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On April 24, the China Securities Regulatory Commission (CSRC) issued the "Rules for the Supervision of Board Secretaries of Listed Companies," which will take effect on May 24, 2026. The main contents of the "Rules for Board Secretaries" are as follows: First, clarifying the scope of responsibilities. The rules detail the specific responsibilities of board secretaries in areas such as information disclosure, corporate governance, and internal and external communication. Second, improving safeguards for performance of duties. The rules provide safeguards in multiple aspects, including information access, performance platforms, and remedies, to promote the full and lawful performance of duties by board secretaries. Third, improving appointment management. The rules enhance the professional competence and compliance requirements for board secretaries, prohibiting concurrent positions that may affect their independent performance of duties. The nomination committee is required to review the qualifications of board secretaries. Fourth, strengthening accountability. Listed companies are required to establish a regular evaluation and accountability mechanism for the performance of board secretaries; strict regulatory measures or penalties will be taken against listed companies that violate laws and regulations but whose board secretaries have failed to perform their duties diligently. Fifth, clarifying transitional arrangements. A transitional period is set for matters such as the appointment and concurrent positions of board secretaries of listed companies until December 31, 2027. During the transitional period, any inconsistencies between the above matters and the "Rules for Board Secretaries" should be gradually adjusted to comply with the regulations.Swiss National Bank President: We have no plans to increase or decrease our gold holdings.On April 24, Li Qingshuang, Vice Chairman of the China Council for the Promotion of International Trade (CCPIT), met with a delegation led by Emmanuel Faber, Chairman of the International Sustainability Guidelines Council, in Beijing. The two sides exchanged views on strengthening institutional cooperation, promoting enterprises to implement sustainable disclosure guidelines, and better participating in global trade and investment activities.On April 24th, according to industry sources, Meituans new generation of large-scale basic model, LongCat-2.0-Preview, has been released for open testing. This model boasts over a trillion parameters, placing it among the worlds top large-scale models. Sources familiar with the matter revealed that DeepSeeks new generation V4 large-scale model, released on the same day, has essentially the same total number of parameters and activation parameters as Meituans LongCat-2.0-Preview. Beyond the sheer scale of its parameters, a major breakthrough for Meituans new generation of large-scale basic model lies in its complete reliance on domestically produced computing power clusters for both training and inference. According to the aforementioned sources, Meituan utilized between 50,000 and 60,000 computing cards during this training phase, making it the largest large-scale model training task ever completed using domestic computing power.British fintech company Revolut is shutting down its commodities business for precious metals trading in parts of Europe.

Despite the fact that Eurozone interest rates are anticipated to peak sooner, the EUR/GBP looks to have breached over 0.8630

Daniel Rogers

Dec 07, 2022 15:12

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The EUR/GBP pair has had a stronger recovery from 0.8580 during the Asian session, approaching the pivotal 0.8630 level. Despite the European Central Bank (ECB) being close to reaching an interest rate high, there has been strong demand for Euro bulls. Thus, the monetary policy meeting scheduled for next week will be of utmost significance.

 

The cross is attempting to break strongly above the significant barrier of 0.8630 for the fourth time this week. The hawkish remarks made by ECB policymakers are holding back the euro bulls.

 

"There will be another rate hike," said Constantinos Herodotou, governor of the Central Bank of Cyprus, "but we are very near to neutral." The European Central Bank's chief economist, Phillip Lane, is unsure as to whether the inflation peak has already occurred or will take place in 2019. He stated that although "much has already been done," he does not rule out more rate increases.

 

Investors are currently looking forward to Christine Lagarde's speech, which will be revealed on Thursday. The ECB President is likely to lower her inflation projection in her future statement in light of the poor retail sales numbers.

 

In contrast to expectations for a 1.7% loss, this week's Eurozone retail sales numbers showed a 1.8% decline. Aside from that, annual economic data contraction came in at 2.7% as opposed to the 2.6% consensus expectation. A decline in household demand demonstrates the effectiveness of the European Central Bank's (ECB) policy tightening initiatives. To reach their sales targets, firms could feel pressured to lower the prices of their products and services.

 

The United Kingdom's deteriorating food crisis, brought on by growing costs and a labor shortfall, has had an impact on the Pound Sterling. According to Minette Batters, president of the National Farmers Union, "the government and the entire supply chain must act swiftly." The Financial Times stated that "tomorrow might be too late." The economy already faces rising food inflation, and the issue with the supply of food will make matters worse.


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