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.
Pfizer and BioNTech get permission to appeal for invalidation of Moderna’s Covid-19 vaccine patent
Pfizer and its German vaccines arm BioNTech were allowed by the UK High Court to appeal a July decision which found one patent of Moderna valid and infringed and invalidated another patent of Moderna. The patents relate to mRNA Covid vaccines. The High Court refused permission to Moderna to appeal the invalidation.
Agrihub fails to secure EU protection for ‘FarmGPT’ trademark
A Canadian agriculture firm was denied EU protection for its "FarmGPT" international trademark registration
today. The EUIPO finalized an earlier provisional ruling which deemed the mark incapable of distinguishing
Agrihub’s products and services from those of its competitors.
today. The EUIPO finalized an earlier provisional ruling which deemed the mark incapable of distinguishing
Agrihub’s products and services from those of its competitors.
Investor gets okay for CHIPSY KINGS trademark from EU’s lower court
Investor András Lénárd can register “CHIPSY KINGS” as a trademark, an EU court ruled today, upholding a
decision from the EUIPO. The court rejected a German food manufacturer’s claims that consumers might confuse
CHIPSY KINGS with its “Curry King” trademark.
decision from the EUIPO. The court rejected a German food manufacturer’s claims that consumers might confuse
CHIPSY KINGS with its “Curry King” trademark.
EPO rejects Samsung’s patent appeal for web browsing history technology
Samsung Electronics' appeal of the European Patent Office's rejection of its patent application for a web browsing history technology was dismissed by the EPO Boards of Appeal yesterday. The Board found Samsung's
technology claimed features which were obvious over prior art.
technology claimed features which were obvious over prior art.
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.
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.
Shell scores another win, this time on appeal, in Ensygnia UK patent row
UK oil and gas giant Shell prevailed today in a patent dispute with Ensygnia IP. The UK Court of Appeal upheld
findings by a lower court that Ensygnia’s patented QR code enabled payment system is invalid as obvious and for improper extension of scope. The ruling clears Shell to continue using the technology at its gas stations.
findings by a lower court that Ensygnia’s patented QR code enabled payment system is invalid as obvious and for improper extension of scope. The ruling clears Shell to continue using the technology at its gas stations.
AI may impact UK patent system, judge says
Judge Colin Ian Birss, deputy head of civil justice, said machines are not recognized as inventors under UK
patent law. Speaking at a conference in London, Birss highlighted the challenges in patenting AI methods,
disclosure requirements for AI patents, and the potential impact of AI on patent obviousness.
patent law. Speaking at a conference in London, Birss highlighted the challenges in patenting AI methods,
disclosure requirements for AI patents, and the potential impact of AI on patent obviousness.
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.
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.
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
EU's UPC directs lower court to reconsider stay on patents dispute proceedings
The Court of Appeal of the EU's Unified Patent Court directed its Nordic-Baltic Regional Division to reconsider a request from medical device manufacturer Meril Life Sciences to stay infringement proceedings pending a
decision from the opposition division of the European Patent Office in a dispute with patent owner Edwards
Lifesciences.
decision from the opposition division of the European Patent Office in a dispute with patent owner Edwards
Lifesciences.
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."
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.
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.
Motorola bid to enforce portions of US court award against Hytera dismissed by UK High Court
Motorola’s bid to enforce parts of a July 2024 US appeals court judgment, which held Hytera liable for misappropriation of Motorola’s proprietary trade secrets and infringing related copyrights, was dismissed by the
UK High Court on Thursday. Judge Neil Calver held that portions of the US judgment were unenforceable in the
UK.
UK High Court on Thursday. Judge Neil Calver held that portions of the US judgment were unenforceable in the
UK.
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.
Sky registered trademarks it never intended to use, UK's top court rules
Media conglomerate Sky acted in bad faith when registering some of its trademarks by claiming protection for broad categories of goods and services it did not intend to use, the UK Supreme Court said in its long-awaited judgment in Sky’s trademark feud with US software maker SkyKick.
AI copyright dispute could see update 'in very near future,' UK minister says
UK rights holders and AI developers will see a further update on the government's plans to resolve a contentious dispute over the use of copyrighted materials in AI model training in "the very near future," a minister said. Margaret Jones told lawmakers that there were legal questions over how the existing copyright rules applied to
generative AI models.
generative AI models.
German drugmaker Stada wins appeal in trademark dispute with Spanish rival in EU court ruling
Stada Arzneimittel has won a trademark dispute with Spanish rival Bioiberica. Annulling the EUIPO’s Board of
Appeal decision, the General Court said the board erred in finding that the signs had a low, rather than an
average, degree of visual and phonetic similarity and there was no likelihood of confusion.
