Abhishek Kumar

London based journalist with experience in legal and regulatory reporting

    MLex Intellectual Property

    UKIPO discusses digital transformation plans, pledges to maintain deposit accounts

    The UK Intellectual Property Office’s transformations director called on users to actively participate in pilots being conducted as part of the IPO’s digital transformation efforts. Natasha Chick told a conference in London that IPO’s transformation will have a user-centric approach and the organization will continue to maintain deposit accounts despite pressure from the Treasury to discontinue them.

    Tequila Legado fails to register EU trademark for ‘T’-shaped bottle cap

    The EU Intellectual Property Office has upheld a rejection of Tequila Legado's trademark application for its “T”-
    shaped bottle cap, ruling the shape lacks distinctiveness from common caps in the alcoholic beverages market.
    The office dismissed Legado's arguments that the shape was creative and a protected design right in the UK and
    EU. It held that applications to register a trademark in the EU need to be assessed solely on the basis of the EU
    Trade Mark Regulation.

    Standard for ‘multiple configurations’ articulated in UK design infringement row

    A UK court last week found Ultimate Tools’ prototype for a locksmith’s tool did not infringe a previously registered
    design but only because the prototype was not sold or used commercially. Along the way, High Court Judge
    Richard Hacon addressed a novel question for UK law: whether a design capable of multiple configurations still
    infringes when it is configured in a way that produces a different overall impression than the original. He turned to an EU treatise and Dutch ruling from 2011 for guidance.

    Adidas loses UK trademark battle with Thom Browne

    The UK High Court on Friday invalidated eight of Adidas’ trademarks and dismissed infringement claims against
    designer Thom Browne. In her judgment, Judge Joanna Smith cleared Thom Browne of infringement allegations
    and said consumers could easily distinguish between Adidas’ triple stripe and Thom Browne’s four-bar marks.
    Smith also held that “robust case management” from an early stage would have aided the court given the number
    of marks at issue.

    EUIPO upholds opposition to trademark application citing similarity of signs

    The European Union Intellectual Property Office, or EUIPO, has partially upheld hearing aid manufacturer Oticon A/S’ opposition to Yeasound (Xiamen) Hearing Technology’s trademark application for the word "Earlink." In the ruling, the EUIPO opposition division held that a finding of likelihood of confusion was not precluded even though Oticon’s earlier trademark "HearLink" was of weak distinctive character

    VF International fails to block National Geographic's EU trademark application

    Branded clothing giant VF International has failed to prevent National Geographic from applying for an EU
    trademark for its plain yellow square and the word mark “National Geographic.” The European Intellectual
    Property Office has ruled that VF’s opposition was lacking evidence to substantiate that its use of the unregistered
    "Geographic" mark was for commercial purposes of more than "local significance."

    Oatly defends 'Post Milk Generation' trademark in UK court battle with Dairy UK

    Oatly AB defended its 'Post Milk Generation' trademark at the UK Court of Appeals today. The dispute centers on
    whether the mark violates a European Union regulation aimed at protecting consumers from misleading labelling.
    Oatly argued the mark is distinctive and understood by consumers as referring to people who have moved away
    from dairy products. Dairy UK countered saying the use of the word ‘milk’ in the trademark was unacceptable for
    non-dairy products.

    UK High Court dashes Lenovo’s hopes to secure an interim license to Ericsson’s standard essential patents

    Lenovo’s request to the UK High Court to declare that Lenovo and Ericsson should agree to an interim license on fair, reasonable and non-discriminatory, or FRAND terms until the court decides a final FRAND rate for Ericsson’s standard essential patents, or SEPs was turned down by the court today. Judge Jonathan Richards held that the declaration sought would interfere with the principle of comity. Additionally, Richards said he could not conclude to a high degree of assurance that Ericsson acted in bad faith.

    UK High Court orders full trial in design rights dispute between I- Smart Technologies and Shenzhen Kaiyan

    UK LED device distributor I-Smart technologies’ application for a summary judgment was rejected by the UK High Court on Friday. The dispute centers on design rights of LED devices involving Chinese device maker Kaiyan and UK distributor Currentbody.com. Judge Richard David Hacon ruled a full trial was necessary to rule on the arguments made by multiple parties in the case.

    UK government's approach to IP undermines innovation, member of Parliament says

    A UK requirement that companies seeking innovation grants must surrender their intellectual property to the
    government undermines innovation, a member of the UK Parliament said on Thursday. Sharon Bowles urged the
    government to adopt an end-stage IP procurement system, similar to the one used in the US, give export market opportunity to intellectual property, and incorporate fair licensing provisions that would allow innovative companies to build on their core intellectual property.

