1. UK finalises plans for regulation of ‘wild west’ crypto sector The Treasury is finalising plans for a package of sweeping rules to regulate the cryptocurrency industry. The plans include limits on foreign companies selling into the UK, provisions for how to deal with the collapse of companies and restrictions on product advertising.
- Crypto fallout: Stablecoin group Circle has ended a $9bn deal to go public.
- Lex: The FTX saga has sapped the credibility of Wall St wannabe Coinbase.
2. Start of Russian oil cap causes tanker traffic jam A traffic jam of oil tankers has built up in Turkish waters after western powers launched a “price cap” targeting Russian oil and as authorities in Ankara have demanded insurers promise any vessels navigating its straits are fully covered.
3. Chinese battery makers set to dominate Europe’s car industry China is becoming the battery workshop of the world and European industry executives and policymakers are worried. By 2031, China is projected to have more production capacity in Europe, the second-biggest market for electric cars, than any other country.
4. KLM encourages passengers to take the train The Dutch flag carrier’s chief executive Marjan Rintel says passengers should take the train on some short-haul journeys to help cut carbon emissions, telling the Financial Times that airlines should stop viewing rail as a competitor.
5. Global chip battle book wins FT prize Chris Miller has won the Financial Times Business Book of the Year Award for Chip War, his account of the global battle for semiconductor supremacy and how manufacturers came to rely on advanced chips from a handful of companies. Recent global tensions and supply chain difficulties have underlined the timeliness of Miller’s analysis, the award judges said.
(Source: FT, Dec. 6-2022)