Finance

Close Brothers Shares Tumble After Motor Finance Appeal Defeat

Shares of Close Brothers Group Plc dropped sharply following an adverse court ruling regarding its disclosure obligations to customers securing car loans. The lender warned that the decision could expose the business to “significant liabilities,” raising concerns about its financial stability.

In response, Close Brothers has temporarily halted new motor finance operations in the UK as it reassesses its procedures to ensure compliance. The company stated on Friday that it plans to challenge the verdict by filing an appeal with the UK’s Supreme Court, signaling its intent to contest the potential financial and operational impact of the judgment.

TECH

The Case for Clearer Guidelines in U.S.-China Tech Decoupling

The Biden administration recently proposed a rule that could ban the sale or import of connected vehicles containing specific Chinese technology, citing national security concerns. Modern cars, with their integrated software, sensors, and data-sharing capabilities, are seen as potential tools for surveillance or sabotage by Beijing. The administration argues that without clear standards to determine which technologies pose unacceptable risks, piecemeal bans—like those targeting apps such as TikTok—will lead to inconsistent policies with unintended consequences. A more defined framework is needed to protect U.S. infrastructure and consumers while avoiding unnecessary disruption to trade and diplomatic relations. However, the complexity of U.S.-China tech ties, with Chinese components embedded across industries, makes a uniform policy challenging. As Washington crafts broader decoupling strategies, it must strike a balance between safeguarding security and maintaining economic stability.

CRYPTO

Garlinghouse Predicts Pro-Crypto Shift in U.S. Politics, No Matter Who Wins Election

Pro-crypto groups are poised to spend an additional $21 million on advertising to support Republican candidates ahead of the November 5 election, significantly outpacing their spending on Democrats. This marks the crypto industry's emergence as a powerful player in this election cycle, with over $54.6 million directed toward Republican campaigns compared to $33.7 million for Democrats, reflecting a 62% preference for the GOP. Fairshake, the industry’s main PAC, has endorsed candidates from both parties but shows a clear trend in funding. Recently, Fairshake secured an extra $800,000 from ConsenSys Software, potentially increasing its impact in the critical weeks leading up to the election. A major focus for crypto supporters is the Ohio Senate race, where over $40 million has been spent backing Republican Bernie Moreno against incumbent Democrat Sherrod Brown, a known critic of the industry. The funding strategy is aimed at punishing candidates who oppose crypto, while also supporting Democratic candidates like Reps. Ruben Gallego and Elisa Slotkin through its affiliated PAC, Protect Progress.