WASHINGTON—Treasury Secretary Janet Yellen met with banking regulators on Friday on the collapse of SVB Financial Group as she and the White House expressed confidence in their abilities to respond to the largest bank failure since the 2008 financial crisis. Yellen met with officials from the Federal Reserve, the Federal Deposit Insurance Corporation, and the…
Treasury, White House: Confident in Regulators Response on Silicon Valley Bank Collapse
US Aviation Regulator Boosting Boeing Oversight
WASHINGTON—The U.S. Federal Aviation Administration (FAA) is ramping up oversight of Boeing and plans to add nearly 300 employees to its safety office following two fatal 737 MAX crashes in recent years, the agency’s acting head said on Wednesday. Acting FAA Administrator Billy Nolen told the Senate Commerce Committee that the aviation safety office, which…
Government to Set Up Independent Football Regulator for English Football to Protect ‘Rich Heritage’
The government is proposing to set up an independent regulator for football in England and Wales, to help prevent the financial collapse of clubs, protect the sanctity of the football pyramid and stop club owners changing team names, club colours, or moving stadiums without the agreement of the fans. The regulator would have the power…
US Regulator Seeks More Information on Tesla Crash in California
The United States National Highway Traffic Safety Administration (NHTSA) said on Monday it has asked Tesla Inc. for additional information after one of its vehicles collided with a fire truck in California. The Contra Costa County fire department said in a tweet on Saturday that a Tesla car struck one of its fire trucks and…
South Korea Fines German Automakers for Rigging Diesel Car Emissions
February 9, 2023
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South Korea officials fined German automakers for colluding to rig diesel car emissions. The country’s antitrust regulator announced the imposition of a fine totaling a combined 42.3 billion won ($33.48 million) on three German automakers for colluding to curb emissions-cleaning technology for their diesel-powered cars, reported Reuters. Mercedes-Benz, BMW, Audi (Volkswagen) were accused of colluding…
Meta’s WhatsApp Fined 5.5 Million Euro by Lead EU Privacy Regulator
DUBLIN—Meta’s WhatsApp subsidiary was fined 5.5 million euros ($5.95 million) on Thursday by Ireland’s Data Privacy Commissioner (DPC), its lead EU privacy regulator, for an additional breach of the bloc’s privacy laws. The DPC also told WhatsApp to reassess how it uses personal data for service improvements following a similar order it issued this month…
FDA Gives First-Ever Approval to Fecal Transplant Therapy
The U.S. health regulator on Wednesday approved Switzerland-based Ferring Pharmaceuticals’ fecal transplant-based therapy to reduce the recurrence of a bacterial infection, making it the first therapy of its kind to be cleared in the United States. The therapy, Rebyota, targets Clostridium difficile, or C. difficile—a superbug responsible for infections that can cause serious and life-threatening…
FDA Panel Votes Against Veru’s COVID-19 Pill
A panel of outside advisers to the U.S. health regulator on Wednesday voted against authorizing Veru Inc.’s drug for treating high-risk patients hospitalized with COVID-19, citing multiple concerns over efficacy and safety data being based on a small trial. The panel voted 8–5 against the oral drug sabizabulin’s usage and hinted that Veru gather additional…
Top US Regulator Says Cryptocurrencies Pose Risks to Financial Stability
October 4, 2022
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Business & Marketscryptocurrenciescryptocurrencyeconomic policieseconomyfinancial stabilityMarketsregulatorrisksUS
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The Financial Stability Oversight Council (FSOC) issued a report on digital assets like cryptocurrencies, warning about the dangers posed by such instruments. “Crypto-asset activities could pose risks to the stability of the U.S. financial system and emphasizes the importance of appropriate regulation, including enforcement of existing laws. It is vital that government stakeholders collectively work…
UK Financial Conduct Authority Plans Faster Response Against ‘Problem Firms’
The Financial Conduct Authority (FCA) has announced a new strategy to shut down “problem firms” that do not meet basic regulatory standards. Bosses at the regulator said they are concerned that the cost-of-living crisis could see households turn to lenders in greater numbers to manage their finances. The three-year plan will see 80 new staff…
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