E.U. and Britain announce trade, defense deals after Brexit rupture
The summit, held in London, is the culmination of British Prime Minister Keir Starmer's push to rebuild ties with the E.U. — by far Britain's biggest trading partner — and is the first major bilateral meeting between the two sides to be held on British soil since the 2016 referendum that led to Brexit, Britain's exit from the 27-member bloc.
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Yahoo
8 minutes ago
- Yahoo
Exclusive-HSBC plans major global expansion of office, staff surveillance, documents show
By Stefania Spezzati and Iain Withers LONDON (Reuters) -HSBC plans to step up surveillance of staff and buildings by adding more cameras and biometric access to its premises globally, internal documents seen by Reuters show, a move that comes amid growing concerns about companies' extensive monitoring of workers. As part of its "global security strategy", the bank plans a four-fold increase in the number of cameras at its new building in the City of London, a site about half the size of its existing office in Canary Wharf, an internal presentation by the bank's protective security team dated May 2025, seen by Reuters, shows. According to the presentation, the new London building is expected to have an estimated 1,754 cameras, up from about 444 devices installed in its current global headquarters in Canary Wharf in London. It also plans to double its biometric readers to access the new building to 779 from 350. Under the plan, reported here for the first time, access to HSBC's top-tier buildings, including in Britain and the U.S., should be based on biometric verification, including full-hand recognition. Access can also be "digital", with employees expected to use their own mobile phones to badge in, the presentation document shows. HSBC, Europe's biggest bank by assets, employs more than 210,000 people globally, including more than 31,000 across the UK. Most employees are expected to use personal mobile phones with a firm-installed software on them to gain access. This has met with some resistance from staff, a person with knowledge of the policies said. As of the end of last year, most of the UK staff had yet to adhere to the biometric and digital access policy which the bank started to implement in 2022, in part because of opposition, according to the person. "The safety and security of our people is at the forefront of everything HSBC does," an HSBC representative told Reuters. "We regularly risk assess every building and dependant on the identified risk and vulnerabilities, we continue to invest in the latest cutting-edge technology to safeguard our colleagues, customers and visitors in line with industry standards," the bank added. Companies have increased surveillance of staff amid a shift to hybrid working, while advances in technology allow for more sophisticated controls. Banks in particular have stepped up monitoring to ensure the parts of their businesses that are heavily regulated comply with conduct rules. National privacy laws determine what companies can monitor. The extensive surveillance enabled by new technologies is raising concerns about risks to workers' rights and wellbeing, according to a May report by the Institute for Public Policy Research, a London-based think tank. In July, HSBC requested that senior staff globally report to the office at least four days a week, starting from October, a bank spokesperson said. Previously, the bank had no global policy on the matter, with approaches varying depending on the country, they said. As demands for office space grow again, the bank has decided to add to its planned City of London HQ, with a new smaller presence in Canary Wharf, Reuters reported. The documents seen by Reuters do not include references to the new Canary Wharf office space. The bank's security project is overseen by Diane Marchena, global head of protective security, who reports to Chief Operating Officer Suzy White, the person with knowledge of the matter said. Marchena and White declined to comment for this article. ISRAELI SURVEILLANCE TOOLS HSBC has been working with Israeli firm Octopus since at least 2024, adopting some of its tools for surveillance in the UK and Hong Kong and is planning more rollouts for monitoring, other documents outlining HSBC's global strategy seen by Reuters show. HSBC plans the deployment of Octopus tools in other countries such as India and Mexico this year, the documents, which are undated, show. Israel is one of the world's leading exporters of surveillance. Octopus says it sells its tools to buyers in 28 countries. Its technology has been reportedly used by entities, including the Israeli government to monitor some Israeli cities and a European Union-funded refugee camp on the Greek island of Samos. A representative for Octopus did not take Reuters calls seeking comment and the company did not respond to a Reuters email seeking comment. An HSBC spokesperson said the bank does not comment on vendors or suppliers. TRADING FLOORS In HSBC's new London building, the increased video surveillance will include cameras at entry and exit points of trading floors, the May 2025 presentation shows, and the use of artificial intelligence analytics. HSBC's budget for the initial rollout of the new London building surveillance was recently tripled to about $15 million, the person familiar with the matter said. According to the presentation, "theft incidents" in its Canary Wharf building "point to the need for increased CCTV capabilities on working floors," and that recent "crime data" showed an increase of incidents, including burglary, within a one-mile radius of the new office. The person familiar with the matter said that theft events on HSBC premises were mostly minor. Sign in to access your portfolio
Yahoo
8 minutes ago
- Yahoo
What are bitcoin ETNs?
