NewsBreak – Scottish High Court Rules U.K. Prorogation Unlawful

© Reuters.  © Reuters.

Investing.com – Three judges on the Scottish High Court ruled that U.K. Prime Minister’s Boris Johnson’s decision to suspend parliament is unlawful. An appeal is expected to be heard in the Supreme Court on Tuesday.

• rose 0.1% to 1.2356 as of 5:23 AM ET (9:23 GMT).

• fell 0.2% to 0.8921.

• The yield rose 5.5% to 0.674.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Forex News

China FX regulator to relax exchange rules for commodities futures market

© Reuters.  China FX regulator to relax exchange rules for commodities futures market © Reuters. China FX regulator to relax exchange rules for commodities futures market

BEIJING (Reuters) – China’s foreign exchange regulator said on Sunday it will relax currency exchange approval rules for the commodities futures market.

China will also strengthen medium and long-term asset allocation in foreign exchange reserve management, the State Administration of Foreign Exchange in a report released on its website.

It added it will push forward diversification of foreign exchange reserves in a steady, prudent way and ensure safety and liquidity while increasing the value of foreign exchange reserves.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Economy News

Italy’s Salvini: We must totally re-discuss old and outdated EU fiscal rules

Comments by Italian deputy prime minister, Matteo Salvini

  • Believes European Commission will be more friendly towards Italy now
  • Reiterates that Lega is committed to government contract with Five Star
  • Says that key issue for Italians is cutting taxes

ForexLive

Salvini is trying to flex his victory in the elections. It’s enough to convince the world that the sands of time are changing in Europe but as for any immediate consequences, the results don’t really change anything. As mentioned here, it has more domestic/national implications rather than major changes to the EU as a whole.

Let’s block ads! (Why?)

Forexlive RSS Breaking news feed

EU nations back new rules that may stall Russia's Nord Stream 2 pipeline

© Reuters. The logo of the Nord Stream-2 gas pipeline project is seen on a board at the SPIEF 2017 in St. Petersburg © Reuters. The logo of the Nord Stream-2 gas pipeline project is seen on a board at the SPIEF 2017 in St. Petersburg

BRUSSELS (Reuters) – New European Union rules to regulate Russia’s Nord Stream 2 pipeline won the backing of the bloc’s capitals on Friday, a move that will likely complicate but not rule out its construction.

Representatives of the EU’s 28 nations endorsed a last ditch German and French proposal to amend some of the language of the new rules on how to regulate the pipeline project.

The two major European powers, which both have energy firms invested in the new gas link across the Baltic Sea, were publicly at odds ahead of the EU meeting.

The initial proposal would extend the EU’s internal energy market laws to offshore gas pipelines under construction, giving it a say over how the pipeline is operated.

Diplomatic sources had said that Germany had pressured other European capitals to block the new directive.

Former German chancellor Gerhard Schroeder is chairman of Nord Stream’s shareholders committee.

In its current form, Nord Stream 2, being built by Russian state energy firm Gazprom (MCX:), would not comply with tougher new rules foreseen for new infrastructure projects.

The newer draft, seen by Reuters, suggests Berlin is looking to take the lead on authorizing the pipeline, which will run from Russia directly to Germany.

"The aim of the proposal is … to clarify that the mentioned rules refer to the territory and the territorial sea of the member state concerned," the proposal states, adding that refers to the first point of connection with the grid.

EU sources said the proposed changes would make it more difficult and expensive to build the pipeline but would permit it to go ahead.

Any delay in building the pipeline would create uncertainty for Gazprom’s partners: Germany’s Uniper and BASF’s Wintershall unit, Anglo-Dutch firm Shell (LON:), Austria’s OMV and France’s Engie.

The EU is divided over in the project.

Eastern European, Nordic and Baltic Sea countries see the 1,225 km (760 mile) pipeline increasing EU reliance on Moscow, while those in northern Europe, especially Germany, prioritize the economic benefits.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Stock Market News

Turkey Rules Out Asking for Help From the IMF

© Bloomberg. Pedestrians pass a Turkish flag hanging from the Fatih Mosque ahead of a demonstration against the relocation of the U.S. embassy to Jerusalem in Istanbul, Turkey, on Friday, May 11, 2018. No major power recognized Israeli sovereignty in Jerusalem until U.S. President Donald Trump did so on Dec. 6. © Bloomberg. Pedestrians pass a Turkish flag hanging from the Fatih Mosque ahead of a demonstration against the relocation of the U.S. embassy to Jerusalem in Istanbul, Turkey, on Friday, May 11, 2018. No major power recognized Israeli sovereignty in Jerusalem until U.S. President Donald Trump did so on Dec. 6.

