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The Bank of England (BoE) has urged some lenders to evaluate their resilience against potential US dollar shocks amid growing concern over the stability of the dollar as a cornerstone of global finance. The BoE's Prudential Regulation Authority has requested banks to assess their dollar funding strategies, particularly in the light of White House policies which have raised doubts about the reliability of US support during financial crises.

 

Reuters

The 2025 Summer Risk and Compliance Report

Each quarter, Hyperproof takes a deep dive into market trends in the GRC space. A new report just released that compares their data against reports from Accenture, BDO, PWC, and more so that security pros have the best data available to finish the year strong. 

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Reform UK has told green energy firms that the party will “strike down” industry subsidies if it wins power in the next UK general election. In a letter to companies including Octopus Energy and SSE Renewables, Reform UK deputy leader Richard Tice claimed “there is no public mandate for the real-world consequences” of the clean power agenda. If Reform won an election, he said “we will seek to strike down all contracts signed under AR7” – the upcoming allocation round for Contracts for Difference (CfDs). The CfD scheme guarantees developers a fixed price for electricity that is independent of the wholesale price in the hope of encouraging companies to invest in renewable projects.

 

Financial Times

The Independent

The crisis at Argentex has escalated following the suspension of trading by the City regulator due to the company's failure to secure essential financing. The Financial Conduct Authority had previously imposed obligations on Argentex, which it could not meet, leading to a halt in all commercial activities. The firm, which helps corporate clients hedge currency exposure, has been struggling since the US dollar's decline in April. Argentex's shares have been suspended at 2¾p, a stark contrast to its £120m valuation six years ago. The company, now run by Tim Rudman, had nearly 200 employees and was in the process of being sold to IFX Payments for approximately £3m. However, the impact of the trading suspension on this deal remains uncertain.

 

The Times

EasyJet's chief executive, Kenton Jarvis, has expressed his frustration over the French government's failure to prevent air traffic controller strikes, which he says are causing significant disruptions. The airline anticipates a £25m impact on its profits due to air traffic control delays and rising fuel prices. Despite these challenges, EasyJet reported a 21% increase in pre-tax profits to £286m for the three months ending June, and remains optimistic about the summer season. Analysts predict EasyJet could achieve record pre-tax profits of £700m for the full year.

 

Financial Times

The Times

The Daily Telegraph

The European Commission has formally challenged the Spanish government over its restrictions on BBVA's hostile bid for Sabadell. A letter of formal notice was sent to Madrid after the government imposed a three-year integration ban on BBVA's operations with Sabadell as part of the €13bn offer. The Commission argues that Spanish banking laws infringe on the European Central Bank's exclusive competences and restrict capital movement. Spain has two months to respond, or it may face further action from Brussels.

 

Financial Times

Reuters

The Financial Conduct Authority (FCA) has proposed new regulations for buy now, pay later (BNPL) providers, requiring them to ensure borrowers can afford repayments and offer support in financial difficulties. The rules will come into effect when BNPL falls under the FCA's oversight next year, granting borrowers protections similar to those in other lending types. Sarah Pritchard, FCA deputy chief executive, said: "We have long called for BNPL products to be brought into our remit, so people can benefit from BNPL while being protected."

 

The Times

The Daily Telegraph

The Guardian

The I

The Bank of England is expected to reduce its bond sales in the upcoming year to alleviate pressures in the gilts market, according to Michael Saunders, a former member of the Monetary Policy Committee. He indicated that the quantitative tightening (QT) could decrease from £100bn annually to approximately £75bn to £80bn to prevent "significant further upward pressure on gilt yields." The Bank has faced criticism for its bond sales, which have resulted in losses covered by the Treasury. Andrew Bailey, the Bank's Governor, acknowledged the need to consider market functioning in its decision-making.

 

The Times

The European Commission is set to propose its first bloc-wide taxes on tobacco, e-cigarettes, and large companies to address a €650bn pandemic loan. The plan aims to raise between €25bn and €30bn annually, which constitutes about 20% of the EU's budget. The taxation on tobacco could generate €15bn each year, with member states charged based on their number of smokers. Countries like Greece, Germany, and Bulgaria may face significant impacts.

