Receive Breaking News updates as they occur
Crowdfunding platforms that offer loans should be regulated like mortgage lenders to improve safety and transparency for customers, Britain's Financial Conduct Authority said on Friday. The FCA was announcing the results of a public consultation into rules it introduced in 2014. "These include more prescriptive requirements on the content and timing of disclosures by both loan-based and investment-based crowdfunding platforms." The FCA said it will consult next year on additional rules to strengthen "wind-down" plans, additional requirements or restrictions on "cross-platform" investment, and extending mortgage-lending standards to loan-based platforms.
China is to halve the cash machine limit for certain cardholders visiting the gambling enclave of Macau, in its latest effort to curb massive capital outflows caused by the falling yuan, Hong Kong media reported Friday. From Saturday, punters using the UnionPay system -- around half of those visiting the city from the mainland -- will only be able to get 5,000 patacas (around $600) from ATMs every day, the South China Morning Post reported. The news sent casino stocks plunging, with Sands China down 4.93 percent in Hong Kong, Wynn Macau 5.82 percent lower and Galaxy Entertainment also losing 4.25 percent by the midday break.
What started as a 911 call reporting a domestic disturbance erupted in violence as two responding officers were struck by deadly gunfire — leaving a rural Georgia community grieving and on edge as police hunted the attacker.