeal in U.S. over money laundering scandal By Reuters

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By Jonathan Stempel NEW YORK (Reuters) -Danske Bank A/S and former top executives on Wednesday defeated an appeal in New York by shareholders claiming they were defrauded because the Danish bank allowed widespread money laundering at its former Estonian branch. The lawsuit began after Danske said in September 2018 that an internal probe had uncovered about 200 billion euros ($235 billion) of suspicious transactions through its Estonian branch from 2007 to 2015. But the 2nd U.S. Circuit Court of Appeals concluded that "money-laundering at a single branch in Estonia cannot alone establish that Danske Bank itself...

25 August

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Digital mental health firms Ginger, Headspace to merge in $3 billion deal By Reuters

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By Amruta Khandekar (Reuters) - Meditation app Headspace and video-based therapy services provider Ginger said on Wednesday they would merge in a deal valuing the combined company at $3 billion, as the COVID-19 pandemic spurs the use of virtual mental health care platforms. Founded in 2010, Headspace offers sessions, videos and articles on meditation and mindfulness which can be accessed on a mobile phone and has about 70 million users globally. The app has become incredibly popular in the past year and with the pandemic taking a toll on people's mental health, venture capital interest has...

25 August

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Iceland Hikes Rates for Second Time Since May to Curb Inflation By Bloomberg

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(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. Iceland‘s central bank raised borrowing costs for the second time in three months in an effort to tame inflation. Policy makers lifted the seven-day term deposit rate by a quarter-point to 1.25%, the highest level since May 2020. The central bank cited an improving economic outlook, driven by better-than-forecast tourist arrivals and said inflationary pressures remain “relatively high.” In May, Iceland became the first country in western Europe to tighten monetary policy since the pandemic. While inflation has since eased after...

25 August

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Nord Stream 2: the difficult birth of Russia’s gas link to Germany By Reuters

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(Reuters) -As the Nord Stream 2 gas pipeline nears completion, a German court has ruled that is not exempt from European Union rules requiring the owners of pipelines to be different from the suppliers of the gas that flows in them to ensure fair competition. The Gazprom-led $11 billion project to carry Russian gas under the Baltic sea to Germany has faced political opposition from Washington as well as from Ukraine and Poland, which stand to lose out on lucrative transit fees if the pipeline goes into operation. Here are some significant moments in Nord Stream...

25 August

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With limited Delta impact, ECB sees Europe on course for solid growth By Reuters

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By Balazs Koranyi and Frank Siebelt FRANKFURT (Reuters) - The fast-spreading Delta variant of COVID-19 is likely to have only a limited impact on the euro zone economy, which remains on course for robust growth this year and next, European Central Bank Chief Economist Philip Lane said on Wednesday. With Delta spreading around the globe, stocks sold off last week on fears that the more contagious variant could thwart the global recovery from the pandemic and force governments to reintroduce debilitating lockdown measures. But Lane was more upbeat, arguing that an advanced vaccination campaign and...

25 August

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Challenger Energy provides update on production testing at Saffron-2 By Investing.com

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By Samuel Indyk Investing.com – Challenger Energy has provided an update in relation to ongoing production testing of the Saffron-2 appraisal well in Trinidad. The oil & gas exploration company said a commercial production rate of 81 barrels of oil production per day has been established at Saffron-2 from approximately 66 feet of Middle Cruse reservoir units. The company confirmed that produced oil is already being sold and generating immediate revenue. Challenger Energy (LON:CEG) also said to maximise near-term production income additional clean-up, testing, and optimisation of producing zones is currently underway. The Upper Cruse reservoir...

25 August

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Nordstrom Plunges 8% as Sales Fall Below 2019-Levels By Investing.com

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By Dhirendra Tripathi Investing.com -- Nordstrom stock (NYSE:JWN) slumped more than 8% in Wednesday’s premarket trading as a 6% decline in the company’s second-quarter sales from 2019 weighed. The fact that sales doubled from a year ago and that the company raised its annual revenue guidance was offset by the sales slump. The company attributed the drop in sales, relative to 2019, to the timing shift of the annual anniversary sale, with roughly one week falling into the third quarter of 2021. This had a negative impact of approximately 200 basis points on net sales compared...

25 August

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Exclusive-Retailers and unions extend legally binding worker safety accord in Bangladesh – sources By Reuters

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By Ruma Paul and Victoria Waldersee DHAKA (Reuters) -Major global retailers have agreed to extend for a further two years a legal agreement with garment workers and factory owners in Bangladesh that subjects retailers to legal action if their factories fail to meet labour safety standards, according to a copy of the agreement seen by Reuters on Wednesday. A representative for the agreement, originally signed in 2013 and known as the Bangladesh Accord, said an official statement would be issued shortly, and declined to comment further. The agreement was due to expire on Aug. 31. The...

25 August

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Bank of Korea Rate Hike Chances at a Coin Toss: Decision Guide By Bloomberg

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(Bloomberg) -- South Korea could become the first major economy in Asia to raise interest rates this week as its central bank wrestles with the competing tasks of taming asset bubbles and keeping an economic recovery on track. Economists are almost equally split on whether the Bank of Korea will hike rates on Thursday or hold off for now. Ten of 19 respondents see the Korean bank following the example of the RBNZ and opting to wait a touch longer before raising borrowing costs in light of the latest virus developments. The rest expect a quarter...

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News

Binance can’t be supervised properly, says UK financial watchdog By Reuters

Danske Bank defeats appeal in U.S. over money laundering scandal By Reuters

Digital mental health firms Ginger, Headspace to merge in $3 billion deal By Reuters

Iceland Hikes Rates for Second Time Since May to Curb Inflation By Bloomberg

Nord Stream 2: the difficult birth of Russia’s gas link to Germany By Reuters

With limited Delta impact, ECB sees Europe on course for solid growth By Reuters

Challenger Energy provides update on production testing at Saffron-2 By Investing.com

Nordstrom Plunges 8% as Sales Fall Below 2019-Levels By Investing.com

Exclusive-Retailers and unions extend legally binding worker safety accord in Bangladesh – sources By Reuters

Bank of Korea Rate Hike Chances at a Coin Toss: Decision Guide By Bloomberg

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