The European Commission has made commitments offered by Apple legally binding under EU antitrust rules. The commitments address the Commission’s competition concerns relating to Apple’s refusal to grant rivals access to a standard technology used for contactless payments with iPhones in stores (‘Near-Field-Communication (NFC)’ or ‘tap and go’). Continue reading…

The FCA has told financial firms – including banks, payment firms and lenders – to do more to ensure parliamentarians, senior public servants and their families are not treated unfairly. Under legislation adopted by Parliament, financial firms are required to do extra checks on so-called politically exposed persons (PEPs). This follows global standards set by the international Financial Action Task Force and implemented by more than 200 jurisdictions. There have been concerns about how firms in the UK are meeting these requirements and so the FCA has reviewed how firms are treating PEPs.

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by Oli Rehn

As Governor of the Bank of Finland, I am glad to see so many of you here in Helsinki. It is a great privilege to share my thoughts with you today. First and foremost, we have made significant progress in disinflation since our last rate hike in September 2023. Inflation has fallen by more than 2.5 percentage points, and the inflation outlook has improved markedly. Barring further setbacks, for instance in the geopolitical situation and energy prices, or in wage developments for that matter, inflation is projected to converge to our 2% target in the medium term. Euro area economic activity is showing increasing signs of recovery, and the labour market has remained robust. The growth outlook was revised upwards yesterday, which is obviously good news. Continue reading…

The latest report from the International Bar Association Global Employment Institute (IBA GEI) states that political and environmental factors, such as the Russia-Ukraine war and the climate crisis are together reshaping employment landscapes around the world. In the IBA GEI’s Twelfth Annual Global Report (AGR) – based on data from lawyers in 54 countries – issues such as the aftermath of the COVID-19 pandemic, the shift towards remote work and the challenge of skilled labour shortages, as well as the energy crisis exacerbated by the war between Russia and Ukraine, are identified as key areas for the human resources (HR) sector. Sustainability is also becoming increasingly relevant in terms of HR management. Continue reading…

by Ajay Katara

Gen AI adoption is steadily increasing in many banking and financial organisations. Its applications are expanding into risk and compliance areas, with each risk discipline identifying use cases where Gen AI can enhance efficiency by providing better insights, cost benefits, and faster turnaround times. Within the enterprise risk function, credit risk management is a primary financial risk function that significantly impacts many banking organisations. Over the past 15 years, credit risk management has matured through numerous regulatory mandates and transformation initiatives. However, there are still many areas within this function that can benefit from the adoption of generative AI. Continue reading…

The European Commission has formally designated Temu as a Very Large Online Platform (VLOP) under the Digital Services Act (DSA). Temu is an online marketplace with an average of more than 45 million monthly users in the European Union. This user number, which Temu has communicated to the Commission, is above the DSA threshold for designation as a VLOP. Following the  designation as a VLOP, Temu will have to comply with the most stringent rules under the DSA within four months of its notification (i.e. by the end of September 2024), such as the obligation to duly assess and mitigate any systemic risks stemming from their services, including the listing and sale of counterfeit goods, unsafe or illegal products, and items that infringe intellectual property rights. Continue reading…

by Margrethe Vestager

The Commission has fined Mondelēz 337.5 million euros. We have done so because they have ben restricting the cross-border trade of chocolate, biscuits and coffee products in the European Union. We find that Mondelēz illegally restricted retailers from sourcing these products from Member States where prices are lower. This allowed Mondelēz to maintain higher prices. This harmed consumers, who ended up paying more for chocolate, biscuits and coffee. Mondelēz is one of the world’s largest producers of very well-known brands that many of us would buy on a daily basis. Just to name a few, Milka, Toblerone, Côte d’Or, Cadbury, Tuc, Lu, Ritz and Oreo are all Mondelēz brands. So this case is about the price of groceries. It is a key concern to European citizens, even more obvious in times of high inflation where many are living in cost-living crisis. It is also about the heart of the European project: the free movement of goods in the Single Market. Continue reading…

Since the genocide against the Tutsi and other massacres against moderate Hutu in Rwanda in 1994, judicial authorities in Europe, Rwanda and a UN tribunal have opened thousands of formal investigations and court cases against alleged perpetrators. In addition to the over 10 000 individuals tried by the Rwandan authorities, the International Criminal Tribunal for Rwanda has opened 93 cases and EU Member States judicial authorities have opened over 100 cases.
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Ahead of the anti-greenwashing rule coming into force on 31 May, the FCA is supporting industry with guidance to help them meet the standard. The new rule is designed to protect consumers by ensuring sustainable products and services they are sold are accurately described. Results from the latest Financial Lives survey shows significant consumer interest in sustainable finance as 81% of adults surveyed would like their investments to do some good as well as provide a financial return. This work supports the long-term growth and competitiveness of the sector by helping businesses meet this demand and ensuring consumers who invest in sustainability-related financial products can make informed decisions. Continue reading…

New research from regulatory compliance expert, Ideagen, reveals that almost half (48%) of food and beverage businesses now cite one or more ecological issues as a risk to their operations. This puts a combined group of planetary woes in fourth place among a ranking of all risks facing the sector. In analysis of the challenges businesses mention in their Risks and Uncertainties statements, weather is mentioned by 18%, climate change by 14%, environmental risk by 11% and sustainability by 5%. Added together, these become the single biggest risk other than financial worries for the first time. Continue reading…