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The Financial Stability Board (FSB) has warned that 15 of 19 major jurisdictions lack fully compliant emergency funding mechanisms to manage large bank failures, raising concerns about global financial stability. Its review found that only the United States, United Kingdom, Japan, and Hong Kong fully meet its recommendations for providing temporary liquidity to failing banks. India and Argentina were deemed completely non-compliant, while Australia, China, the European Union, Switzerland, and several other jurisdictions were identified as materially non-compliant. The watchdog highlighted weaknesses in the scale, reliability, and availability of emergency funding, warning that these gaps could complicate bank resolutions and increase the risk of government intervention. Citing the 2023 Credit Suisse rescue, the FSB urged governments to strengthen financial safeguards and establish credible liquidity backstops before another major banking crisis.

 

Financial Times

Reuters

The Banker

The United States has launched an investigation into whether the European Union's Carbon Border Adjustment Mechanism (CBAM) creates unfair trade barriers for American businesses, raising the prospect of renewed transatlantic trade tensions. Introduced in January 2026, CBAM applies to imports of aluminium, cement, fertilizers, hydrogen, iron, and steel. The mechanism aims to prevent companies from relocating carbon-intensive production to countries with weaker environmental regulations. Washington is examining the tax's impact on US exporters, including compliance costs, market access, and proposed expansions to products such as washing machines and automotive parts. US businesses have until November 9 to submit comments. The investigation comes amid internal EU disagreements over expanding CBAM, calculating emissions, and granting exemptions. European lawmakers are seeking stricter enforcement, while some governments favour greater flexibility. Separately, the World Trade Organization has agreed to examine Russia's challenge to CBAM, which Moscow argues creates discriminatory trade barriers.

 

Euronews

Kanishka Narayan, the UK's Minister for Artificial Intelligence, is set to announce the country's first laws aimed at enhancing AI safety. The measures are expected to include mandatory reporting and reviews of safety incidents, with Mr Narayan urging leading technology companies to take greater responsibility for the risks posed by increasingly autonomous systems. He is expected to say that technology firms cannot be left to police their own models and that the UK needs to develop more domestic AI infrastructure. Meanwhile, Microsoft chief executive Satya Nadella has urged developers to build an "emergency brake" into advanced AI systems, allowing humans to monitor, contain or shut them down.

 

The Guardian

The Times

Ukrainian President Volodymyr Zelensky said on Sunday that Ukraine would halt attacks on Russian oil refineries if Moscow ceased its strikes on Ukrainian energy infrastructure. He emphasised that any de-escalation must be mutual and backed by real guarantees. Zelensky made the remarks via the Telegram app while continuing discussions with European leaders about air defence packages. His announcement follows US President Donald Trump's call for Ukraine to stop targeting Russian refineries and to consider a change in leadership,

 

France 24

Adidas has launched legal action against Australian fashion retailer White Fox, alleging that its four-stripe clothing designs infringe the German sportswear giant’s longstanding three-stripe trademark, which has been registered in Australia since 1957. Adidas claims White Fox has ignored repeated requests to withdraw the products and has deliberately sought to benefit from its brand reputation by using similar designs in clothing and advertising. White Fox denies any trademark infringement, arguing that comparable striped designs are widely used by other Australian retailers, including Cotton On and Glassons. Adidas is seeking damages, including profits generated from the disputed products, plus interest and legal costs. A trial is expected early next year. White Fox, which has expanded rapidly internationally, reported revenue of A$542m ($377m) in the year to June 2025, approximately four times its 2022 figure.

 

The Canberra Times

BBC News

The Enterprise Chamber, a specialised division of the Amsterdam Court of Appeal, has announced that it will not conduct an independent investigation into Philips' decision-making related to the sleep apnea-device crisis. The Dutch Investors' Association (VEB) and numerous shareholders had called for an inquiry, alleging that Philips misled its shareholders. However, the Chamber stated: "There are insufficient indications" to warrant such an investigation. In 2021, Philips had to recall more than 3 million so-called DreamStation respiratory machines produced by Philip’s subsidiary Respironics.

 

NL Times

Swedish ​telecom operator ‌Telia said ​this morning that it planned ⁠to ​cut around ​900 jobs across ​the ​business and lower ‌its ⁠operating cost base by ​1 ​billion ⁠crowns ($99.96​m), Reuters reports.

 

Reuters

UK business secretary Jonathan Reynolds is to launch a three-month consultation into 'bogus self-employment' that could affect the financial models of companies such as Amazon, Evri and Deliveroo. Around 900,000 workers are treated as freelancers despite working like employees, with employers avoiding NI, pensions and holiday or sick pay. Critics say delivery work can mean below-minimum-wage pay and bypass dismissal protections. The review could disrupt UPS's plans to replace 3,200-plus UK workers with self-employed drivers. Reynolds said the practice "leaves people with the sense that playing by the rules doesn't pay."

 

Sunday Times

RCI Financial Services, Renault's UK motor finance arm, reported a pre-tax loss of £110.4m for the last year, marking its first annual loss in 26 years. The loss follows a £150m provision for potential compensation related to a mis-selling scandal affecting 12.1m deals. The UK's Financial Conduct Authority estimates that the industry may owe £7.5bn in compensation.

 

The Times

A Treasury-appointed commission has said that Italy's tax evasion is greater than previously ​estimated and increasing, according to new government data. Unpaid taxes and social contributions rose by more than €7bn ($7.87bn) in 2023 from 2022, ​bringing the total to between €107.9bn and €112.8bn, the commission said. The report said tax ​evasion increased between 2021 and 2023, though the increase in absolute cash terms ‌may ⁠partly reflect higher taxable income, driven by rising inflation and the post-pandemic economic recovery.

 

U.S. News

Greece is set to introduce a 10% capital gains tax on cryptocurrencies, as outlined in a draft bill for public consultation. The legislation, which is expected to be submitted to parliament in November, aims to establish a legal framework for taxing cryptocurrencies, which currently lacks uniformity across European Union countries. Gains of up to €500 ($559.95) annually will be exempt from the proposed tax. Greek officials noted the difficulty in estimating the cryptocurrency market size, because many investors use foreign platforms.

 

Zawya EN

Seven masked thieves have stolen 30,000 bottles worth €5m from Marchesi Antinori’s Tuscan warehouse, targeting premium wines destined for export. Police are investigating; no arrests were made.

 

Financial Times