Global financial system vulnerable to shocks amid recent stock market surge, Bank of England chief warns – as it happened

The global financial system is vulnerable to shocks amid a recent surge in the price of shares and other assets, Bank of England governor Andrew Bailey has warned.Bailey, chairman of the Financial Stability Board (FSB), the fiscal risk watchdog for the G20 group of nations, urged greater multilateral co-operation between nations to help support global financial systems.In a letter to G20 ministers, he said that increased debt levels and a failure to fully implement agreed financial reforms would lead to increased vulnerability.Bailey cautioned that there could be a “disorderly adjustment”, i.e

Markets rebound amid latest US-China tariff spat as traders look to possible ‘Taco trade’

Global stock markets have edged higher and cryptocurrencies rebounded amid signs that a new front in the US-China trade war may not be as severe as first feared.Tensions between Washington and Beijing escalated again on Friday and over the weekend, as Donald Trump threatened to impose additional US tariffs of 100% on China starting next month.The US president accused the country of “very hostile” moves to restrict exports of rare-earth minerals needed for American industry. Beijing said it would retaliate if Trump did not back down.However, Trump and senior US officials opened a door to a possible deal with China on Sunday

UK MPs urged to investigate TikTok’s plans to cut 439 content moderator jobs

Trade unions and online safety experts have urged MPs to investigate TikTok’s plans to make hundreds of jobs for UK-based content moderators redundant.The video app company is planning 439 redundancies in its trust and safety team in London, leading to warnings that the jobs losses will have implications for online safety.The Trades Union Congress, Communication Workers Union and leading figures in online safety have signed an open letter to Chi Onwurah MP, the Labour chair of the science, innovation and technology committee, calling for an investigation into the proposals.The letter warns the cuts could expose children to harmful content, citing estimates from the UK’s data watchdog that up to 1.4 million TikTok users are under 13

Google won’t reveal if it is lobbying Trump about YouTube’s inclusion in Australia’s under-16s ban

Google has told parliament that Australia’s under-16s social media ban will be “extremely difficult to enforce”, but won’t say if it is lobbying the Trump administration about YouTube’s inclusion ahead of Anthony Albanese’s US visit.On Monday, Google and Microsoft appeared before a Senate inquiry on a range of age assurance and verification requirements being applied to social media and other aspects of the internet including search.Google’s senior manager of government affairs and public policy in Australia and New Zealand, Rachel Lord, told the inquiry the under-16s ban – which is expected to include YouTube – will have “unintended consequences” and won’t make children safer.Sign up: AU Breaking News email“The legislation will not only be extremely difficult to enforce, it also does not fulfil its promise of making kids safer online,” Lord told the inquiry.“YouTube has invested heavily in designing age-appropriate products and industry leading content controls and tools that allow parents to make choices for their families

Smith-Schuster left with bloody nose after Lions-Chiefs ends in ‘childish’ brawl

The Detroit Lions’ matchup with the Kansas City Chiefs was expected to be feisty, but few thought it would end in a literal fight on Sunday night.The Chiefs had started the season poorly, by their high standards, and were coming off a painful loss to the Jacksonville Jaguars last week. But they dominated the Lions, who have suffered a string of injuries to their defense, on both sides of the ball to secure a 30-17 victory and move to 3-3 for the season.But the evening ended with players from both teams flooding the field after a fight started for the most petty of reasons. Lions safety Brian Branch refused to return a handshake from Chiefs quarterback Patrick Mahomes after the game ended

Brydon Carse reveals Stokes and Wood are close to 100% and ‘raring to go’ for Ashes

Ben Stokes and Mark Wood are expected to be “raring to go” for the start of the Ashes next month, offering England a timely boost that sits in contrast to Australia’s ongoing concerns over the fitness of Pat Cummins.As the two seamers with prior experience of playing Test cricket in Australia, Stokes and Wood are central to England’s plans this winter. Stokes missed the fifth Test against India with a shoulder injury, however, while Wood sat out the entire English summer following knee surgery back in March.Things appear to be coming together, at least, with the pair recently training in the heated outdoor nets at Loughborough alongside their Durham teammate, Brydon Carse. While Cummins says he is “unlikely” to be ready for the first Test in Perth that starts on 21 November due to his lower back stress issue, England could have a full complement of seamers at their disposal