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Instagram agrees curbs on paid influencers, says UK watchdog

Instagram agrees curbs on paid influencers, says UK watchdog

By LONDON (Reuters) - Facebook’s Instagram has agreed measures to crack down on hidden advertising by so-called influencers on its photo and video platform, Britain’s Competition and Markets Authority (CMA) said on Friday.Influencers with thousands of followers can earn large fees from companies to promotes a product on Instagram.In what the CMA described as an important behaviour shift by a major social media platform, Facebook Ireland, which operates Instagram in Britain, has committed to a package of changes.“This will make it much harder for people to post an advert on Instagram without...

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Huw Jones
Oct 16
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Instagram agrees curbs on paid influencers, says UK watchdog

Instagram agrees curbs on paid influencers, says UK watchdog

By Influencers with thousands of followers can earn large fees from companies to promotes a product on Instagram.In what the CMA described as an important behaviour shift by a major social media platform, Facebook Ireland, which operates Instagram in Britain, has committed to a package of changes.“This will make it much harder for people to post an advert on Instagram without labelling it as such,” the CMA said in a statement.Facebook said the company was pleased to be working with the CMA on its continued efforts to increase transparency on when people are paid to post content on...

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Huw Jones
Oct 16
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Global watchdogs agree rules for stablecoins like Facebook's Libra

Global watchdogs agree rules for stablecoins like Facebook's Libra

By LONDON (Reuters) - Central banks set out to regulate cross-border stablecoins like Facebook’s planned Libra with a common approach on Tuesday, saying more rules may later be needed to ensure stability.The prospect of a currency-backed stablecoin being used by billions of people on Facebook has galvanised central banks into putting together rules and into considering how they could launch their own digital currency.Existing national rules do not fully cover stablecoins the Financial Stability Board (FSB) said in a statement, adding that regulators should ensure that global stablecoins are...

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Huw Jones
Oct 13
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EU financial services chief will cut off City of London if necessary

EU financial services chief will cut off City of London if necessary

By , BRUSSELS/LONDON (Reuters) - The European Union is ready for every type of Brexit, including granting no further EU access to Britain’s financial sector, the bloc’s candidate for financial services chief said in a document seen by Reuters.After Dec. 31, when a transition deal ahead of a full-blown Brexit ends, financial services companies in Britain will have to access the EU via its “equivalence” system.The EU has already granted temporary access to UK clearing houses from January under this regulatory regime.Mairead McGuinness, the EU’s financial services commissioner designate, said...

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Francesco Guarascio
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Sep 30
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'British-style' rules for banks after Brexit, says BoE

'British-style' rules for banks after Brexit, says BoE

By LONDON (Reuters) - Britain will adopt tough but less bureaucratic financial rules after Brexit, starting with simpler regulation of small banks, Bank of England Deputy Governor Sam Woods said on Tuesday.Britain will soon unveil new legislation for regulating the City of London, which for decades has complied with rules written in Brussels that end in December, when Brexit transition arrangements expire.Leaving the European Union has raised hopes of a regulatory “Brexit dividend” that will help banks and insurers in Europe’s biggest financial centre maintain global competitiveness.“We...

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Huw Jones
Sep 22
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London to maintain grip on EU financial market plumbing post Brexit

London to maintain grip on EU financial market plumbing post Brexit

United Kingdom LONDON (Reuters) - London will remain a big part of Europe’s financial market plumbing well beyond Brexit as the coronavirus pandemic has thwarted Frankfurt’s ambitions to grab billions of euros worth of derivatives clearing business from Britain. Clearing ensures financial market trades are completed even if one side of the transaction goes bust. It is a high-volume, low-margin business but a critical part of market infrastructure. London’s leading role in the clearing business has helped to cement its status as Europe’s top financial centre. Other European centres, such as...

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Huw Jones
Aug 19
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Regulators ease no-deal Brexit fears in funds sector

Regulators ease no-deal Brexit fears in funds sector

United States LONDON (Reuters) - Regulators in Britain and the European Union said they have dusted off their no-deal Brexit agreements to avoid disruption in cross-border asset management. Britain left the EU in January, but unfettered access to the European market has continued under a transition agreement that ends in December. Negotiations of a new UK-EU trade pact have stumbled, and Britain’s requests for direct financial market access are being separately by Brussels. The European Securities and Markets Authority (ESMA) and Britain’s Financial Conduct Authority (FCA) said on Friday...

