UK FINANCIAL REGULATOR
AI set to revolutionize global banking, boosting profits by $170 billion by 2028: CITI report
The report highlighted AI's role in combating financial fraud. While countries like the European Union, China, and Singapore have emerged as early adopters of AI regulation in finance, the United States has taken a cautious approach, lagging behind in regulatory initiatives. India, on the other hand, has shown a fluctuating stance on AI governance.
Bather, beware: British beaches and rivers have a sewage problem. It has seeped into election talk
Endurance swimmer Joan Fennelly faces contaminated water in the River Thames while swimming year-round. She takes precautions due to sewage and agricultural pollution in the waterways of Britain.
Stocks to buy after Lok Sabha Elections Results 2024: 5 stocks with up to 23.2% upside potential
While the 4 June crash eroded investor wealth, it may have eased stretched valuations. Experts believe the BJP-NDA government’s economic agenda will largely remain unchanged, though some priorities will be adjusted. Even before the election-induced jolts, the markets had been witnessing volatility. To counter the near-term shocks, invest in companies that have shown stability in the past.
Bad taste for ‘aam aadmi’: How adulterated mangoes pose fresh headache for regulators, consumers
The use of banned chemicals to ripen fruits is prevalent despite penalties and laws. The ball is in the food safety regulator’s court.
Traders stunned by election surprises from Mexico to India
The world witnessed unexpected outcomes in the Mexican elections and Narendra Modi's victory, impacting markets globally. Claudia Sheinbaum's landslide win also played a significant role in reshaping market dynamics.
IAMAI view on draft Digital Law not shared by all constituents: four members tell MCA
Four members of IAMAI, including Bharat Matrimony, Match Group, Hoichoi, and ShareChat, express divergent views on ex-ante regulation in the draft DCB to the Ministry of Corporate Affairs.
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PwC in major accounting scandal? China may impose record fine on PricewaterhouseCoopers over Evergrande auditing work
China is set to impose a record fine on PricewaterhouseCoopers LLP and may suspend some of its local operations due to its involvement in a major financial fraud case with China Evergrande Group. The Ministry of Finance is expected to announce the penalties soon, with a potential fine of at least 1 billion yuan. This move comes amidst heightened scrutiny on financial risks in China, with President Xi Jinping emphasizing the need for stronger financial oversight. PwC's Chinese arm, PricewaterhouseCoopers Zhong Tian LLP, was Evergrande's auditor during the period in question and has faced challenges in other jurisdictions as well.
Study Abroad: Challenges and opportunities for Indian students
Studying abroad has long been a cherished aspiration for many Indian students, offering opportunities for global careers and expanded knowledge. Despite the challenges posed by stricter immigration policies and increased scrutiny, the desire for international education remains strong. Factors driving this trend include the diversity of academic programs, global exposure, availability of scholarships, and access to advanced technology and innovation.
France looks to elusive EU capital market to fix startup funding
A hodgepodge of local regulations and oversight has kept Europe's financial markets largely shaped by national borders, preventing the emergence of deep capital markets to rival the United States.
UK tightens student visa rules but keeps Indian students' favourite graduate route intact for now
The UK's Graduate Route scheme, popular with Indian students for post-study work, remains safe for now, though it will be "kept under review," as the government announced new proposals to tighten student visa regulations to prevent misuse for immigration. The measures follow a 10% fall in net migration, welcomed by Prime Minister Rishi Sunak. The Home Office highlighted a 25% drop in visa applications due to stricter rules on family dependents and plans to regulate international student recruitment to crack down on rogue agents.
WisdomTree to list crypto products on London Stock Exchange
Britain's financial regulator has approved WisdomTree's bid to list exchange-traded products (ETPs) backed by cryptocurrencies bitcoin and ether on the London Stock Exchange, the asset manager said on Wednesday ahead of an expected launch this month.
South Korea could be the next big study abroad destination
South Korea's popularity in India is growing, driven by its diverse cultural appeal and increasing interest from Indian students. Scholarships from the South Korean government and universities attract international students. The country is becoming a favorable destination for businesses due to regulatory advantages.
It's open season on international students across the world; and countries have billions at stake
Countries are reevaluating visa programs and education exports as student numbers surge, impacting housing costs, public services, and financial contributions. The debate involves higher-education providers, employers, tuition fees, migration policies, funding models, the role of the Office for Students, and government language affecting international student perceptions.
