Category: Business & Economy

India has imposed money-laundering regulations on trade in cryptocurrencies, according to a government release published on Tuesday, in the latest step to tighten control of the sector. A range of crypto transactions, namely the exchange, transfer, safekeeping and administration of virtual assets, now fall under the Prevention of Money-Laundering Act (PMLA), the notification from the Ministry of Finance published by The Gazette of India states. The PMLA obliges financial institutions to keep a record of all transactions for ten years, provide the records to officials in necessary, and to verify clients’ identity.

There is no evidence that China is spying on telecom equipment suppliers’ technology. Nevertheless, they are to be banned from the 5G network for fear of dependencies.

Royal Park Investments (RPI), the so-called “bad bank” of the former Fortis, has filed a billion-dollar claim against rating agency S&P. De Tijd writes this and appears from media reports in the Cayman Islands, the place where the lawsuit was filed.

Japan has resumed imports of Russian oil after an eight-month hiatus in deliveries, S&P Global Platts reported this week, citing the country’s ministry of economics, trade and industry.

According to the report, the alternatives encompass “non-specialized financial messaging services” such as phone, fax, or email. Banks that are not on the EU sanctions list can use these channels to conduct business with European financial institutions if the transactions are also not subject to sanctions, the document states. It specifies payments for imports and exports of non-sanctioned goods as…

WASHINGTON — European Union leaders are expected to debate proposals this month for the bloc to get involved in buying 155mm artillery shells, as member states seek to restock their depleted inventories and help Ukraine’s forces defend themselves.

The shortage is high on the political agenda, with defense ministers expected to tee up decisions at a March 7-8 meeting in Stockholm, Sweden, an EU spokesperson told Defense News.

Estonia has been pushing for the bloc to get involved in producing more ammunition faster, circulating a paper behind the scenes in Brussels last month that called for €4 billion (U.S. $4.3 billion) in extra funds to catch up.

“Ramping up the European defense industry’s output is one the most pressing issues right now,” according to the document, obtained by Defense News. “Russia fires Europe’s monthly artillery production rate in a single day in Ukraine. The urgent need for increasing our defense industrial capacity is clear.”

Russian President Vladimir Putin has commented on a Ukrainian cross-border attack in Bryansk Region.

The United States is sounding out close allies about the possibility of imposing new sanctions on China if Beijing provides military support to Russia for its war in Ukraine, according to four U.S. officials and other sources. The consultations, which are still at a preliminary stage, are intended to drum up support from a range of countries, especially those in the wealthy Group of 7 (G7), to coordinate support for any possible restrictions. It was not clear what specific sanctions Washington will propose. The conversations have not been previously disclosed.

SpaceX launched four astronauts to the International Space Station for NASA on Thursday, including the first person from the Arab world going up for an extended months-long stay. Bowen, the crew’s leader, said the four have jelled well as a team despite differences between their countries. Even with the tension over the war in Ukraine, the U.S. and Russia have continued to work together on the space station and trade seats on rides there.

Eli Lilly will cut prices for some older insulins later this year and immediately expand a cap on costs insured patients pay to fill prescriptions. The moves announced Wednesday promise critical relief to some people with diabetes who can face annual costs of more than $1,000 for insulin they need in order to live. Lilly’s changes also come as lawmakers…

The Justice Department announced today that it filed statements of interest in Espin et al. v. Citibank, N.A. and Padao v. American Express National Bank, two lawsuits currently pending in the U.S. District Court for the Eastern District of North Carolina, to address the right of the nation’s servicemembers to bring and participate in class action litigation under the Servicemembers Civil Relief Act (SCRA) instead of being forced into privatized arbitration proceedings on their own.

Interest payments for German government debt have jumped tenfold since 2021, says Finance Minister Christian Lindner

Crypto exchanges Huobi and KuCoin, both based in Seychelles, failed to take steps to prevent sanctioned Russian banks from using their platforms, according to a report from the blockchain analytics firm Inca Digital provided to POLITICO. Both exchanges still allow traders to transact with debit cards issued by sanctioned Russian banks, including Sberbank, on their peer-to-peer platforms, according to the report, which will be published later today.

While neither exchange actually accepts funds from blacklisted banks, letting crypto buyers trade with each other using accounts with sanctioned institutions represents a “direct violation of U.S. and European sanctions with a little bit of a loophole,” Inca CEO Adam Zarazinski said in an interview.

Finance leaders of the world’s top economies sought on Friday to bridge differences over how to deal with Russia following its invasion of Ukraine a year ago, as the West stepped up sanctions against Moscow.

Below-normal rainfall is expected over the next three months in parts of Somalia, Kenya and Ethiopia.

Binance is considering ending business relationships with banks and services firms amid heightened scrutiny.