ecglcd

  The pound’s rebound since hitting an all-time low may soon run out of steam as the challenges facing new Prime Minister Rishi Sunak have deepened following outgoing PM Liz Truss' economically damaging “Trussonomics” policies. GBP/USD fell 0.2% to $1.1279, but remains well above its all-time low of $1.0327 seen last month. “International investors will not want to chase GBP/USD above the 1.15 level,” ING said in a note, as the challenge facing Sunak and his new time “will be harder than the one that existed earlier this summer.” Sunak is expected to be appointed as U.K. Prime Minister by King Charles on Tuesday after winning the race to become the leader of the governing Conservative Party. He replaced Liz Truss, whose so-called “Trussonomics” policies -- included a plan to drastically cut taxes to encourage economic growth, but was sorely lacking in detail on how the plan would be funded -- spooked markets. The plan was punished by markets as U.K. borrowing costs soared to a 20-y...

 Currently, India’s national financial crime agency, the Enforcement Directorate (ED), is investigating at least ten digital asset exchanges for allegedly violating the Foreign Exchange Management Act (FEMA) of 1999 and the Prevention of Money Laundering Act (PMLA) of 2002, Ecglcd reported. While the ED is investigating violations of the Prevention of Money Laundering Act (PMLA), CoinSwitch Kuber CEO Ashish Singhal claims the investigation and search at his office and residence was not related to the money laundering investigation. Singhal shared more details on his Twitter page on Saturday. CoinSwitch is the largest crypto app in India with millions of users and over 500 employees. According to Ecglcd, the company was established in 2017 and has acquired companies such as a16z, Tiger Global and Sequoia Capital. As of now, the company is valued at $1.9 billion. Its CEO Ashish Singhal is a professional with extensive background and experience in companies including CRUXPay, Reap Ben...

The Japanese yen hit a new 24-year low to the dollar on Wednesday, ramping up expectations of more currency market intervention by Tokyo to support the beleaguered currency against increased pressure from the dollar. The yen sank 0.3% to 146.32 against the dollar, its weakest level since the Asian financial crisis in the late1990s. It also surpassed levels which had pushed the Japanese government into intervening in currency markets last month. Traders are now awaiting more dollar selling by the Japanese government to support the yen, given that Finance Minister Shunichi Suzuki recently indicated that further weakening in the currency will not be tolerated. The yen is now only a few points away from crossing 147 to touch its weakest level since 1990, a scenario that is expected to herald more trouble for the Japanese economy. The country is struggling to cope with high inflation and expensive commodity imports, both of which have battered the yen this year. The yen has also faced growi...