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The US and the UK have agreed to set up a Transatlantic Taskforce for Markets of the Future to improve access to capital markets and enhance digital assets regulation. Officials from the US and UK treasuries will chair the new body that will also include regulators from both countries. They have been charged with developing concrete recommendations within 180 days. The announcement follows heavy criticism of the UK government for failing to embrace the cryptocurrency industry. Commenting on the move, the UK Cryptoasset Business Council, said: "Get this right and it has the potential to turbocharge the City of London and the transatlantic economy."

 

Financial Times

Reuters

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The UK government plans to accelerate major infrastructure projects, including new runways at Gatwick and Heathrow, by limiting legal challenges and streamlining approvals. Housing secretary Steve Reed said ministers would introduce further planning reforms if projects face delays, promising to "tear down barriers to development." He confirmed Labour is considering a second planning bill next year to push through more radical changes. The move follows approval of a second runway at Gatwick, which campaigners have vowed to contest. Reed argued reforms would cut approval times by a year, boost jobs, reduce travel costs, and stimulate economic growth. Labour leaders, including the Chancellor, stress that expansion can support both the economy and environmental protection. Communities Against Gatwick Noise Emissions has said it would launch an immediate judicial review into Gatwick airport's expansion plans.

 

The Daily Telegraph

The Times

Two businessmen have been found guilty of falsifying documents for senior executives at German fintech firm Wirecard as part of one of Europe’s biggest accounting frauds. Shan Rajaratnam, a 59-year-old Singaporean, and James Henry O'Sullivan, a 50-year-old Briton, used the documents to deceive auditor EY into thinking the start-up had more money stored away than actually existed. The pair will return to court for mitigation and sentencing in November.

 

CNA	Financial Times

Barings, an arm of US life insurer MassMutual, claims former co-head of global private finance Adam Wheeler “surreptitiously assisted in the establishment of a competitor” by coordinating a “mass resignation.”

 

Financial Times

Greece has revamped its tax system, transforming it from one of Europe's most inefficient to one of the most efficient, using drones, big data, and real-time surveillance. Giorgos Pitsilis, governor of the Independent Authority for Public Revenue, said: “We worked systematically over the years, with dedication,” as he highlighted the shift from a lack of data to a data-driven approach. The country recorded a budget surplus in 2024, a significant turnaround from its previous financial struggles. Moody's has upgraded Greece's bonds to investment grade, and praised its digitization efforts. Despite the progress, challenges remain, including high sales tax rates and persistent poverty. The government aims to build trust in public institutions through improved tax compliance, and Finance Minister Kyriakos Pierrakakis has said that the shift towards modernisation is irreversible.

 

U.S. News

Marie Owens Thomsen, senior vice-president for sustainability at the International Air Transport Association, has told the Financial Times she has an “intense fear” that the European Union will tax international aviation.

 

Financial Times

Poland is urging European Union member states to cease imports of Russian energy by the end of 2026. In a letter to EU energy ministers, Polish Energy Minister Milosz Motyka wrote: "I appeal to you to agree on a common goal of completely phasing out imports of Russian crude oil by the end of 2026." His call comes as Hungary and Slovakia continue to receive Russian oil through the Druzhba pipeline, despite other EU nations cutting ties following Russia's invasion of Ukraine in 2022. The European Commission is also considering accelerating the phase-out of Russian fossil fuel imports, which was previously planned for January 1, 2028.

 

U.S. News

Which? has submitted a super-complaint to the UK's Financial Conduct Authority (FCA) regarding delays and poor service in home and travel insurance claims. Rocio Concha, director of policy and advocacy at Which?, said evidence shows the insurance markets are failing consumers. Many claimants report distressing experiences, with half of those surveyed indicating negative impacts on their mental health. Which? said the FCA had failed to make clear what it was doing to hold companies to account and called on the regulator to do more, such as "requiring firms to take remedial action and provide redress".

 

Financial Times

The I

The Times

Apple is challenging EU regulations that it claims threaten its unique user experience. The EU's Digital Markets Act (DMA) mandates that Apple allow interoperability with third-party devices, which the company argues undermines its integrated ecosystem. Greg Joswiak, an Apple executive, warned that the rules could harm innovation and user privacy. The European Commission recently rejected Apple's appeal against these requirements, intensifying the ongoing conflict between the tech giant and EU regulators.

 

BBC News

The UK's Prudential Regulation Authority (PRA) has proposed significant regulatory cuts to ease the banking sector's operational burdens. The plan includes eliminating 37 overlapping reporting templates, which could save banks approximately £26m annually. The regulator said the changes would not compromise its "primary objective" of ensuring the safety and soundness of firms.

 

City AM

The UK's National Investigation Service (Natis), which was set up to investigate over £1bn of suspected fraud on taxpayer-backed pandemic loans, recovered just £7.2m, far below the £38.5m it received from taxpayers. Initially claiming £23m recovered, auditors verified only the smaller sum. Natis, based at Thurrock Council, was scrapped in May following reports of governance failings and its misleading presentation as a national policing unit. The unit, staffed by council employees without police powers, secured only 14–15 convictions and had 146 ongoing cases valued at £53m.

 

The Times

Thousands of small businesses affected by Carillion's collapse in January 2018 may soon recover some funds. PwC, overseeing the administration, announced a potential "unsecured dividend" for creditors of 23 subsidiaries. Companies owed money can now register claims, but payouts depend on asset values and liquidation costs. While some creditors may receive compensation, those linked to 60 other subsidiaries, including overseas divisions, are unlikely to recover losses. The collapse precipitated 3,000 job losses and impacted 30,000 businesses. KPMG, the group's auditor, was fined a record £21m by the Financial Reporting Council over what it called "textbook" failures in its work. KPMG was also sued by shareholders for £1.3bn before settling in 2023.

 

The Times

BBVA has increased its offer for Banco Sabadell by 10% to €17bn, eliminating the cash component. This revised proposal, announced just weeks before the offer period ends, values Sabadell shares at €3.39 each.

 

Financial Times

Oliver Blume is under pressure to give up his dual CEO roles at Porsche and Volkswagen after Porsche’s third profit downgrade in six months amid the market’s slow shift to EVs.

 

Financial Times

Sir Keir Starmer is exploring proposals to abolish some visa fees for top global talent at a time when the US has taken a tougher stance on immigration. The prime minister's "global talent task force" is working on ideas to attract the world's best scientists, academics and digital experts to the UK with a package of measures to increase economic growth, according to a report in the Financial Times. 

 

Financial Times

Reuters

The Guardian