Aurelia Butler

(Reuters) -Bittrex has agreed to pay $24 million to settle claims by the U.S. Securities and Exchange Commission that the cryptocurrency exchange failed to register with the agency, according to a filing in Seattle federal court on Thursday.The SEC sued Bittrex Inc and its former CEO William Shihara in April, saying they operated an unregistered national securities exchange, broker and clearing agency.The SEC also claimed the exchange’s foreign affiliate, Bittrex Global GmbH, failed to register as a national securities exchange in connection with its operation of a single shared order book along with Bittrex.Bittrex Inc filed for bankruptcy in May. The deal requires the company and Bittrex Global to pay the $5.6 million fine and hand over $18.4 million in allegedly illicit profit 60 days after a liquidation plan is filed in the bankruptcy case.The companies and Shihara agreed to an order barring them from violating U.S. securities laws. They did not admit to the SEC’s allegations.A Bittrex spokesperson said the firm was “delighted” to have reached a settlement and would be able to say more after the court has approved the resolution.The Seattle-based firm had previously denied that securities were traded on its platform. Bittrex Global has said it has no U.S. customers.The SEC claimed in its lawsuit that Shihara coordinated with crypto asset issuers seeking to make their tokens available for trading on Bittrex’s platform to delete public statements that Shihara believed would lead regulators to investigate those token offerings as securities.SEC Enforcement Director Gurbir Grewal said the settlement “makes clear that you cannot escape liability by simply changing labels or altering descriptions because what matters is the economic realities of those offerings.”Shihara called the settlement “a good outcome.””It’s vital that our country strikes a balance between fostering innovation, encouraging entrepreneurs and the need to protect consumers, and I hope today’s proposed settlement helps move that forward,” he said. More

The US is embroiled in a spat about whaling with Japan that threatens its main trade initiative in Asia just as President Joe Biden prepares to host his Japanese and South Korean counterparts for a historic trilateral summit.The US trade representative has been pushing Japan to accept anti-whaling language in the Indo-Pacific Economic Framework, a 14-country trade deal Biden launched in Tokyo last year in an effort to counter China economically in Asia, according to eight people familiar with the situation.The US pressure has sparked anger in Tokyo, with some officials suggesting that Japan could walk away from an agreement that it backed to encourage American economic engagement in the region. One senior Japanese official said the issue was such a non-starter for Tokyo that the government didn’t even consider it as “an issue of contention”. He said Japan would not participate in IPEF if the agreement included any language banning whaling.It has also exposed divisions in the US administration, with some officials opposing the approach taken by USTR, according to several sources.The White House and USTR declined to comment. Noriyuki Shikata, spokesperson for the Japanese prime minister’s office, said Tokyo would refrain from commenting because negotiations were ongoing. One person familiar with the situation said the Biden administration planned to remove the provision because of Japan’s opposition. Commercial whaling was banned by the International Whaling Commission in 1986. Japan previously got around the ban via a clause that allowed whales to be killed “for purposes of scientific research”, which sparked criticism from conservationists and other IWC members.Japan pulled out of the IWC in 2019 and has since only allowed whales to be caught inside its exclusive economic zone. Its whaling industry has struggled to make a profit without subsidies for research, while public tastes have also changed.But the issue remains politically sensitive in Tokyo, which has led some US officials to argue that Washington should focus on making sure it finishes IPEF and avoid issues that threaten the deal.Christopher Johnstone, a former US government Japan expert now at the CSIS think-tank, said the logic of including restrictions on whaling in the trade pillar of IPEF was “dubious at best”.“IPEF is already an initiative of questionable value, and most US partners, including Japan, are participating only because they are desperate for US economic engagement in the region,” said Johnstone. “Using IPEF to seek restrictions on whaling makes no sense and only serves to alienate Japan, the partner Washington needs more than any other if IPEF is to yield results.”Tokyo was instrumental in helping the Biden administration launch IPEF, encouraging Washington to work with south-east Asian partners to ensure broader participation in the agreement.

