Post-Brexit markets bill pits politicians against regulators: ‘It’s a recipe for disaster’

Brexit is a once-in-a-lifetime chance for the City to break free from restrictive EU rules. Or so politicians are saying. On the campaign trail to become the next prime minister, both Liz Truss and Rishi Sunak have pledged a bonfire to swathes of red tape choking the ambitions of UK financiers. But that process is … Read more

FTC looks to hammer out rules to rein in tech companies’ data collection

WASHINGTON — Whether it’s the fitness tracker on your wrist, the “smart” home appliances in your house or the latest kids’ fad going viral in online videos, they all produce a trove of personal data for big tech companies. How that data is being used and protected has led to growing public concern and officials’ … Read more

China PBOC Says Won’t Flood Economy With Excessive Liquidity

China’s central bank said it won’t flood the economy with excessive liquidity while trying to realize the best results for the economy this year. The People’s Bank of China said in its second-quarter monetary policy report Wednesday that it would step up support for the economy by reiterating existing measures. The central bank said in … Read more

Roaring labor market puts ‘boomflation’ back on the map for investors

The worry instead turned to what a rip-roaring labor market and surging costs for everything means for stocks and bond portfolios, particularly if it turns into a mix of higher growth and inflation with staying power. What to even call such a scenario? “Boomflation,” said Kent Engelke, chief economic strategist at Capitol Securities Management, pointing … Read more

Alibaba stock gains after earnings as company says trends are improving

Shares of Alibaba Group Holding Ltd. closed up 1.8% Thursday after the Chinese e-commerce company topped expectations with its latest financials and indicated that business trends improved as the June quarter wore on. The company posted net income of RMB22.7 billion ($3.4 billion), or RMB8.51 per American depositary share, compared with RMB45.1 billion, or RMB16.38 … Read more

Peek Inside the Ritzy Real Estate of the Late Ivana Trump and with Roe v. Wade overturned, Georgia allows pregnant women to claim embryos as dependents — and it may not be the last state to do so

Hi, MarketWatchers. Don’t miss these top stories. Fed’s Mary Daly says ‘I don’t feel the pain of inflation anymore’ — here’s the full context of her remarks The San Francisco Fed president also said ‘we have to worry’ about those who can’t afford rising prices in an interview Wednesday. Here’s what she said in full. … Read more

Stock market turbulence may not be scaring off retail investors: ‘We’re not seeing investors respond the way they typically have’

For all its downward dips so far this year, the stock market may not be scaring off many retail investors, polling and purchase data suggest. One quarter (26%) of people said the stock market is the best place to tuck away money they won’t need to tap for a decade, according to a new Bankrate.com … Read more

FCA staff blast leadership failures in internal survey

Staff at the Financial Conduct Authority have slammed the regulator’s leadership in an internal survey. Sixty percent said they did not have confidence in the regulator’s executive committee, according to staff polling seen by Financial News, up 36% from last year. Fifty-nine percent said the executive committee did not communicate effectively with employees, and 31% … Read more

Abbott is now aiming to recover the baby-formula market share that it lost

Abbott Laboratories ABT, -1.55% is focused on recovering its position in the baby-formula market in the US following the recall that required the intervention of the Biden administration to ensure that parents were able to feed their babies. The recall, which was announced in February, included Similac, EleCare, and other powder-formula products manufactured at one … Read more

Government bids to push through post-Brexit City reforms despite leadership chaos

The City should still expect a flagship post-Brexit reform package to be pushed through by the government, despite the confusion created by the Conservative Party leadership race, according to reports. Citing sources briefed on the matter, Bloomberg reports that Chancellor Nadhim Zahawi is keen to introduce the Financial Services and Markets Bill — a bumper … Read more