(Bloomberg) — Turkey’s top economic body ruled out seeking support from the International Monetary Fund, in an effort to end market speculation that Ankara is in touch with the Washington-based lender to negotiate a rescue package.

Those spreading the rumors are carrying out a propaganda war to “harm the Turkish government, the Turkish economy and Turkish people,” the Treasury and Finance Ministry said in an emailed statement on Friday. “This sick state of mind has reached a dangerous level.”

Market chatter about a possible agreement with the IMF intensified after the lira lost more than a quarter of its value in August last year. The currency crash pushed consumer inflation to over four times the official target of 5 percent and may have even tipped the economy into its first recession in a decade by hurting everything from domestic demand to industrial output.

Turkish officials have repeatedly said the economy’s fundamentals are strong notwithstanding the turmoil in financial markets. The Treasury cited its level of indebtedness, rollover ratios and its fiscal discipline as reasons why “it’s out of the question for Turkey’s path to cross with that of the IMF.”

After last year’s market rout, President Recep Tayyip Erdogan said Turkey would never take another loan from the IMF as the lender’s conditions make it impossible to pursue an independent foreign policy.

The Treasury’s latest intervention is unlikely to silence Turkey watchers who are convinced that the nation will eventually need an IMF anchor to stabilize its economy.

The announcement on Friday is “a case of biting off your nose to spite your face,” said Timothy Ash, a strategist at BlueBay Asset Management in London. “If Turkey actually went on an IMF program, it would reduce risk premiums, rally the lira and bring forward” interest rate cuts.

(Updates with background and more details.)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Let’s block ads! (Why?)

Forex News

Obscene porn rules relaxed in England and Wales

Guidelines about what constitutes “obscene” pornography have been relaxed in England and Wales.

The Crown Prosecution Service had previously listed torture and bondage, among other acts, as obscene.

Distributing that type of pornography either on or offline could therefore have led to a prosecution.

But the CPS has now removed the list and replaced it with series of “tests” that determine whether an image or video is classed as obscene.

What has changed?

Owning or distributing an “obscene” video is an offence under the Obscene Publications Act.

Some of the acts previously listed by the CPS were legal to perform with a consenting adult, but were illegal to depict in photos or videos.

“Distributing” obscene material can simply mean sending a video via private message and it can be punished with time in prison.

While the definition of obscene is likely to mean more than just “shocking” or “disgusting”, it is open to interpretation.

For that reason, the CPS previously offered guidance that described the sort of content that could lead to a prosecution.

The list included clearly illegal acts, such as having sex with an animal (bestiality).

However, it also listed practices that others argued were not harmful among consenting adults, such as:

  • sadomasochism
  • torture with instruments
  • bondage
  • activities involving “perversion”, such as urinating or defecating on to the body

Now, the CPS has removed all the specific examples from its guidance.

“It is not for the CPS to decide what is considered good taste or objectionable,” it said in a statement.

A new test

Instead of a list of forbidden acts, the new guidance says owning or producing pornographic material is unlikely to be prosecuted if:

  • it features consenting adults, where the provision of consent is made clear where consent may not be easily determined from the material itself
  • no serious harm is caused, whether physical or otherwise
  • it is not otherwise linked with other criminality
  • the likely audience is not under 18

The CPS said it would “continue to robustly apply the law to anything which crosses the line into criminal conduct and serious harm”.

Lawyer Myles Jackman, who fought for the change, told BBC News: “I have campaigned for this important change to the English criminal law, which has a profound impact for free speech and privacy… for over 10 years.”

Professional pornography

The Audiovisual Media Services Regulations, introduced in 2014, mean online pornography falls under the R18 rating given by the British Board of Film Classification (BBFC).

The BBFC’s guidelines forbid “material judged to be obscene under the current interpretation of the Obscene Publications Act”.

It has not announced plans to change its guidelines. The BBC has contacted the BBFC for comment.

Let’s block ads! (Why?)

BBC News – Technology