The Trump administration is preparing to withdraw the US from the 144-year-old Universal Postal Union, which coordinates postal service among various countries. White House officials said the treaty is unfair because it allows China and other countries to ship certain packages to the US inexpensively, a provision the US wants to renegotiate.
The US Commodity Futures Trading Commission will use "blunt and strong tools" to retaliate if the EU proceeds with a proposal to oversee US derivatives clearinghouses, Chairman J. Christopher Giancarlo says. "The CFTC will not allow US market participants to be put in the completely untenable position of having to choose between violating domestic laws and regulations or violating foreign laws and regulations," Giancarlo says.
Technical analyst Ari Wald, CMT, says the volume of oversold US stocks has reached a multiyear high while the Cboe Volatility Index has risen significantly, which could be a bullish signal. Analysis of movement on the S&P 500 since 1995 shows this combination prompts an average gain of 4.3% during the next month, Wald says.
Commodity Futures Trading Commission member Brian Quintenz said code developers involved with smart contracts or similar blockchain-based projects could be held accountable if CFTC regulations are violated. At issue is whether coders "could reasonably foresee, at the time they created the code, that it would likely be used by US persons in a manner violative of CFTC regulations," Quintenz said.
Officials have confirmed more deaths from Hurricane Michael, bringing the death toll to at least 33, as residents are returning to Mexico Beach, Fla., one of the areas that the storm affected most severely. Task forces in Florida said they have identified 4,240 single residences destroyed by Michael and 15,876 damaged by the storm.
"At the core of internal auditing is our ability to communicate our work in a way that excites people to initiate positive change," writes Jim Pelletier, IIA vice president of standards and professional knowledge. "Unfortunately, that's more difficult than one would think."
Interogo Holding has invested $190 million for a 0.6% stake in fashion retailer Hennes & Mauritz. The Swiss investment firm's parent, Interogo Foundation, was formed to "secure the independence and longevity of the Ikea concept."
Financial-technology firms have shifted from disrupting the banking industry to partnering with banks, OnDeck's Christin Spradley said at the Banking Policy Institute's Fintech Ideas Festival in Washington, D.C. The Consumer Financial Protection Bureau is changing a trial disclosure program and might join a network of international fintech regulators, said Paul Watkins, head of the CFPB Office of Innovation and a keynote speaker at the event.
A survey by Smarsh finds financial firms struggling when it comes to retention and management of text messages and exchanges via social media. Half of respondents cited compliance as a primary worry when it comes to non-email communication.
The US Treasury Department again does not accuse China of currency manipulation in a semiannual report on foreign exchange practices. However, the Treasury says it will closely monitor the yuan after a recent drop.
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