Japan and other countries are supporting the effort partly because they hope it will lead to the US joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a big trade agreement that Tokyo salvaged after then-president Donald Trump pulled out of its predecessor.One person familiar with the talks said USTR initially pushed for language that would entail a complete ban on whaling. He said it later softened its approach, but that Japan remained adamant it would not support a deal that included any restrictions.“It was a bit surprising that the US would put whaling on the table in a negotiation where it needs Japan’s undivided attention to help reach successful conclusion by November,” said Wendy Cutler, a former top USTR negotiator who is now vice-president of the Asia Society Policy Institute.The rare dispute between the close allies comes as Biden prepares to host Japanese prime minister Fumio Kishida and South Korean president Yoon Suk Yeol for a summit at the Camp David retreat on August 18.  More

WASHINGTON (Reuters) -U.S. President Joe Biden asked Congress to approve about $40 billion in additional spending on Thursday, including $24 billion for Ukraine and other international needs, $4 billion related to border security and $12 billion for disaster relief.A senior administration official said the needs were great, and the White House was hopeful an agreement could be reached with Congress on the request, which covers only the first quarter of the current 2024 fiscal year.But the request could face opposition in Congress, where some far-right Republicans – especially those with close ties to former President Donald Trump – want to pare back the billions in assistance Washington has sent to Kyiv since Russian troops invaded in February 2022.Trump, the front-runner in the race to be the Republican presidential nominee in 2024, has been sharply critical of U.S. support for Ukraine in the war. And 70 House members backed an unsuccessful proposal in July to cut funding for Ukraine.Senate Majority Leader Chuck Schumer said there was strong bipartisan support in the Democratic-led Senate for doing more to back Ukraine, help Americans affected by natural disasters and “fight the scourge of fentanyl.””The latest request from the Biden administration shows America’s continued commitment to helping Americans here at home and our friends abroad; and should send a clear signal to Vladimir Putin, the Chinese government, and others of America’s resolve when it comes to defending democracy around the world,” Schumer said in a statement backing Biden’s request.The Senate’s Republican leader, Mitch McConnell, said in a statement he looked forward to reviewing the request “to make sure it is necessary and appropriate to keep America safe, secure our borders, support our allies, and help communities rebuild after disasters.”McConnell has strongly supported assistance to Ukraine, saying that much of the money is spent in the United States and citing the importance of the “democratic world” unifying against aggression, whether from Russia or China.Asked about criticism from Republicans in the House of Representatives that the request violated a budget deal reached in June, the official said it was clear when that deal was signed that it did not preclude requests for emergency funding.”There’s work to do, but we are hopeful about our ability to come together,” the official said.FIRST UKRAINE REQUEST SINCE REPUBLICANS TOOK HOUSERepublicans narrowly control the House, where Speaker Kevin McCarthy signaled in June that any request for more assistance for Ukraine would face an uphill path through Congress.A spokesperson for McCarthy said he would review Biden’s proposal. “A Republican-led House will not rubber-stamp any blank-check funding requests; rather, the Administration’s emergency funding requests must be reviewed and scrutinized on their merits consistent with the practice and principles of our majority,” the spokesperson said in an emailed statement.The House and Senate last approved aid for the Kyiv government – $48 billion – in December, before Republicans took control of the House. A second administration official said the United States was making good on its promise to stand by Ukraine in its fight against the Russian invasion that began in February 2022, and would not be bashful about asking for additional funds if needed.The funding request also includes $3.3 billion to expand development and infrastructure lending by the World Bank to developing countries and provide a “credible alternative” to China’s “coercive and unsustainable lending and infrastructure projects,” Biden’s budget director, Shalanda Young, said in a letter to Congress.The request includes $13.1 billion for the Department of Defense, including $9.5 billion for equipment for Ukraine and replenishment of U.S. equipment stocks already sent to Kyiv. It also includes $3.6 billion for continued military, intelligence and other defense support.It seeks $8.5 billion for the Department of State and U.S. Agency for International Development, including $7.3 billion for economic, humanitarian and security assistance for Ukraine and other affected countries and populations, $1 billion to strengthen strategic partnerships in developing countries and $200 million to strengthen African countries’ resistance to Russia’s Wagner Group, which Washington has designated a transnational criminal organization.Wagner’s chief, Yevgeny Prigozhin, has welcomed a recent coup in Niger and said his forces were available to restore order.Among other things, the package asks for $2.65 billion for the Department of Homeland Security, including $2.2 billion for border management operations, shelter and services for migrants released from DHS custody, and $416 million for counter-fentanyl activities. More

