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The UK Treasury has announced new legislation requiring crypto firms to adhere to standards set by the Financial Conduct Authority (FCA) starting in 2027. The move aims to regulate cryptocurrencies like Bitcoin similarly to traditional financial products, enhancing consumer protection. Rachel Reeves, the Chancellor, said: "Bringing crypto into the regulatory perimeter is a crucial step in securing the UK's position as a world-leading financial centre in the digital age." The new rules will improve transparency and help detect suspicious activities within the crypto market. City minister Lucy Rigby added: "We want the UK to be at the top of the list for cryptoassets firms looking to grow and these new rules will give firms the clarity and consistency they need to plan for the long term."

 

Financial Times

London Evening Standard

The Guardian

The Times

Thyssenkrupp, Europe's largest steelmaker, will pause production at its Gelsenkirchen site in western Germany and Isbergues in northern France for two weeks due to increased competition from low-priced Asian imports. The company said the French site will operate at half-capacity for four months starting January. The decision comes as the European Union considers tightening steel tariffs to protect local industries. The measures were in response "to a massive increase in low-priced imports, particularly from Asia," Thyssenkrupp Steel Europe said. "These developments have led to a dramatic change in order volumes and thus to a significant underutilisation of capacity at European production facilities."

 

France 24

Volkswagen is offering early retirement to all of its 2,300 workers at its two factories in India's western Maharashtra state, as the automaker launches a restructuring effort in a bid to to overcome obstacles to local growth. After more more than two decades of operations, Volkswagen still has only 2% market share in India. The early retirement scheme for blue-collar workers is designed to "rationalise the manpower and align it with current needs." Volkswagen wants to ensure it can continue to pay competitive wages and that the plants would continue to operate, a source said.

 

Reuters

Portugal experienced its first general strike in over a decade on Thursday, led by the CGTP and UGT unions. The strike led to the halting of train services, the cancellation of hundreds of flights, and the closure of schools in protest against proposed labour reforms. The minority government aims to amend over 100 articles of the labour code to enhance productivity, but unions argue the proposed amendments undermines workers' rights. Prime Minister Luis Montenegro said: "The government respects the right to strike . . . but it will not give up on being reformist."

 

AlJazeera

U.S. News

The European Union has decided to indefinitely freeze €210bn (£184.5bn) of Russian sovereign assets in Europe. The move eliminates the need for biannual votes to extend the freeze, reducing the risk of Hungary and Slovakia blocking it. EU leaders will soon discuss using these frozen assets to support Ukraine's military and civilian needs. However, Belgium remains hesitant due to concerns over retaliation from Moscow, because €193bn (£169bn) is held by Euroclear in Brussels. Russia's central bank has filed a lawsuit against Euroclear.

 

Reuters

Moscow Times

Compensating UK consumers for mis-sold car loans could cost lenders far more than regulators estimate, according to industry sources. While the Financial Conduct Authority (FCA) has estimated costs of around £11bn, sector insiders say costs could potentially reach £18bn–£20bn. The FCA’s proposal, published in October, sets a broad definition of unfair loans and a low threshold for excessive commissions, which the industry argues inflates costs. Lenders are expected to challenge the plan in responses to an FCA consultation and may pursue legal action unless proposals are revised. Adrian Dally, director of motor finance at the Finance and Leasing Association, says compensation should be limited to customers who suffered actual losses. The FCA aims to finalise the scheme by March and begin payouts in 2026. 

 

Reuters

Nationwide Building Society has been fined £44m by the UK's Financial Conduct Authority (FCA) for failing to manage financial crime risks from October 2016 to July 2021. The FCA found that Nationwide lacked adequate anti-financial crime systems, allowing customers to misuse personal accounts for business activities. This oversight led to missed opportunities in detecting £27.3m in fraudulent pandemic-related furlough payments. Therese Chambers, the FCA's joint executive director, said: "Nationwide failed to get a proper grip of the financial crime risks lurking within its customer base." Nationwide acknowledged the shortcomings and has since improved its controls.

 

Sky News

The Daily Telegraph

BBC News

Daily Mail

The Guardian

Euronext's proposal to consolidate ETF listings and make its central securities depository the default settlement venue for Paris and Amsterdam-listed funds has faced pushback from French and Dutch regulators.

 

Financial Times

Nvidia has created a location verification technology designed to help prevent its AI chips from being smuggled into countries where their export is restricted. The system, leveraging the confidentiality features of its graphics processing units (GPUs), will allow customers to track the geographical operation of their chips and monitor overall performance. The development aligns with increasing governmental calls for strict measures against the unlawful export of AI chips, particularly to China, amidst ongoing concerns about national security.

 

Reuters

Microsoft is contesting a £2.1bn ($2.81bn) lawsuit that accuses the company of overcharging nearly 60,000 British businesses for using its Windows Server software on competing cloud platforms. The case, brought forth by competition lawyer Maria Luisa Stasi, claims that Microsoft’s pricing strategy disadvantages companies that do not use its Azure platform, thus implementing "a coherent abusive strategy to leverage Microsoft's dominant position." Microsoft argues that the case lacks a proper framework for assessing alleged losses and insists its practices contribute to a competitive market.

 

Reuters

The European Commission has ordered Hungary to do away with a cap on retail price margins on food and drug items levied on non-Hungarian retailers. Spar Group called the reasoned opinion - a formal request to comply with EU law - "a milestone in tackling unlawful retail restrictions". However, Hungary's Economy Ministry has indicated that it will leave the restrictions in place, while challenging Brussels on the matter.

 

Reuters

Jaguar Land Rover (JLR) has confirmed that a major cyber attack in August not only shut down production for weeks, but also led to the theft of personal data from thousands of current and former employees at the UK carmaker. The stolen information includes payroll and benefits-related data, potentially exposing staff to identity fraud, although JLR says there is no evidence the data has been misused or made public. The company, which employs over 38,000 people, has warned affected individuals to watch for suspicious activity and is offering two years of credit and identity monitoring. The breach has been reported to the Information Commissioner’s Office, and JLR says it is working with regulators.

 

The Sunday Telegraph

Barclays is acquiring a stake in United Fintech Group, a British-Danish company focused on banking technology, alongside a group of major European and US investors. The financial details of the transaction remain undisclosed, but Barclays will gain a board seat in the start-up.

 

Bloomberg

WH Smith has announced a delay to its full-year results as the travel retailer contends with accounting errors that led to the resignation of its chief executive last month. Originally due on December 16th, they will now be published three days later on December 19th, to give PwC "further time to complete the required audit procedures."

 

Financial Times

Reuters

The Dutch economy is projected to grow by 1.3% in 2026, driven by spending from workers and pensioners, according to ING Research. Marieke Blom, ING's chief economist, said: “2025 is the year of the windfall. US import tariffs have limited impact on the Netherlands, and energy prices are slightly lower than expected. This helped the economy grow a bit this year.” She nevertheless warned that global tensions and underlying economic erosion may dampen growth next year.

 

NL Times

Marine Le Pen's National Rally party is proposing a bill to reopen brothels in France. Brothels were banned in 1946. Jean-Philippe Tanguy, a party member, argues that the 2016 law criminalising clients has worsened conditions for sex workers. He advocates for cooperatives run by sex workers to ensure their safety and rights. While some support the idea, others, including sex workers and advocacy groups, criticised the proposal as a publicity stunt. Equality Minister Aurore Berge said that France has no plans to change its current stance on prostitution.

 

France 24