Tag: competitiveness
The steps McLaren will take to overcome its Las Vegas GP weakness
McLaren has made improvements after 2024’s disappointing Las Vegas GP performance, but doesn’t know if it will be enough.
South Korea’s top bank trials stablecoin VAT refunds
The post South Korea’s top bank trials stablecocom. One of the top five largest commercial banks in South Korea, NH NongHyup, has announced that it has initiated a proof of concept (PoC) to digitize its VAT refund service for foreign tourists using blockchain technology and test the concept of instant payments with stablecoins. For the experiment to be carried out successfully, sources close to the matter said that the proof-of-concept will be conducted in collaboration with Worldpay, Mastercard, Fireblocks, and Avalanche. While the process is ongoing, customer details or real money will not be required because the intended purpose of this PoC is to check whether the technology adopted functions properly and can be used effectively, according to the press release. Meanwhile, South Korea recently announced that it is close to finalizing its long-awaited stablecoin legislation, as the central bank and financial regulator jostle over who should regulate digital tokens pegged to the won. The Financial Services Commission (FSC) plans to submit a government-sponsored bill by the end of 2025. It will join five other competing stablecoin bills under review in the National Assembly, which individual lawmakers have submitted. NH NongHyup aims to lead in the digital transformation of Korea’s tourism economy In a statement, Choi Woon-jae, the executive vice president of NH NongHyup Bank, stated that the refund model based on stablecoins demonstrates how blockchain technology can actually enhance national competitiveness and boost customer experience. Therefore, with this ability in mind, Choi outlined their goal: to secure the top ranking in the digital transformation of Korea’s tourism economy by implementing strategies like enhancing cross-border payment and settlement efficiency. The PoC, on the other hand, focuses on attracting the booming tourist volume visiting South Korea by streamlining.
EU To Centralize Financial Oversight As IMF Warns on Crypto Risks
The post EU To Centralize Financial Oversight As IMF Warns com. The European Commission has announced plans for significant reforms to centralize supervision of financial services. The Commission intends to regulate stock exchanges, clearinghouses, and cryptocurrency exchanges. This aligns with its goal of completing the Capital Markets Union. At the same time, the IMF has raised concerns about the rapid growth of stablecoins. The IMF has also emphasized the increased risk posed by fintech and big tech firms in global financial intermediation. According to the Financial Times, the Commission’s reform also plans to expand the European Securities and Markets Authority’s (ESMA) powers. ESMA will gain direct supervisory authority over stock exchanges and clearinghouses. This means that crypto asset service providers will now be subject to ESMA supervision as well. The reform will target large financial institutions that operate across member states. The proposal aims to reduce regulatory fragmentation across member states and enhance the competitiveness of the EU. ESMA to Gain SEC- ESMA would also have the power to resolve disputes between national regulators and large asset managers through binding decisions. Germany has expressed support for the proposal, whereas Luxembourg and Ireland are more cautious. They are concerned about surrendering national control and the potential for a disproportionate impact on smaller financial sectors. Industry organizations have also raised concerns about higher compliance costs and the possibility of ESMA overreaching its expectations. The Commission continues to examine alternative supervision models, working towards finding the appropriate balance between EU-wide interests and local area expertise. The reforms are part of broader efforts to enhance the competitiveness of the EU and harmonize its financial markets. If enacted, these reforms could change.
EU arranges €5 billion package to keep tech firms from moving abroad
The post EU arranges €5 billion package to keep tech firms from moving abroad appeared com. European officials are racing to put together a huge investment fund that could help the continent hang onto its best tech companies instead of watching them get bought up by American giants. The plan centers around the Scaleup Europe Fund, and it’s already getting attention from some heavy hitters. Denmark’s EIFO sovereign wealth fund is talking about investing, along with Spain’s Criteria Caixa SA and the Novo Nordisk Foundation. Currently, the fund is aiming for €5 billion to start, which is roughly $5. 8 billion in U. S. dollars. They’ve managed to secure promises for €3 billion so far, and another €1 billion is expected to come from the European Innovation Council, the EU’s own tech accelerator. But that’s just the beginning. The European Commission actually wants to raise €25 billion eventually, according to their spokesperson. It’s an ambitious target that shows how serious they are about this problem. There’s a big meeting happening on Tuesday where commission officials will pitch the idea to more potential backers. Even the European Investment Bank is showing up, though they haven’t made up their minds about jumping in yet. The entire focus is on larger investment deals, specifically those worth more than €100 million. Europe keeps losing its best tech companies Advanced Micro Devices (AMD) bought Finnish AI lab Silo AI for $665 million just last year. Apple grabbed French AI company Datakalab back in 2023. It’s becoming a pattern that has EU officials worried. The fund comes at a time when the EU wants more independence from ongoing trade fights between America and China. They’re tired of being caught in the middle. Any company that receives funding from this fund will be required to maintain its headquarters and primary operations in Europe. The funds will target what bureaucrats call “strategic and enabling technologies”, such.
The U.S. Chamber of Commerce sued the Trump administration over hefty new fees in the H-1B visa program
The post The U. S. Chamber of Commerce sued the Trump administration over hefty new fees in the H-1B visa program appeared com. The U. S. Chamber of Commerce has filed a lawsuit against President Trump’s administration to stop the new $100,000 H-1B visa fee, arguing that it violates U. S. immigration law and would devastate businesses that depend on skilled foreign workers. The case is the first legal challenge the Chamber has brought against Trump this term, according to court filings lodged on Thursday in the U. S. District Court for the District of Columbia. The Chamber the fee as “not only misguided policy” but “plainly unlawful,” and asked the court to strike down the rule as an abuse of executive power. Before this change, H-1B visa costs were usually below $5,000, excluding attorney fees. But under Trump’s new rule, companies would have to pay $100,000 per visa, a twentyfold increase. For industries like technology, manufacturing, education, health care, and finance, the Chamber warned, this could shut off access to specialized workers altogether. Chamber warns the new fee will hurt U. S. businesses “The new $100,000 visa fee will make it cost-prohibitive for U. S. employers, especially start-ups and small and midsize businesses, to utilize the H-1B program, which was created by Congress expressly to ensure that American businesses of all sizes can access the global talent they need to grow their operations here in the U. S.,” Neil Bradley, executive vice president at the U. S. Chamber, said in a statement. The Chamber’s decision to sue is striking because it has mostly stayed silent on other controversial Trump policies, like the nasty tariffs that have caused turmoil for small manufacturers. This time, however, the group said the new H-1B structure would hurt American competitiveness and block innovation. The White House announced the rule in mid-September, triggering confusion across companies that sponsor H-1B workers and among the visa holders themselves. Many feared losing their legal status, until the administration.
UK PM Keir Starmer to make his first official visit to India on October 8, 9
The MEA on Saturday said that Starmer and PM Modi will be in Mumbai on October 9 to take stock of progress in the India-UK Comprehensive Strategic Partnership under Vision 2035, a focused 10-year roadmap of programmes and initiatives.
The New York Times
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