(Reuters) – A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist.Markets are betting that the Fed’s most aggressive rate-hiking campaign in more than 40 years is over. But now what?Wall Street initially gave a huge thumbs up to U.S. inflation data that showed some measures of underlying price pressures cooled significantly last month, prompting rates futures markets to call an end to the Fed’s tightening cycle.But the early gains of more than 1% evaporated as longer-dated Treasury yields started to climb again, and the three main indexes closed the day flat to 0.15% higher. Asian markets, therefore, look set to open on Friday with a more subdued tone.Investors in Asia will also have the yen on their radar – the Japanese currency slid to a 15-year low against the euro on Thursday and fell towards 145.00 per dollar, around where Japanese authorities intervened heavily last year.The loss of bullish momentum on Wall Street on Thursday as the session progressed and renewed ‘bear steepening’ of the U.S. yield curve will unnerve some investors.The short end of the bond market was a bit more stable, reflecting the view that the Fed is done raising rates. Fed fund futures pricing shows a rate hike next month is off the table completely, and only a 20% chance of another hike by year-end.Breakeven inflation rates fell too, generally backing up that dovish view. But the long end of the Treasury curve sold off pretty aggressively once again, and rising long-term yields will do little to support risk appetite, far less boost it.Other notable market moves on Thursday include oil. WTI and Brent crude closed down 1.7% and 1.3%, respectively, meaning U.S. crude futures now may not register a seventh straight weekly gain, which would mark the best run since May last year. Currency traders will be on Japanese intervention alert after the yen’s latest slump. The dollar is nudging 145.00 yen, around where the Bank of Japan spent record yen-buying sums late last year as the yen hurtled to a 33-year low.Elsewhere in FX, India’s rupee had its best day in a month on Thursday, moving further away from recent all-time lows on the back of reported intervention from the central bank. The Reserve Bank of India earlier on Thursday held interest rates steady but signaled it will reduce the amount of cash in the banking system to counter inflationary pressures from high food prices.Industrial production data from India on Friday is expected to show that output in June rose 5.0% year on year, slowing slightly from the 5.2% growth in May. Here are key developments that could provide more direction to markets on Friday:- Hong Kong GDP (Q2)- India industrial production (June)- UK GDP (Q2, prelim) (By Jamie McGeever; editing by Deepa Babington) More

