New York's legalization of recreational marijuana use is creating safety and liability concerns for the state's construction industry, experts say. The lack of a standard test for marijuana impairment means contractors must determine how to assess whether a worker is impaired on the job, and that risk could lead to higher workers' compensation prices, a construction trade group executive says.
The EU is set to release a plan for financing recovery from the coronavirus pandemic through almost $1 trillion in debt sales over five years. The EU aims to start issuing debt in June and to use a state-of-the-art platform by September to issue bills and bonds through primary dealers.
The European Central Bank should formulate a simpler inflation target and make it clear exceeding the target temporarily is acceptable, Bank of France Governor Francois Villeroy de Galhau says. "Our inflation objective must be understood as simple, symmetric and medium-term oriented," says Villeroy de Galhau, noting concerns about a rise in inflation are premature.
Credit Suisse has sold about $2 billion in stocks connected to the collapse of Archegos Capital Management, sources say. Other banks reportedly have engaged in similar sell-offs.
The UK will take advantage of freedom from EU rules to give the City of London flexibility to attract international investors, the UK Financial Conduct Authority says. "Our newfound position allows the FCA to have a new, more nimble approach to domestic policymaking," says Nausicaa Delfas, head of the regulator's international division.
Bank of England Chief Economist Andy Haldane will step down after 32 years with the central bank to lead a charity. Haldane is noted for his hawkish stance, optimistic view of economic recovery and, more recently, warnings on inflation.
The UK Financial Conduct Authority is in discussions with the US Securities and Exchange Commission and the US Commodity Futures Trading Commission to seek a stronger trading relationship. The FCA wants permanent access to US securities and derivatives markets for UK firms, freedom for UK trading platforms to operate in the US and access for UK swap dealers.
The European Central Bank is reacting to the collapse of Archegos Capital Management by asking major banks about exposure to hedge funds, sources say. Every bank under ECB supervision with a large volume of business with hedge funds is likely to be questioned, the sources say.
Environmental group ClientEarth has taken Belgium's central bank to court, saying the latter's purchases of corporate bonds are "fuelling the climate crisis" by investing in energy-intensive debt. The lawsuit could lead to restrictions by the European Central Bank on what kinds of bonds central banks can buy.
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