Appeal decision, the General Court said the board erred in finding that the signs had a low, rather than an
average, degree of visual and phonetic similarity and there was no likelihood of confusion.
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.
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.
Abbott, Sinocare debate distinctiveness of three-dimensional trademark at UK trial
US medical device maker Abbott Diabetes told a London court that its three-dimensional trademark for the “FreeStyle Libre” glucose monitoring device is valid and infringed by Sinocare. In closing arguments, Sinocare said Abbott’s trademark was “hopelessly non-distinctive.” A UK judge reserved his judgment for a later date.
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MLex Financial Crime
UK solar fraudster escapes jail over use of alias in SFO case
David Black, a fraudster who was previously jailed for scamming 1,500 solar-panel investors out of 17 million
pounds ($21 million) escaped a return to jail today, in spite of using an alias in breach of a UK court order.
pounds ($21 million) escaped a return to jail today, in spite of using an alias in breach of a UK court order.
UK jury sent out in Gemfields Madagascan bribery case
Jurors hearing a bribery case involving ruby and emerald miner Gemfields were sent out today to reach their
verdicts against a former aide to Madagascar’s president, Andry Rajoelina.
verdicts against a former aide to Madagascar’s president, Andry Rajoelina.
UK diamond supplier asked for ‘bribes’ by Madagascan president’s aide in police sting operation
UK diamond supplier Gemfields was asked to provide hundreds of thousands of Swiss francs in bribes in return
for securing mining rights in Madagascar to “line the pockets” of the president’s chief of staff, a London court was told today.
for securing mining rights in Madagascar to “line the pockets” of the president’s chief of staff, a London court was told today.
Odey Asset Management probe closed but investigation into founder is ‘live,’ UK FCA says
An investigation into Odey Asset Management has been closed by the UK’s Financial Conduct Authority after the
firm’s decision to shut its doors, the authority said today. But a probe into the company’s founder Crispin Odey
following sexual harassment claims is continuing, FCA head Nikhil Rathi told lawmakers.
firm’s decision to shut its doors, the authority said today. But a probe into the company’s founder Crispin Odey
following sexual harassment claims is continuing, FCA head Nikhil Rathi told lawmakers.
Hewlett-Packard arguing for $4 billion in damages over Autonomy losses
Hewlett-Packard is claiming as much as $4 billion from Autonomy founder Mike Lynch over allegations of fraud
linked to the multibillion-dollar sale of his software company in 2011. A hearing into damages began today at the High Court in London and is expected to last a fortnight.
linked to the multibillion-dollar sale of his software company in 2011. A hearing into damages began today at the High Court in London and is expected to last a fortnight.
Madagascan presidential aide was never promised payment in gems, she tells London court
An aide to Madagascar's president told a UK court today that at no point in talks with mining company Gemfields did she agree to accept personal payments in gemstones. Romy Andrianarisoa is on trial over allegations that she offered to help the British company obtain mining rights in Madagascar in return for cash and commission payments.
Madagascan president aide told undercover UK police she ‘needed to be paid’ for mining scheme
An aide to Madagascar’s president told an undercover police officer acting as a Gemfields consultant that she
“needed to be paid” as part of a deal to help the UK gems company secure mining rights on the island, a London
court heard today.
“needed to be paid” as part of a deal to help the UK gems company secure mining rights on the island, a London
court heard today.
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.
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.
Goldman Sachs executive’s ‘lies’ undermine FCA’s insider trading case, UK court told
Goldman Sachs International executives Goldman Sachs International executives lied on the witness stand in the UK financial regulator’s prosecution of a former employee accused of insider trading while working at the US investment bank, a London court was told today.
Former Goldman Sachs exec convicted of insider trading and fraud in UK trial
Former Goldman Sachs International executive Mohammed Zina has been found guilty in a UK court of
sidestepping internal rules to trade on insider information from deals the US investment bank was working on.
Zina, who worked in the company's conflicts resolution group in London, was accused of six counts of insider
trading and three offenses of fraud by false representation.
sidestepping internal rules to trade on insider information from deals the US investment bank was working on.
Zina, who worked in the company's conflicts resolution group in London, was accused of six counts of insider
trading and three offenses of fraud by false representation.
Former aide to Madagascar’s president found guilty in UK Gemfields bribery case
A former aide to Madagascan president Andry Rajoelina, has been found guilty of bribery in a UK court after attempting to solicit bribes from UK ruby and emeralds miner Gemfields.
