• Aug 23, 2024

US ambassador to Mexico calls proposed judicial overhaul a democracy 'risk' and economic threat

U.S. Ambassador Ken Salazar said Thursday a judicial overhaul proposed by Mexican President Andrés Manuel López Obrador poses a “risk" to Mexico's democracy and "threatens the historic commercial relationship” between Mexico and the U.S. The proposal, including a provision to require judges be elected, has spurred a fierce outcry from investors and financial institutions in recent days, with the Mexican peso steadily dropping in currency markets. “Democracies can't function without a strong, independent and non-corrupt judicial branch,” Salazar told reporters.

• Aug 23, 2024

Tokyo inflation seen unchanged in August, snapping 3-month acceleration: Reuters poll

Consumer price inflation is expected to stay unchanged in Japan's capital Tokyo in August, ending three months of acceleration, a Reuters poll showed, suggesting the central bank may not be in a rush to hike rates. The same poll also found factory output probably rebounded and retail sales kept growing in July, underscoring the strength of Japan's economy after better-than-expected April-June gross domestic product data last week. Moderation in the Tokyo core CPI, the leading indicator of nationwide inflation trends, could cool hawkish views for the Bank of Japan's monetary normalisation schedule after the central bank raised its short-term policy rate to 0.25% in July.

• Aug 23, 2024

Sony, Electronics Pioneer Behind Walkman, Starts Own Blockchain 'Soneium'

The new project, "Soneium" will be a layer-2 network atop the Ethereum blockchain, using technology from Optimism's OP Stack.

• Aug 22, 2024

Aussie regulator wins case against Kraken crypto exchange operator on distribution flaws

Bit Trade Pty is the operator of the Kraken crypto exchange, one of world's largest cryptocurrency exchanges, in Australia. In September 2023, the Australian Securities and Investments Commission (ASIC) initiated civil proceedings against Bit Trade alleging that Bit Trade, a subsidiary of U.S. Payward Incorporated, failed to make a target market determination for the product before offering it to customers, despite being notified of concerns.

• Aug 22, 2024

If Jerome Powell Signals Rate Cuts On Friday, What Does That Mean For Crypto?

After more than two and a half years of aggressive monetary tightening, U.S. Federal Reserve Chairman Jerome Powell is widely expected to indicate an impending shift towards easing monetary policy. What Happened: Powell's highly anticipated keynote address at the Kansas City Fed’s Jackson Hole Economic Symposium is scheduled for Friday at 10 a.m. ET, and this event has historically been used by Fed chairs, including Powell, to signal significant changes in central bank policy, Coindesk reported.

• Aug 22, 2024

R.I.P. Unhosted Wallet Rule

The 2020 FinCEN unhosted wallet proposal has arguably been dead for years, but now it's official.

• Aug 22, 2024

Mexico City assembly OKs strongest rent control since the 1940s, limiting rises to inflation rate

The legislature of Mexico City approved the most ambitious rent control law since the 1940s Thursday, limiting rent increases to the rate of inflation in the previous year. Rents in the vast city of 9 million inhabitants were essentially frozen in the 1940s, and remained so for decades on older buildings. Mexico City, like many around the world, had seen complaints that rents were shooting up because of digital nomads and short-term rentals.

• Aug 22, 2024

Fed’s Jackson Hole Conference Is Underway: Here’s What to Expect

(Bloomberg) -- The Federal Reserve Bank of Kansas City’s annual gathering in Jackson Hole, Wyoming kicked off Thursday evening with a dinner filled with central bankers, economists and reporters from the around the world. Here’s what to expect from the three-day conference:Most Read from BloombergChicago's Migrant Surge Is Stirring Trouble for Democrats in DNC Host CityUK Transport Minister Clears Path for More 20mph Speed ZonesWith Self-Driving Vans, Hamburg Tries to Make Microtransit WorkThe S

• Aug 22, 2024

Fundstrat’s Tom Lee says Jerome Powell is too dependent on data and it’s hurting the Fed’s decision-making abilities

The Fed’s reliance on data has made it too slow in deciding whether to cut rates, which could mess up the soft landing, says Fundstrat managing partner Tom Lee.

• Aug 22, 2024

Oil Heads for Weekly Decline on Demand Concerns and Gaza Talks

(Bloomberg) -- Oil headed for a weekly loss — after hitting the lowest close since January midweek — on a challenging demand outlook, and US efforts to secure a cease-fire in Gaza.Most Read from BloombergChicago's Migrant Surge Is Stirring Trouble for Democrats in DNC Host CityUK Transport Minister Clears Path for More 20mph Speed ZonesWith Self-Driving Vans, Hamburg Tries to Make Microtransit WorkThe Serious Work That Free Play Can DoWest Texas Intermediate was steady near $73 a barrel, more th