    Google prevails in trademark spat with UK film distributor Shorts International

    Google won a trademark dispute with a UK film distributor last week when the UK High Court not only rejected Shorts International’s allegations of infringement and passing off, but also invalidated trademarks for the “Shorts TV” brand. The term “shorts” extends beyond short films to other types of content like short-form audiovisuals, the UK High Court ruled, and there were no similarities or a likelihood of confusion from YouTube's use of the term.
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    MLex Financial Crime

    Goldman Sachs insider trader who 'cheated honest investors' jailed for 22 months in London court

    A former Goldman Sachs International analyst was today sentenced to 22 months in prison for trading on insider
    information from deals the US investment bank was working on. Mohammed Zina, 35, who worked in the
    company's conflicts resolution group in London, was sentenced in Southwark Crown Court to 22 months for six
    counts of insider trading and 18 months for three offenses of fraud by false representation, to be served
    concurrently.

    UK financial services companies have to pull together to cut crime, regulator says

    UK financial services companies should collaborate more over the use of data and technology, information
    sharing, consumer awareness and impact assessment of initiatives to cut financial crime effectively, the Financial
    Conduct Authority said today. At least 15 individuals have been charged with fraud offenses since April 2023,
    meaning more charges in the past year than ever before, a senior FCA official said.

    First UK financial companies asked to submit non-financial misconduct data to sector regulator

    UK financial companies are on notice from their regulator to provide information on the ways they are dealing with instances of non-financial misconduct. The Financial Conduct Authority has started rolling out a sector-wide survey that will reach banks, insurance companies and financial intermediaries such as brokers. In the first survey sent to the wholesale insurance market yesterday, firms were given a month to gather data and reply.

    MLex Financial Services

    UK peer-to-peer lenders told to check harms risks, liquidity and consumer fairness

    Peer-to-peer lending platforms have been warned by the UK financial industry regulator to watch for harms to
    consumers and markets and ensure that they act to mitigate any they find. The Financial Conduct Authority also said they should expect enforcers to increasingly use data to identify problem firms. Lenders should also identify "absolute minimum levels" of liquid and capital resources which, if breached, would lead to a winding-down.

    Relaxation of UK prospectus regime steps closer as lawmakers pass underpinning legislation

    A radical overhaul of the UK's prospectus regime aimed at making it easier for companies to raise capital is
    nearing reality after lawmakers this week approved the secondary legislation underpinning it. The new rules,
    which will revise the framework for public offers of securities and admissions to trading in the UK, are part of a wider post-Brexit reform of financial markets regulation unveiled in December 2022.

    Incentivize financial firms to prevent payment frauds, UK sector regulator urges

    Incentivizing financial service providers is the best way to prevent authorized push payment frauds, the managing director of the UK’s Payment Systems Regulator told a conference today. Calling for a fundamental shift in the approach to tackling APP fraud, Chris Helmsley said the regulator will prescribe a minimum standard of protection for every individual and incentivize firms to act under new rules set to take effect from Oct. 7.

    New UK venue for 'intermittent' capital raising on track for this year, minister says

    A UK plan for a "pioneering" mechanism to help companies get access to capital before they publicly list is on track for launch this year, a junior finance minister has confirmed. Plans for an “intermittent trading venue,” a new type of exchange to ease listing of companies domestically and to allow them to raise capital on an intermittent basis, will be established during 2024, Bim Afolami said.

    Bank shocks, governance and digital transition among ECB's key supervisory priorities to 2026

    Strengthening the European banking sector's resilience to macro shocks and improving internal governance are
    among key supervisory priorities for the eurozone's central bank, it outlined today. The European Central Bank has three broad supervisory priorities for the three years through to 2026, said the chair of its supervisory board, Andrea Enria, and it has identified seven key vulnerabilities in banks that need to be fixed.

    Card giants Mastercard and Visa face new UK caps on 'unduly high' fees

    Mastercard and Visa are on notice for the introduction of tight UK caps on some card fees after the payments
    regulator highlighted recent large increases that it says could be costing businesses hundreds of millions of
    pounds a year. The Payments Systems Regulator, or PSR, today proposed capping interchange fees charged to
    UK businesses for online transactions made with cards issued in European Economic Area countries.

    Prioritization key for UK financial-services reforms implementation, regulator says

    Prioritization is key to successfully implementing the UK’s proposed financial services reforms, the sector
    watchdog cautioned today, stressing that businesses and consumer groups had voiced concerns of overload from the pace of change. Speaking at a hearing of Parliament's Treasury Committee today, FCA chair Ashley Alder and chief executive Nikhil Rathi detailed the regulator's work on reforms and a number of priority changes.

    Growing stablecoin use affects financial stability and prompts regulatory concerns, BOE official says

    Widespread use of stablecoins and people’s increasing reliance on them for their daily needs are creating
    significant financial stability risks, senior Bank of England official Sasha Mills has warned at a conference where she and a UBS executive discussed innovative cryptoasset regulation. Bringing together new forms of payments such as card systems, stablecoins and decentralized money at the same time creates unique risks, Mills said.

    Hold off on digital pound until financial stability and other risks are addressed, lawmakers caution

    No UK central bank digital currency should be fully implemented until financial regulators have addressed privacy concerns, financial stability risks and interest rate risks, an influential committee of lawmakers have warned in a new report. Bank failures arising out of people switching large amounts of funds into digital pounds in times of market turmoil were a key financial stability risk cited by Parliament's Treasury Committee.