 

The Daily Telegraph

The Times

Data reveals a significant increase in raids conducted by the Financial Conduct Authority (FCA) and HMRC. The FCA executed eight raids in both 2023 and 2024, a rise from just one in 2022, and HMRC has launched 648 raids in the last financial year alone. The tax agency's push aligns with Labour's 'Close the Tax Gap' initiative, which aims to recover an estimated £5.5bn lost to tax evasion in 2022-23. Emma Shafton, a white collar crime specialist at Reed Smith, observed: "These figures confirm that UK agencies are stepping up their enforcement efforts in the fight against financial crime." Chris Hayward, policy chair of the City of London Corporation, said: "Of all the economic threats we must confront, none is so widespread as fraud."

 

City AM

An annual report titled "National Risk Assessment of Money Laundering and Terrorist Financing 2025" has identified football clubs and agents as emerging risks for money laundering and terrorist financing. It highlights the sport's "hidden nature" as a significant issue and suggests that the scale of criminality remains an "intelligence gap" that is hard to estimate. The report points out vulnerabilities such as diverse ownership models, financial inequality, and distressed clubs, which could facilitate criminal activities. The report also points to the role of professional service providers in football transactions, noting that many operate without regulatory supervision, increasing the risk of facilitating money laundering.

 

The Independent

A US appeals court has overturned the 2017 fraud conviction of Mark Johnson, a former HSBC executive who served two years in jail for "front-running" a $3.5bn currency trade for Cairn Energy. The Manhattan appeals court ruled that Johnson's conviction was compromised due to a subsequent Supreme Court decision that discredited the fraud theory used in his case. The court expressed "grave doubt" about whether Johnson could have been convicted under an alternative fraud theory. Johnson previously led HSBC's foreign exchange cash trading desk.

 

The Times

The Nikkei newspaper has reported that a court in Beijing has sentenced a Japanese employee of Astellas Pharma to 3-1/2 years in prison. The man had been detained since March 2023 on suspicion of spying and had been indicted about a year ago. When asked a question about a Chinese court sentencing an employee of a Japanese pharmaceutical company to prison for espionage, Chinese foreign ministry spokesperson Lin Jian said that the country's judicial authorities handle cases in accordance with the law.

 

U.S. News

Booking.com is set to lay off “more than 200 and fewer than 1,000” employees in Amsterdam as part of a reorganisation aimed at improving efficiency. A spokesperson confirmed that the company, which employs 13,000 people globally, is in the process of determining the exact number of layoffs. The dismissals are not due to financial struggles: the company reported a 37% increase in net profit to $5.9bn last year. According to Booking.com, the layoffs are part of an effort to operate more efficiently. “We don't want to have so many layers in the organisation anymore,” a company spokesperson told NU.nl. “Our people are managing the work of other managers. It has become too bureaucratic.”

 

NL Times

DutchNews.nl

Jaguar Land Rover (JLR) is set to implement voluntary redundancy for up to 500 management positions in the UK, following a 15.1% decline in sales over the three months ending in June. The downturn is attributed to a change in the tariff regime, which temporarily halted exports to the US. The company reported a 12.2% drop in wholesale sales in North America and a 25.5% decline in the UK. JLR has lowered its profit margin forecast for the year to between 5% and 7%, down from 10%.

 

The Daily Telegraph

The Guardian

Bloomberg reports that around 450 employees of Hungarian low cost carrier Wizz Air have been left in limbo after the airline announced the suspension of flights from Abu Dhabi from September. Wizz Air CEO Jozsef Varadi held a call with the employees and offered them the opportunity to take another job across the budget carrier's European network; however it is reported that many will find it difficult to migrate to Europe. A Wizz Air Abu Dhabi employee, who did not wish to be named, confirmed that airline management had held a conference call with staff, offering them different options.

 

Bloomberg

Khaleej Times Online

An investigation into inflated staff rates has led BAM Nuttall to terminate its contract with HS2 subcontractor Danny Sullivan Group (DSG) for a £100m bat tunnel project in Buckinghamshire. BAM Nuttall, part of a consortium that is the main contractor on the rail scheme, said that the decision followed an internal review of labour supply arrangements. Meanwhile, HS2 is conducting a separate investigation into DSG's role in providing workers for the West Midlands section of the line.

 

The Guardian