UK's Graduate Visa programs may stay, but Sunak plans crackdown on foreign education agents
UK Prime Minister Rishi Sunak is set to announce crackdown on agents marketing graduate visa schemes overseas, aiming to toughen migration stance before elections.
HSBC and Deloitte withdraw job offers for foreign graduates in UK after visa rule change
HSBC and Deloitte retract job offers to foreign graduates in the UK due to stricter visa rules. Graduates, who invested in UK education, face uncertainty. Companies like KPMG also reassess hiring strategies. Visa changes impact recruitment in digital innovation sector. Immigration concerns loom ahead of UK general election.
Shein steps up London IPO preparations amid US hurdles to listing
Shein pivots to a London IPO from New York, facing U.S. regulatory challenges. The online retailer, valued at $66 billion, navigates hurdles with plans for a dual U.S. listing post-London float, monitoring the political climate.
India’s crypto regulations can do with a HODL strategy
As the global crypto asset market progresses, India finds itself at a pivotal juncture. There’s an opportunity to chart a course that delicately balances innovation in this nascent but super exciting sector, together with risk management, while drawing invaluable insights from the regulatory experiences of other nations.
UK makes it more expensive for residents and citizens to sponsor relatives on Family Visas
The UK increased Family Visa income to GBP 29,000, aligning with Skilled Worker visa levels. Measures aim to curb legal migration, ensure income sustainability, and address public services strain, impacting around 300,000 people.
Behind London Stock Exchange's move to list crypto ETNs in May
After the US permitted cryptocurrency securities trading, the UK's London Stock Exchange plans to introduce bitcoin and Ethereum exchange-traded notes, pending UK regulator approval, boosting investor confidence.
UK's higher salary thresholds for skilled work visas kick in
UK has increased Skilled Worker visa thresholds for foreign workers to reduce migration and protect local workers. Family Visa income requirements have also risen, aligning with Skilled Worker criteria. New measures target cheap labor and support resident workforce development.
RBI-Sebi tango stops dance of dodginess: Regulators now inclined to share data; come together to take on wrongdoers
Financial sector regulators in India are increasingly coming together to address wrongdoings and practices by market participants. This change is attributed to former Sebi chairman Ajay Tyagi, who established an institutional mechanism in 2019 to facilitate sharing of information and data between Sebi and RBI. This system allows for more serious information sharing and debating, with executive directors from both organizations nominated as contact persons.
UK regulator to allow crypto exchange-traded notes for professional investors
Britain's financial watchdog said on Monday it will now permit recognised investment exchanges to launch crypto-backed exchange-traded notes, the latest regulator to pave the way for digital asset trading products.
India-UK Young Professionals Scheme: 3000 visas up for grabs. Everything to know about the February ballot
The UK Home Office has announced a new ballot for the India Young Professional Scheme, allowing successful applicants to reside, work, and study in the United Kingdom for 24 months. The ballot will take place from February 20-22, 2024, and eligible Indian nationals with a bachelor's degree or higher can participate.
HSBC fined 57 million pounds for 'serious' deposit protection failures
HSBC faces a £57.4 million ($73 million) fine from the Bank of England for "serious failings" in safeguarding certain customer deposits. The bank inaccurately identified deposits eligible for the Financial Services Compensation Scheme (FSCS), breaching rules to ensure proper compensation in case of a firm's failure.
No rush to write bespoke rules for AI in finance, says UK watchdog
As criminals make "unfettered" use of artificial intelligence (AI) to disrupt markets and scam consumers, Britain has a cocktail of rules already in place to tackle them, the Financial Conduct Authority (FCA) said on Tuesday.
Britain sets out safeguards for accessing cash in digital age
The Financial Conduct Authority (FCA) said it was using powers under a new financial services law approved earlier this year to require banks, such as Barclays, Lloyds, HSBC and NatWest to undertake "cash access assessments" when they are considering closing a branch.
Britain abandons decade old restriction on banker bonuses
The United Kingdom's post-Brexit financial landscape undergoes a shift as it abandons a decade-old EU-imposed bonus restriction on bankers, prompting a sharp divide in reactions from labor unions and regulators alike.
UK financial regulator blocks company from approving Binance marketing
Cryptocurrency exchange Binance, which is unregulated in Britain, in a blog post on Sunday said it had launched a new domain for UK users and that rebuildingsociety.com would be approving its marketing and communications materials.
Use of AI in finance likely to trigger rise in fraud: UK watchdog
The Financial Conduct Authority has already observed how volatility during the trading day has doubled and amplified compared to during the 2008 global financial crisis.
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