Goldman Sachs executive ‘sidestepped’ rules to illegally trade on stocks, UK court told
A former Goldman Sachs International executive “sidestepped” internal rules to trade on insider information from deals the US investment bank was working on, a London court was told today.
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.
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.
I didn't seek Gemfields payment, Madagascan presidential aide tells UK court
An aide to Madagascar’s president rejected allegations that she had asked for payments for herself at any stage
of discussions or negotiations with British mining company Gemfields in a London court today. Romy
Andrianarisoa said she believed most of the revenues from the mining contract between it and the Madagascan
government would go to the country's people.
of discussions or negotiations with British mining company Gemfields in a London court today. Romy
Andrianarisoa said she believed most of the revenues from the mining contract between it and the Madagascan
government would go to the country's people.
MLex Financial Services
UK car-finance lenders can appeal landmark ruling on ‘secret’ commissions
The UK Supreme Court has granted Close Brothers and Firstrand Bank the permission to appeal October's
landmark ruling from the Court of Appeal, which had found commissions paid from car-finance lenders to brokers without the customer's consent to be unlawful.
landmark ruling from the Court of Appeal, which had found commissions paid from car-finance lenders to brokers without the customer's consent to be unlawful.
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.
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.
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.
Berne Financial Services Agreement set to benefit UK, Swiss companies
Financial companies in the UK and Switzerland are likely to benefit from simplified rules and wider market access
following this week's signing of the Berne Financial Services agreement. The agreement puts in place a
framework for mutual recognition of laws and regulations in the two regulatory regimes.
following this week's signing of the Berne Financial Services agreement. The agreement puts in place a
framework for mutual recognition of laws and regulations in the two regulatory regimes.
Open banking is the way forward for UK payments sector, PSR’s Hemsley says
There is no reason to delay the expansion of open banking in the UK payments system, the managing director of the Payment Systems Regulator said today. “There is, and rightly so, a lot of excitement about the future of payments, especially when we look at open banking. Quite simply, it is the payments sector’s way forward," Chris Hemsley said at a summit in London.
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.
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.
UK, Switzerland to sign financial services deal today
UK and Swiss finance ministers are expected to sign a landmark financial services agreement in Bern today,
aimed at easing access to each country’s markets, MLex has learned. The deal includes mutually beneficial rules
to facilitate business between companies and individuals.
aimed at easing access to each country’s markets, MLex has learned. The deal includes mutually beneficial rules
to facilitate business between companies and individuals.
Eurozone bank assessments reveal resilience, but classic risks remain lurking
Eurozone banks' profit levels are at decade highs in an environment of rising interest rates and high inflationary
pressures, but the sector should be prepared for risks to reassert themselves, the European Central Bank has
said after unveiling supervisory review results today.
pressures, but the sector should be prepared for risks to reassert themselves, the European Central Bank has
said after unveiling supervisory review results today.
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.
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.
Financial companies striving to meet higher standards under UK Consumer Duty, FCA says
Banks, building societies, and mortgage providers took varying approaches in their assessments to ensure their
products and services meet higher standards for retail financial products prescribed under the new consumer duty for retail banking, the UK’s Financial Conduct Authority said today.
products and services meet higher standards for retail financial products prescribed under the new consumer duty for retail banking, the UK’s Financial Conduct Authority said today.
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.
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.
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.
Banks must plug gaps in consumers' access to cash under proposed UK rules
Banks and building societies in the UK will need to identify and plug local gaps in access to cash and determine whether additional services are needed to meet local demand for cash services, the UK’s Financial Conduct Authority said today.
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 financial sector’s net-zero progress risks stalling as government mixes messages, lawmakers say
Many UK-based financial institutions aren't clear enough about how much financing they still give to companies
that aren't aligned with global climate action, while the UK government isn't doing enough to promote green
finance policies, Parliament's Environmental Audit Committee has warned in a new report.
that aren't aligned with global climate action, while the UK government isn't doing enough to promote green
finance policies, Parliament's Environmental Audit Committee has warned in a new report.
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.
Some UK investment firms need better risk management, including over liquidity, regulator says
UK investment firms have broadly made good progress in taking account of prudential rules aimed at heightening their risk management, but there are a number of areas for improvement, their financial regulator has reported. Among problem points, some didn’t carefully assess their cashflows and liquidity, putting them at risk of failure, the Financial Conduct Authority said.