After months of consultation, the UK's Financial Conduct Authority (FCA) has confirmed that, starting on 8 October, retail investors will be able to buy crypto exchange-traded notes (cETNs), previously restricted to professional traders, provided they are listed on an FCA-recognised, UK-based investment exchange. But what exactly are bitcoin and ether ETNs, and how will the approval of these financial products impact the cryptocurrency market? ETNs track the performance of underlying assets such as bitcoin or ether and are traded and settled like normal shares, according to the London Stock Exchange (LSE). They benefit from market maker support with guaranteed liquidity, enabling investors to trade on-exchange during London hours. Read more: Bitcoin ETNs debut on London Stock Exchange ETNs can also be held in individual savings accounts (ISAs) or self-invested personal pensions (SIPPs) and, if held directly, are eligible for capital gains tax treatment in the UK. Impact on the cryptocurrency market In May 2024, the London Stock Exchange (LSE) began offering bitcoin and ether exchange-traded notes (ETNs) exclusively to professional investors, providing exposure to cryptocurrency price movements without the need to directly hold the underlying assets. The debut of bitcoin (BTC-USD) and ether (ETH-USD) exchange-traded notes (ETNs) on the London Stock Exchange (LSE) marks another milestone for the cryptocurrency market, providing a new avenue for investors to gain exposure to these digital assets without holding them directly. ETNs track the performance of underlying assets such as bitcoin or ether, allowing for a more traditional investment approach with the benefit of guaranteed liquidity. This structure is particularly appealing to institutional investors who might be wary of directly handling cryptocurrencies due to security and regulatory concerns. Read more: Crypto live prices The introduction of bitcoin and ether ETNs on the LSE is expected to positively impact the price action of both cryptocurrencies. As ETNs can be held in ISAs and SIPPs, they become accessible to a broader range of investors, thereby increasing demand. This heightened demand, coupled with the legitimacy brought by listing on a major exchange like the LSE, could lead to upward price pressure on bitcoin and ether. Moreover, the market maker support ensuring liquidity means that investors can enter and exit positions more easily, potentially reducing volatility and encouraging more stable growth in the prices of these digital assets. The approval and trading of ETNs on the LSE signals growing acceptance and integration of digital assets into traditional financial markets. This integration not only adds a layer of legitimacy but also attracts more institutional and retail investors, further driving market growth. Crypto ETNs, previously limited to professional investors, will soon be available to retail investors under the UK Financial Conduct Authority's (FCA) phased approach. Having first opened the market to professionals, the FCA is now expanding access, a move that could accelerate adoption and investment in cryptocurrencies. Watch: What is a spot bitcoin ETF and why it has sparked a crypto rally? | Future Focus
Washington Post
11 minutes ago
- Washington Post
Turkey to provide weapons and support to Syria under new defense agreement
ANKARA, Turkey — Turkey will provide weapons, military equipment, and logistical support to Syria under a newly signed defense cooperation agreement, Turkish Defense Ministry officials said Thursday. The announcement came a day after Turkish Defense Minister Yasar Guler and Syria's Defense Minister Murhaf Abu Qasra signed a memorandum of understanding for cooperation on military training and consultancy, reinforcing Turkey's support to Syria's interim government.