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Huw Jones
Jul 20
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UK insurer Aviva appoints Blanc as CEO, strategy shake-up seen

UK insurer Aviva appoints Blanc as CEO, strategy shake-up seen

United States LONDON (Reuters) - Aviva () named independent director and former Zurich Insurance () executive Amanda Blanc as its new chief executive on Monday who immediately signalled a potential strategy overhaul, sending the British insurer’s shares up. Blanc succeeds Maurice Tulloch whom Aviva said was stepping down with immediate effect for family health reasons. It is the second change at the top in less than two months after chairman George Culmer took up the reins in May. The changes have revived speculation of a break-up of the life and general insurer, which some analysts and...

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Huw Jones
Jul 6
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Banks urge Britain and EU to sort out financial market access

Banks urge Britain and EU to sort out financial market access

United Kingdom LONDON (Reuters) - Britain and the European Union need to make progress on EU financial market access given that the coronavirus crisis will make it even harder to cope with potential disruption if there is no agreement, banking lobby AFME said on Monday. Britain left the EU in January but has full access to the bloc under a transition period that runs until the end of December. London and Brussels blamed each other last week for missing a June 30 deadline for assessments on financial market access from January. Future direct EU access will depend on whether Brussels deems UK...

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Huw Jones
Jul 5
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EU banks to take on Visa, Mastercard with new payments system

EU banks to take on Visa, Mastercard with new payments system

United States LONDON/PARIS (Reuters) - Sixteen banks from Germany, France and three other euro zone countries on Thursday said a “truly European” payments system was expected to be up and running in 2022 to fully digitalise a region where half of all retail payments are still in cash. European Union policymakers and central bankers have long sought a “home grown” rival to take on Mastercard () and Visa () from the United States, and more recently tech giants like Alipay and Google (). But this has not happened even though real-time payments have been possible in the euro zone since 2017....

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Huw Jones
Jul 2
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China's CPIC boosts IPO market with $1.8 billion London listing

China's CPIC boosts IPO market with $1.8 billion London listing

United States LONDON (Reuters) - Shares in China Pacific Insurance Co (CPIC) rose on their London debut on Wednesday after the company completed the largest fund raising on the London Stock Exchange in three years, sparking hopes of a revival in the market for initial public offerings. In a boost for a stock exchange link-up between Britain and China designed to improve investment and trade between the countries, CPIC () CPICq.L completed a $1.8 billion listing of global depositary receipts (GDRs) at $17.60 each. This makes it the biggest fundraising exercise in London since AIB in June...

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Huw Jones
Jun 17
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Pandemic pushes central bank digital currencies into top gear

Pandemic pushes central bank digital currencies into top gear

United Kingdom LONDON (Reuters) - The coronavirus pandemic is accelerating the development of central bank digital currencies (CBDCs) as it has prompted millions of people to turn to cashless payments, central bank officials said on Thursday. Central banks have been examining how CBDCs could become a reality since Facebook’s efforts to launch its Libra cryptocurrency stablecoin raised the prospect of a private sector social media giant competing with traditional currencies. “There is little evidence that cash transmits the virus but COVID-19 has caused an unprecedented experiment in...

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Huw Jones
Jun 11
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Pandemic and Brexit make deeper EU capital market urgent, report says

Pandemic and Brexit make deeper EU capital market urgent, report says

United States LONDON (Reuters) - Deepening the European Union’s capital market has become a priority to help the economy recover from COVID-19 and reduce reliance on the City of London, a report for the EU said on Wednesday. The EU has long sought to encourage companies to issue stocks and bonds to grow, as in the United States. But they still rely on banks for funding after efforts to build a capital markets union (CMU) failed to make significant headway. A “high level forum” of experts set out 17 recommendations on Wednesday to accelerate the CMU project, with an emphasis on coaxing more...

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Huw Jones
Jun 10
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EU sets out 'quick fixes' to boost bank lending during pandemic

EU sets out 'quick fixes' to boost bank lending during pandemic

India LONDON (Reuters) - Banks should rein in bonuses to boost their capacity to help businesses and households hit by the coronavirus crisis, the European Union’s executive said on Tuesday. The European Commission set out a fresh package of temporary “quick fixes” offering capital relief that would support extra lending potentially worth up to 450 billion euros ($490 billion)to companies struggling as a deep recession looms. “During the last crisis we had to prop up banks, this time we are helping banks to prop up households and companies,” the EU’s financial services chief Valdis...

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Huw Jones
Apr 28
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