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China’s FX Regulator Reprimands Nine Banks For Irregularities

The foreign exchange regulator in China has taken the rare step of penalizing banks for irregularities related to cross-currency transactions. According to an official statement, these banks were negligent in monitoring transactions that involved movement of capital offshore. The State

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UK Regulator Signals Death Knell For Libor By 2021

The much-maligned Libor benchmark lending rate is set to be phased out by end of 2021 according to a UK regulator. Andrew Bailey, head of the Financial Conduct Authority (FCA) said that the London Interbank Offered Rate (Libor) will cease

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SEC Indicate Digital Coin Offerings Subject To Securities Law

The U.S. Securities and Exchange Commission (SEC) has determined that the country's securities regulations would be applicable in case of initial coin offerings (ICO) which is a form of new digital coins issuance. The agency said in a statement that

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New Survey Shows That 400,000 Elderly Scots Targeted By Scammers

A recent survey conducted among the elderly in Scotland has revealed that more than 400,000 elderly people have been targeted by scammers. We also reported in May, Cifas released a report showing the number of UK Bank accounts which were

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IMF Cuts 2017 Growth Forecasts For The U.K

The International Monetary Fund (IMF) has slashed its forecast for Britain’s economy citing slowing economic growth and the uncertainty arising from Brexit. The IMF has forecasted a growth of 1.7 percent this year for the UK, which is a drop

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Arun Jaitley Says Demonetization And GST To Curb Cash-Based Economy In India

Indian Finance minister Arun Jaitley stated that cash-based transactions will come down in the country due to measures like the demonetization drive and rollout of GST in the last 10 months. Addressing a group of policymakers and economists gathered for

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New Visa Research Shows Australians Are Open To IoT-based Payments

Global credit card company Visa has found in a recent survey that over 50 percent of Australians are open to using new features like fingerprints, retina scans or voice activation as replacement to PINs in making payments. The preference was

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PwC Says UK Growth To Slow With Declining Consumer Spending

The UK economy is likely to suffer from a slowdown in growth as households cut back on spending based on research conducted by global consultancy firm PwC. The country’s GDP growth is likely to drop to 1.4 percent in 2018

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Xi Jinping Urges PBoC To Take More Active In Managing Risk

Chinese President Xi Jinping has asked the country’s central bank to take a more active role in managing risk in the financial system. Speaking at the National Financial Work Conference, a meeting that is held every five years, Xi stated

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FCA Proposes New Rules To Aid Saudi Aramco Listing On LSE

UK regulator, the Financial Conduct Authority (FCA) proposed new rules this week to enable sovereign state-owned companies like oil giant Saudi Aramco to list on the London Stock Exchange (LSE). The FCA has said that the proposal would help expand

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