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Europe's largest asset manager, Amundi, has expressed concern about the boom in dollar-backed stablecoins in the wake of the US Senate's passage of the GENIUS Act. The legislation aims to establish a regulatory framework for US dollar-pegged cryptotokens, which could precipitate significant shifts in global money flows. Vincent Mortier, Amundi's chief investment officer, said: "It could be genius, or it could be evil . . . It could potentially destabilise the global payment system." JPMorgan expects the amount of stablecoins in circulation to roughly double to $500bn in the next few years.

 

Reuters

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Sasha Mills, Executive Director of Financial Market Infrastructure at the Bank of England, has said that the central bank is "open minded" about the role of stablecoins in wholesale markets. Speaking at the City Week conference, Mills highlighted that while central bank money should remain the primary settlement asset, stablecoins could foster innovation. This marks a shift from the Bank's previous cautious stance, as noted in a July 2024 discussion paper that identified "significant financial stability risks" associated with stablecoins. The Bank of England is set to consult on stablecoin requirements later this year.

 

City AM

The Bank of England's Credit Conditions Survey indicates that while mortgage demand for house purchases has risen recently, it is anticipated to decline over the summer months. The report, based on lender surveys conducted between May 27 and June 13, highlights that remortgaging demand has also increased and is expected to continue growing. Overall, the report suggests a slight increase in mortgage availability and non-mortgage credit for households in the coming months.

 

London Evening Standard

France's antitrust agency has imposed a €40m fine on Shein for deceptive business practices. An investigation revealed that 57% of advertised deals did not offer lower prices, with 19% providing less discount than claimed, and 11% actually increasing prices. The agency said that Shein "deceived consumers about the authenticity of discounts they could benefit from." In response, Shein acknowledged the fine and noted that corrective actions were taken over a year ago to comply with French regulations.

 

Reuters

Ferrari has successfully regained the rights to the Testarossa brand name after the EU's General Court ruled that the company had been wrongfully stripped of the rights. The luxury sportscar maker's rights on the marque were revoked in 2023 by the European Union's Intellectual Property Office, which said the company had not put them to "genuine use" for a continuous period of five years between 2010 and 2015. But the court noted that Ferrari's approval of dealers selling second-hand Testarossas and licensing the brand for scale models constituted "genuine use" of the trademark. The Testarossa, famous for its appearance in the 1980s TV show "Miami Vice," was produced from 1984 to 1996, and only second-hand models are currently available.

 

Reuters

Russia has introduced a new type of investment account with withdrawal guarantees to attract foreign investors, as outlined in a decree signed by President Vladimir Putin. The initiative comes in response to the significant impact of international sanctions that have frozen Western investors' assets and hindered foreign investment in the Russian market. The new accounts will allow foreign investors to make investments in various forms, including roubles, foreign currency, stocks, and bonds, and there are plans to ease capital controls further.

 

Reuters

The UK government is reconsidering proposed reforms aimed at enhancing the accuracy of Companies House filings following protests from small business owners. Business Secretary Jonathan Reynolds is reviewing changes that would require companies to use third-party software for annual accounts and mandate small firms to file profit and loss statements starting in April 2027. The reforms arise from concerns over the misuse of UK companies by criminals and the register's accuracy. Critics argue that the new requirements could impose significant costs and risks, potentially compromising small businesses' competitive edge. A government spokesman said it is "committed to avoiding undue burdens on businesses." Companies House has not commented on the matter.

 

Financial Times

The Times

Chesnara is to buy HSBC's life insurance business in the UK for £260m, creating an entity with £18bn of assets under administration. The acquisition will bring on board about £4bn of assets under administration and roughly 454,000 policies, and is expected to conclude in early 2026, pending regulatory approvals. The acquisition is “an example of a major financial institution choosing to work with us, enhancing our reputation as a leading life and pensions consolidator,” Steve Murray, chief executive officer of Chesnara, said.

 

Bloomberg

Financial Times

Reuters

The UK government has rejected proposals for a Netflix tax aimed at supporting British television, citing the importance of attracting foreign investment. The proposed tax, which would have funded a new cultural initiative, faced backlash from streaming companies, who warned it could jeopardise the UK's thriving TV industry.

 

The Daily Telegraph

The European Commission has proposed that heavy industry should be exempt from paying for the carbon emissions of their exports to level the playing field with foreign competitors.

 

Financial Times

Wealthy creditor nations and multilateral lenders have launched the Debt Suspension Clause Alliance, which is aimed at allowing sovereign borrowers to pause debt payments during crises such as climate events or humanitarian emergencies. Launched at a U.N. conference in Seville, the initiative seeks to standardise clauses in public and commercial lending that would provide temporary relief, enabling countries to allocate resources for recovery without jeopardising their financial stability. Spain's Foreign Minister noted that these clauses could also extend to situations of war.

 

Reuters

The European Union is aiming to enhance its position in quantum technology by attracting private investment as it seeks to reduce dependence on the US and China. EU tech chief Henna Virkkunen highlighted that while over €11bn has been invested in public funding, only 5% of global private investments in quantum technology currently come to Europe.

 

Reuters

Food delivery platform Glovo has suspended a "heat bonus" for its couriers in Italy amid criticism from labour unions and politicians. Glovo recently introduced the bonus, worth just a few euro cents per delivery and rising in step with temperatures, to compensate riders working during a blistering heatwave in which the government has issued a red alert for 18 cities. Labour unions criticised the scheme, saying it encouraged gig workers to continue riding their scooters during the fierce heat. "Glovo resolved to suspend at national level the bonus system for deliveries during the hottest hours of the day," the company said in a statement.

 

Financial Times

Reuters