Global stocks mixed…Regulating crypto
BEIJING (AP) – Global stock markets are mixed after a bond sell-off on Wall Street fueled anxiety about a possible U.S. economic slowdown and Australia raised interest rates. London, Shanghai and Hong Kong declined while Frankfurt opened higher. The yen, already trading at two-decade lows, fell further to below 132 to the dollar.
WASHINGTON (AP) – A bipartisan pair of senators has unveiled what would be the most wide-ranging legislative proposal to regulate cryptocurrencies and other digital assets. The effort follows a series of high-profile busts and failures. It’s unclear whether the bill proposed by Democrat Kirsten Gillibrand of New York and Republican Cynthia Lummis of Wyoming can clear the hurdles of Congress. The bill is called the Responsible Financial Innovation Act, and it proposes legal definitions of digital assets and virtual currencies, among other things.
BRUSSELS (AP) – Environmental groups have started legal action against the European Commission to challenge the inclusion of 30 gas projects in a list of priority operations considered as beneficial to the bloc’s energy market. The campaigners say that the European Commission has given “these climate-destructive projects VIP status, in contradiction of its legal obligations.” The groups’ legal action comes as European lawmakers debate proposals from a package set up by the Commission to achieve the EU’s climate goals of cutting emissions of the gases that cause global warming by 55% over this decade.
CANBERRA, Australia (AP) – Australia’s central bank has lifted its benchmark interest rate for a second time in five weeks, changing the cash rate to 0.85% from 0.35%. When the Reserve Bank of Australia lifted the rate by a quarter percentage point at its last monthly board meeting on May 3, it was the first rate hike in more than 11 years. An increase was widely expected after official data released in April showed that Australia’s inflation rose to 5.1% in the year through March. It is the highest annual rate since 2001.
COLOMBO, Sri Lanka (AP) – Sri Lanka’s prime minister says the United Nations has arranged a worldwide public appeal seeking help for the island nation’s food, agriculture and heath sectors amid serious shortages caused by its worst economic crises in recent memory. In his speech to Parliament today, the prime minister said the U.N. plans to provide $48 million in assistance over a four-month period. He’s telling his citizens that over the next three weeks fuel and cooking gas will be scarce.