The Information Commissioner’s Office (ICO) has fined Facebook £500,000 for serious breaches of data protection law. In July, the ICO issued a Notice of Intent to fine Facebook as part of a wide ranging investigation into the use of data analytics for political purposes. After considering representations from the company, the ICO has issued the fine to Facebook and confirmed that the amount – the maximum allowable under the laws which applied at the time the incidents occurred – will remain unchanged. The full penalty notice can be read here.
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The Plenary discussed market developments and vulnerabilities in the global financial system. Members considered that, while global growth remained solid, it has become more uneven across economies, and some downside risks have begun to materialise. Increases in policy interest rates and benchmark yields have to date been gradual. However, some developments warrant attention: normalisation of monetary policy in some advanced economies has contributed to a marked tightening of financial conditions in some emerging market economies; some asset classes – including real estate in a number of economies – are showing signs of overvaluation, and geopolitical uncertainties persist.
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The European Commission presented its Work Programme for 2019, setting out three main priorities for the year ahead: reaching swift agreement on the legislative proposals already presented to deliver on its ten political priorities; adopting a limited number of new initiatives to address outstanding challenges; and presenting several initiatives with a future perspective for a Union at 27 reinforcing the foundations for a strong, united and sovereign Europe.
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by Melvyn Morrison

On 23rd June 2016, British citizens voted by a slim majority (52% versus 48%) to leave the European Union. Nine months later, on 29th March 2017, the British government triggered Article 50 of the Lisbon Treaty to formally notify the European Council about its intention to leave the European Union. This not only marked the start of a 2-year period for negotiating the exit terms, but also prompted a discussion about the future rights of expatriates. The UK is thus due to leave the EU on 29th March 2019 after the exit terms have been agreed. If the terms of a so-called ‘divorce settlement’ are not announced by 21st January 2019, several options are available including leaving the EU without a deal, and delaying departure by seeking extension of the deadline with the unanimous support of the UK and the other 27 EU countries. However, the UK’s relationship with the EU will still remain largely the same until after the transition period that is presently scheduled to end on 31st December 2020. UK expatriates would certainly have liked to have been formally consulted about crucial decisions affecting their futures.  Continue reading…

Saudi Arabia’s isolation in the global business world deepened as three of Europe’s top bankers joined a growing list of executives who have pulled out of a high-profile investment conference in Riyadh next week. A spokesperson for HSBC (HSBC) said its CEO, John Flint, would not attend the Future Investment Initiative, and a person familiar with the situation said Credit Suisse (CS) CEO Tidjane Thiam would no longer be going. Both executives were previously listed as speakers and both banks were strategic partners for the event. Neither bank would comment on the status of the partnerships.
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 The International Monetary Fund (IMF) welcomed the continued recovery in activity in sub-Saharan African resource-intensive countries and sustained strong growth in most other countries. The IMF urged however sub-Saharan African countries to reduce underlying vulnerabilities and strengthen the foundations for sustained high growth. According to its latest Regional Economic Outlook for sub-Saharan Africa report: “economic growth is picking up and macroeconomic outcomes have strengthened but more needs to be done to decisively shield the recovery against risks arising from both domestic and external shocks”.
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Pakistan is ready to share details of the debt related to the China-Pakistan Economic Corridor (CPEC) with the International Monetary Fund (IMF), and the decision to approach the Fund was taken after consultations with friendly countries, said Finance Minister Asad Umar on Saturday. Umar, however, rejected the US State Department’s statement, suggesting that the debt accrued on CPEC projects was to blame for the country’s current economic crisis.
By Shahbaz Rana
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The Financial Stability Board (FSB) published Crypto-asset markets: Potential channels for future financial stability implications. This report sets out the analysis behind the FSB’s proactive assessment of the potential implications of crypto-assets for financial stability. The reports follows up on the initial assessment set out in the FSB Chair’s March 2018 letter to G20 Finance Ministers and Central Bank Governors, and the summary of the work of the FSB and standard-setting bodies on crypto-assets the FSB published in July.
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Commission puts forward an action plan to develop a sustainable and circular bioeconomy that serves Europe’s society, environment and economy. As announced by President Juncker and First Vice-President Timmermans in their letter of intent accompanying President Juncker’s 2018 State of the Union Address, the new bioeconomy strategy is part of the Commission’s drive to boost jobs, growth and investment in the EU. It aims to improve and scale up the sustainable use of renewable resources to address global and local challenges such as climate change and sustainable development.
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The Financial Conduct Authority (FCA) is consulting on new rules and guidance to reduce the potential for harm to investors in funds that hold illiquid assets, particularly under stressed market conditions. These measures will also support the FCA’s market integrity objective and help address financial stability concerns. Open-ended funds that invest in illiquid assets can encounter difficulties if significant numbers of investors simultaneously try to withdraw their money at short notice. An example of this occurred following the result of the UK referendum on EU membership in June 2016.
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