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April 30th - According to the Financial Times, the Bank of England has expressed concern about plans to cut capital requirements for specialized trading firms, a move that has created disagreements with other UK regulators. This disagreement stems from a proposal by the Financial Conduct Authority (FCA) late last year to relax capital rules for trading firms it regulates, aiming to improve liquidity in financial markets. Multiple sources familiar with the matter indicated that the Bank of England is skeptical, with officials worried that the move could weaken the resilience of large trading firms during crises, thereby increasing risks to financial stability. Over the past decade, trading firms have reshaped the trading landscape on Wall Street, surpassing large banks such as JPMorgan Chase and Goldman Sachs. Unlike large banks, these firms are not subject to a complex set of regulatory requirements designed to ensure they have sufficient capital in the event of market losses or deposit runs.According to the Financial Times, the Bank of England and the Financial Conduct Authority (FCA) are locked in a standoff over the capital requirements for trading firms. The Bank of England has expressed concern over plans to reduce capital requirements for professional trading firms.SpaceX: 24 Starlink satellites have been confirmed for deployment.Unitree unveils Unitree dual-armed humanoid robot, priced from 26,900 yuan.Hong Kong-listed tech stocks weakened amid volatility, with Xiaomi Group (01810.HK), Tencent Holdings (00700.HK), Alibaba (09988.HK), and many others falling by more than 3%. Bilibili (09626.HK), Alibaba Health (00241.HK), Kuaishou (01024.HK), Baidu (09888.HK), JD.com (09618.HK) and other stocks followed suit.

New York property magnate contests "every element" of contempt order Trump probe

Aria Thomas

Jul 07, 2022 11:16


Cushman & Wakefield (NYSE:CWK), which appraised several properties belonging to Donald Trump, protested "every facet" of an order finding it in contempt of court in regard to subpoenas issued in a civil investigation into whether the former president manipulated asset valuations.


Justice Arthur Engoron of a New York state court in Manhattan determined Tuesday that Cushman, one of the world's largest real estate companies, was in contempt and imposed $10,000-per-day fines beginning July 7.


He chastised Cushman for delaying over its most recent date to obtain an extension to comply with subpoenas issued by New York Attorney General Letitia James, adding that the business "had only itself to blame if it chose to disregard the approaching deadlines."


Engoron acknowledged that James subpoenaed Cushman for a "vast" number of documents, but maintained that state law supported such a sweeping demand.


Cushman petitioned a state court of appeals in Manhattan to revisit the contempt ruling against Engoron and provide him extra time to comply with the subpoenas.


Cushman has indicated that it has provided over 650 assessments and several hundred thousand pages of documents since February, and has denied any charges that it has worked in bad faith.


A spokesman for James did not immediately respond to requests for comment.


James, a Democrat, is investigating whether Trump and his family business, the Trump Organization, inflated the assessments of golf courses, hotels, and other real estate to qualify for favorable loans then dropped the prices to avoid paying taxes.


Her office's ability to acquire documents is vital as it prepares to subpoena Trump and two of his adult children, Donald Trump Jr. and Ivanka Trump, on July 15.


Trump, a Republican, has called James' inquiry a "politically motivated witch hunt."


When Engoron convicted him in contempt on April 25, he paid $110,000 in fines. On Monday of last week, the court lifted the contempt order.

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