Deeper EU capital markets union needed for green and digital transitions, Lagarde says
Deepening the EU's capital markets union is essential to support the bloc's green and digital transitions, the
European Central Bank's president told lawmakers today. Christine Lagarde stressed a need to deepen capital markets, address regulatory barriers and reach an agreement on the fiscal framework to be deployed by member states.
European Central Bank's president told lawmakers today. Christine Lagarde stressed a need to deepen capital markets, address regulatory barriers and reach an agreement on the fiscal framework to be deployed by member states.
Eurozone banks need capital buffers kept high for system resilience, ECB says in latest report
Eurozone banks should continue to maintain high capital buffers to secure the resilience of the financial system,
the European Central Bank said in its latest six-monthly financial stability review. It cautioned against the practice of imposing additional taxes on banks and calling for a strict implementation of the Basel III capital norms.
the European Central Bank said in its latest six-monthly financial stability review. It cautioned against the practice of imposing additional taxes on banks and calling for a strict implementation of the Basel III capital norms.
UK financial market infrastructure broadly happy over coordination with regulators, BOE reports
UK financial market infrastructure companies report effective and efficient coordination between them and their regulators, including over market disruptions, the Bank of England has said after a review of cooperation in
supervision of their business.
supervision of their business.
Rejection of Banco Popular compensation case 'confirms' EU bank crisis agency's actions, its chief says
An EU court ruling that investors in the collapsed Banco Popular Español didn’t qualify for compensation was
hailed today by the EU's bank crisis authority, which said it had been vindicated in its decision not to provide
compensation as part of the resolution of the Spanish bank.
hailed today by the EU's bank crisis authority, which said it had been vindicated in its decision not to provide
compensation as part of the resolution of the Spanish bank.
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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 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.
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.
A new European financial capital in the making
London-based financial companies continue to look for alternatives to serve their European clients following new realities created by Brexit.
Cities like Dublin, Paris, Amsterdam and Frankfurt are fast emerging as possible contenders to replace London’s financial supremacy in Europe. Is London’s status as Europe’s financial capital in jeopardy?
European Correspondent investigates
Cities like Dublin, Paris, Amsterdam and Frankfurt are fast emerging as possible contenders to replace London’s financial supremacy in Europe. Is London’s status as Europe’s financial capital in jeopardy?
European Correspondent investigates
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.
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.
It's the final clampdown
Switzerland made global headlines last week after Minister of Finance Karin Keller-Sutter unveiled sweeping measures aimed at curbing money laundering and enhancing transparency within the Swiss economy.
Under the new measures, companies and trusts will be required to declare the "ultimate beneficiaries" of their activities. This step aims to close legal loopholes that have been exploited to funnel money of questionable origin into Switzerland.
Under the new measures, companies and trusts will be required to declare the "ultimate beneficiaries" of their activities. This step aims to close legal loopholes that have been exploited to funnel money of questionable origin into Switzerland.
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 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.
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
New York City Street Crime
A group data journalism project analysing the journalistic content of SIGMA awardee Jesse Coburn's story on dangerous street crime and children in New York City
Will ChatGPT replace journalists?
The emergence of AI and the metajournalistic discourse surrounding it poses some serious questions about the extent to which journalistic boundaries are being challenged today. The advent of the language model chatGPT has just sent ripples across the journalism world prompting journalists to revisit their relevance, skills and competition in an AI dominated world.
How not to lose a trillion dollars - the hidden fight central banks are undertaking
As regulatory institutions, central banks frequently face cyber attacks. In 2024 alone, five central banks witnessed cross border cyber attacks. The story investigates how central banks ensure the robust functioning of critical payments and financial infrastructure and guard against cyber threats.
Art: The Voice of Protests in Iran
It’s been three months since Iranian citizens, mostly women, have been fighting for their rights and freedoms in the streets against the brutal security forces of the current Iranian regime. “Woman, life, freedom (Zan, Zendegi, Azadi)” is one of their most important slogans to expand a global action in solidarity with Iranian women and girls who are courageously demonstrating peacefully for their fundamental human rights.
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.
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
Women Led Development, Yojana Sep 2016
"There is no tool for development more efficient than the empowerment of women," no other statement could have described the abilities of women more aptly.
Indian Economy: Yojana April 2014
The economic history of India shows a number of distinct phases over the period it feel under the colonial control to the modern times when it embarked on economic reforms.
Illness as a Metaphor, Yojana Feb 2014
Apparently, it may look trivial to ask if one can identify a healthy person from an ill one but the concept of health and illness has confounded human beings for long.