    Shadow banking's rapid growth poses risks that need addressing, ECB and BOE officials warn

    The shadow banking industry's almost unchecked growth over the past 15 years poses significant risks to the financial system, a European Central Bank supervisory board member has warned. Officials from the ECB, Bank of England and the Central Bank of Ireland discussed concerns including regulation of non-bank financial institutions, or NBFIs, and counterparty risk at a London banking conference.

    UK funds and asset managers see confirmed rules on sustainability claims in investment products

    Investment funds and asset managers making sustainability claims about their products will, from May 2024, come under new anti-greenwashing and investment labeling regimes, the UK's financial services regulator said today. Firms’ claims should be borne out and evidence should be available to back them up, the Financial Conduct Authority said as it confirmed a package of rules aimed at ensuring claims are fair, clear and not misleading for consumers.
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    The European Correspondent

    The European Correspondent •

    Extreme swings in Europe’s gas market

    Last week, Europe’s natural gas market underwent some extreme swings. The possibility of strikes at three key natural gas (LNG) facilities in Australia caused a surge in European gas futures. Tensions had eased off in Australia by Thursday with worker unions and the management reaching a tentative agreement, dismissing the possibility of a strike and sending a strong wave of correction in the European gas markets.

    Is the EU on its way to achieving its net zero target?

    Last week witnessed dramatic fluctuations in Europe's natural gas market. The anticipation of potential strikes at three crucial Australian natural gas facilities sent shockwaves through European gas futures, triggering a surge.

    The roller-coaster ride in European gas markets has spurred crucial reflections about the continent's reliance on LNG. Europe had significantly reduced energy dependence on Russia after the Ukraine conflict escalation. Despite the EU’s gas storage reaching 91.6% capacity the preceding week, the region's energy sector remains in a precarious state.
    The European Correspondent •

    Europe braces for an expensive winter

    European natural gas markets reacted sharply to the developments in the Middle East a week after the deadly Hamas attack on Israel. Dutch gas futures, the European standard, surged more than 30% from €36 to €55 per megawatt after Egypt shut down its Tamar gas field in the Mediterranean at the onset of the Hamas attack. Last year, the Tamar gas field supplied 7.2 billion cubic meters of gas to Europe (including the UK and Türkiye) after the continent steeply reduced its energy dependence on Russia, data from Bloomberg revealed.
    The European Correspondent •

    Digital Euro is on the horizon

    18 October was a special day at the European Central Bank (ECB) as it marked the culmination of the two-year ‘investigation’ phase into the design and distribution of the digital Euro.

    On 1 November, the ECB embarked on the second phase – the ‘preparatory’ phase of the Eurozone-wide digital currency during which the ECB hopes to achieve three outcomes: developing the legal framework, identifying service providers to build an infrastructure to put the currency into operation and pilot test the digital euro.

    Closer look: what a wider conflict in the Middle East could mean for Europe

    The ripples of the escalating war between Israel and Hamas extend far beyond the borders of the Middle East. With the Iran-backed Hezbollah group in southern Lebanon threatening to attack Israel, fears of a regional conflict spiralling out of control are shaking global energy markets. European policymakers are scrambling to mitigate the potential impact on Europe's fragile economy, which is projected to grow by a modest 0.7% this year.

    "The ongoing conflict between Israel and Hamas casts a shadow over the global economy, which is already grappling with sluggish growth," emphasised Kristalina Georgieva, Chief of the International Monetary Fund, during recent IMF/World Bank meetings in Marrakech.
    The European Correspondent •

    Ukraine to receive profits on Russian Assets

    The G7’s backing is seen as a major breakthrough after US Secretary of Treasury, Janet Yellen approved the EU proposal at the IMF/World Bank annual meetings in Marrakech. Other administrations have also extended their support to the plan. Out of the €300 billion worth of frozen Russian reserves, roughly €200 billion are held in Europe by Brussels-based ‘Euroclear’, which generated a windfall profit of €1.2 billion through interest income by reinvesting the reserves in the current high interest rate environment.

    Windfall taxes - a public boon or a banking bane?

    Last week, Giorgia Meloni-led government came under scathing criticism from investors following a surprise windfall tax of 40 percent it imposed on the interest income of Italian banks. The proposed windfall tax introduces a levy on the unexpected earnings of these banks, allowing them to retain only up to 110 per cent of their net interest income generated in 2021 - which serves as the reference year for tax calculation. Any interest income exceeding this threshold will be subjected to a 40 percent tax rate. This tax imposition will be a one-off levy targeting banking income specifically generated in 2023 that banks will be required to pay by June 2024.

    Erasmus Mundus Journalism

    Decoding the UK Growth Plan 2022

    On September 23, the Liz Truss government announced a set of economic measures aimed at spurring growth in the UK’s ailing economy through steep tax reductions, energy price caps for households and a relief scheme for businesses.

    The ‘UK Growth Plan’ set a target of 2.5 per cent trending growth rate which the government believed would lead to greater economic opportunities, higher wages and sustainable finance for public services in the UK.

    Development Journalism in India

    Articles written by me for Yojana journal between May 2013 to Mar 2018