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France is advocating for the removal of certain capital requirements for the euro zone's leading banks to level the playing field with US banks. The proposed changes involve merging existing loss-absorbing capacity standards, specifically Total Loss-Absorption Capacity (TLAC) and Minimum Requirement for own Funds and Eligible Liabilities (MREL), into a single requirement. The aim is to simplify regulations while maintaining current demands, although other EU countries may express resistance to this plan.

 

Reuters

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The International Monetary Fund (IMF) has urged Western governments to raise pension ages to prevent escalating public spending and debt. Nations should also raise more revenue by charging VAT on food, limiting inflation and keeping a lid on public spending, it said. "Spending on pensions, education, health care and wage bills tends to be persistent. Linking retirement ages to life expectancy can curb spending rigidity and improve pension sustainability, especially in advanced economies." The IMF also urged countries to finds efficiencies rather than just raising taxes and borrowing more to cover expenditure.

 

The Daily Telegraph

Eurozone finance ministers are set to discuss strategies to enhance the issuance of euro-denominated stablecoins, aiming to ensure Europe remains competitive with the US market, where nearly all stablecoins are currently dollar-based. With the euro stablecoin market valued at just $620m compared to an overall market of $300bn, there is pressure to potentially adjust regulatory frameworks to foster growth while mitigating risks. An EU official observed: "The discussion is about how we should position ourselves . . . and whether we need to fix regulatory issues to better nurture the development of high-quality European stablecoins."

 

Reuters

Two of the world’s biggest bond investors, Pimco and BlackRock, have urged UK finance minister Rachel Reeves to build a larger buffer into the country's public finances in her November Budget.

 

Financial Times

Meta and Apple are in the final stages of agreeing a deal with European regulators to change a range of business practices as they seek to settle two antitrust cases.

 

Financial Times

The IMF and Bank of England have both warned that an AI-driven market bubble could suddenly burst risking a "sudden correction" in global financial markets. "On a number of measures, equity market valuations appear stretched, particularly for technology companies focused on artificial intelligence," the BoE’s financial policy committee (FPC) warned. "This . . . leaves equity markets particularly exposed should expectations around the impact of AI become less optimistic." Echoing these concerns, Kristalina Georgieva, IMF managing director, said: "Today’s valuations are heading towards levels we saw during the bullishness about the internet 25 years ago."

 

Sky News

Financial Times

The Guardian

Ransomware group Qilin has claimed responsibility for the cyberattack on Asahi Group which caused severe disruption to production at the Japanese beverage firm. Qilin first emerged in 2022. It operates a ransomware-as-a-service platform that allows users to carry out attacks in exchange for a percentage of extortion proceeds, and said it had stolen more than 9,300 files, or roughly 27 gigabytes of data. The Asahi Super Dry maker has restarted at least six of its 30 factories in Japan after the cyberattack paralysed distribution and forced a halt to most of the company’s domestic production last week. Asahi officials said they will analyse the responsibility claim, which was posted on the dark web, and consider how to respond.

 

Bloomberg

CNA

Japan Times

Nippon

Anglo American has defended its due diligence on a $50bn mega merger with Teck Resources after the Canadian miner once again cut output guidance for its flagship copper mine in Chile. “Anglo American is fully supportive of Teck’s more measured approach to the ramp up of Teck’s Quebrada Blanca operation over the next few years,” Anglo said in a statement on Wednesday.

 

Bloomberg

Financial Times

Belgian newspaper L'Echo reports that Amazon plans to invest €1bn ($1.16bn) in Belgium from 2025 to 2027. The company aims to enhance its local supply chains to offer same-day delivery, according to the report, and develop infrastructure and strengthen its partnership with Belgian mail operator Bpost and local small and medium-sized businesses.

 

Reuters

JPMorgan Chase has replaced its European chief who relocated to New York this year, installing two bankers based in London and Paris to co-lead its Europe, Middle East and Africa business. Conor Hillery and Matthieu Wiltz will take over from Filippo Gori, according to memos to staff.

 

Bloomberg

Financial Times

The UK is emerging as a leader in the anti-money laundering (AML) technology sector, with Relx and Experian, both multinational data and analytics companies listed on the London Stock Exchange, ranked first and third globally respectively, according to Juniper Research. Nick Maynard, head of research at Juniper, noted that compliance with AML regulations has created opportunities for technology suppliers. The global AML market is projected to grow from $33.9bn in 2025 to $75bn by 2030.

 

The Times

The London branch of Lehman Brothers has officially closed, 17 years after its parent company's collapse in 2008. A judge ruled that Lehman Brothers International Europe has settled all creditor claims, with most receiving full payment plus 8% interest. Judge Robert Hildyard described it as a "seminal moment" in insolvency history. Ryan Perkins, a lawyer for Lehman, noted that administrators have "nothing left to do" and highlighted the unusual situation of having surplus assets. The bank's failure was one of the largest bankruptcies ever, leading to a global recession and the loss of 26,000 jobs. Insolvency practitioners at PwC recovered almost £28bn while the firm has been paid £1bn for its work.

 

Daily Mail

Wolt is launching a trial to hire around 100 couriers as employees in Finland, marking a shift from its contractor-only model. The delivery company plans to recruit the employee couriers by year-end while maintaining its freelance system for others. The pilot programme aims to provide stability for couriers who prefer employment. “Most couriers want to work as entrepreneurs and decide when and how much they work,” said Joel Järvinen, Wolt's Chief Operating Officer for Northern Europe. “A small part would rather be employees. This solution meets both needs. It's new for us, for couriers, and for regulators, so there's much to learn.”

 

Helsinki Times

YLE Uutiset

Expansion has reported that Spanish telecoms group Telefonica plans to lay off at least 6,000 employees before the end of the year. The report in the newspaper said the total number of workers initially affected by the redundancy plan could increase to 7,000 out of a global workforce of around 100,000. Telefonica is set to present its new strategic plan on November 4, and the group will seek to officially inform unions of the potential layoffs shortly after the plan's presentation, according to the Expansionreport.

 

Reuters

OpenAI and Anthropic are exploring the use of investor funds to settle potential multibillion-dollar lawsuits, as insurers balk at providing comprehensive coverage for the risks associated with artificial intelligence.

 

Financial Times