Good morning. Iran has transferred five US citizens from the notorious Evin prison in Tehran to house arrest, beginning a process that Washington hopes will ultimately lead to their return home and create the conditions for progress in talks on the Islamic republic’s nuclear programme.The transfer of the prisoners marks a significant breakthrough after months of indirect talks between the US and Iran and should help ease tensions between them.The prisoners could return to the US next month once Washington releases $6bn in Iranian oil revenue that is frozen in South Korea as part of the deal.Three of the Americans identified as having been transferred out of Evin prison on Thursday are Emad Shargi, Morad Tahbaz, Siamak Namazi, as well as a fourth, who people familiar with the discussions declined to identify. A fifth prisoner, a woman, had already been transferred from Tehran’s Evin prison, a person familiar with the discussions said.The US had been clear with Iran that “to get anywhere, the Americans have to be out of Evin prison”, the person said.The move will “set the scene for a nuclear understanding that aims to freeze the conflict through Biden’s tough election year,” said Sanam Vakil, Middle East director at Chatham House. “This deal will be seen by many as appeasing and obliging the Islamic republic’s most distasteful behaviour, but above all it is critical that they all come home.” Read the full story.Here’s what else I’m keeping tabs on today and over the weekend:Economic data: France and the US report inflation data, Russia and the UK publish preliminary second-quarter GDP figures and the International Energy Agency releases its Oil Market Report for August. Football: The Women’s World Cup quarter-finals begin today with Spain vs Netherlands. The Premier League also gets under way with a match between last season’s champions Manchester City and newly promoted Burnley.US politics: Republican presidential candidates will descend on Iowa for its famed state fair. Challengers to Donald Trump, who has a wide lead in polls, believe the Midwestern state is their only hope of halting his momentum. How well did you keep up with the news this week? Take our quiz. Five more top stories1. US investors are trying to work out the potential impact of President Joe Biden’s ban on American investment in some of China’s key tech industries, part of an effort to stop China’s military from accessing American funding and knowhow. “The era of American venture capital firms investing in China is over now,” said one European venture capital investor. Read the full story.Related: UK prime minister Rishi Sunak is weighing whether to follow US president Joe Biden in restricting outbound investment into the Chinese tech sector.Dentons’ China retreat: The implicit message from Dentons’ decision to decouple from its Chinese affiliate Dacheng — that China was no longer a place global law firms could easily do business — raised eyebrows across the industry.2. India’s prime minister Narendra Modi has easily survived a no-confidence vote in connection with the bloody three-month ethnic conflict in Manipur. Opposition parties had not expected to win the parliamentary vote, but called it in an attempt to force Modi to address the violence in the north-eastern state. Several MPs, including opposition leader Rahul Gandhi, walked out of the legislature as Modi spoke.More India news: India is poised to enact a controversial and long-delayed personal data protection bill, which is set to regulate the internet and the sharing of online data in the world’s most populous country. 3. US headline inflation in July rose slightly from June, a smaller than expected increase that supports the case for the Federal Reserve to hold interest rates steady at its next meeting in September. Here’s more on July’s data.More US news: At least 36 people have been killed by wildfires that tore through the Hawaiian island of Maui on Wednesday. 4. India has approved the long-delayed merger of domestic broadcaster Zee and the local arm of Japan’s Sony, a deal that will create the country’s biggest media company and a rival to industry leader Disney. Here’s more on the deal and India’s shifting media landscape. 5. Corruption probes, an extramarital affair and a hot mic incident have tarnished the Singapore ruling party’s image of competence and reliability as it plots a generational transfer of power. Here’s the full story on Singapore’s scandalous summer, which represents a threatening rupture for the city-state of five million people. The Big Read

Americans have bet $245bn on sporting events since a landmark Supreme Court ruling five years ago overturned a 1992 ban on sports betting in the US. The court decision transformed sports betting into a high-growth tech business with revenues of more than $12bn in 2022. But beneath the boom is an underbelly of addiction of unknown proportions, reports Oliver Barnes.We’re also reading and listening to . . . The future of vaping: Cheap, addictive and available everywhere, disposable vapes are becoming the near-perfect product. What will that mean for our kids? AI optimism: MIT economist David Autor has an upbeat view on the potential of artificial intelligence that is at odds with other economists. 🎧 Rachman Review: China’s assertiveness has reinvigorated US-Japan ties. The FT’s Leo Lewis discusses what’s changed with Rahm Emanuel, the US ambassador to Japan. Listen here.Chart of the day

The collapse of the Black Sea grain deal and Russian strikes on Ukrainian infrastructure have renewed the threat to the world’s food security from disrupted supplies. While the largest importers of Ukrainian grain by sea include China and Spain, the nations likely to be worst affected are developing countries in Africa and the Middle East. Here’s why.Take a break from the newsThe menu is the most vital piece of written communication in a restaurant’s armoury, but chefs don’t seem to care. Food journalist Tim Hayward takes aim at minimalist menus and explains how they’re robbing diners of one of the best parts of the restaurant experience.

© Klaus Kremmerz

Additional contributions from Tee Zhuo and Gordon Smith More