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Sir Keir Starmer has said the government will not relax visa rules for India, as he embarks upon a two-day trade trip to Mumbai.

The prime minister touched down this morning with dozens of Britain’s most prominent business people, including bosses from BA, Barclays, Standard Chartered, BT and Rolls-Royce.

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The first full-blown trade mission to India since Theresa May was prime minister, it’s designed to boost ties between the two countries.

Sir Keir – whose face has been plastered over posters and billboards across Mumbai – will meet Indian Prime Minister Narendra Modi on Thursday, five months after the UK signed the first trade deal with India since Brexit.

The agreement has yet to be implemented, with controversial plans to waive national insurance for workers employed by big Indian businesses sent to the UK still the subject of a forthcoming consultation.

Sir Keir Starmer with his business delegation. Pic: PA
Image:
Sir Keir Starmer with his business delegation. Pic: PA

However, the business delegation is likely to use the trip to lobby the prime minister not to put more taxes on them in the November budget.

Sir Keir has already turned down the wish of some CEOs on the trip to increase the number of visas.

Speaking to journalists on the plane on the way out, he said: “The visa situation hasn’t changed with the free trade agreement, and therefore we didn’t open up more visas.”

He told business that it wasn’t right to focus on visas, telling them: “The issue is not about visas.

“It’s about business-to-business engagement and investment and jobs and prosperity coming into the UK.”

Narendra Modi and Keir Starmer during a press conference in July. Pic: PA
Image:
Narendra Modi and Keir Starmer during a press conference in July. Pic: PA

No birthday wishes for Putin

The prime minister sidestepped questions about Mr Modi’s support of Russian leader Vladimir Putin, whom he wished a happy birthday on social media. US President Donald Trump has increased tariffs against India, alleging that Indian purchases of Russian oil are supporting the war in Ukraine.

Asked about Mr Modi wishing Mr Putin happy birthday, and whether he had leverage to talk to Mr Modi about his relationship with Russia, Sir Keir sidestepped the question.

“Just for the record, I haven’t… sent birthday congratulations to Putin, nor am I going to do so,” he said.

“I don’t suppose that comes as a surprise. In relation to energy, and clamping down on Russian energy, our focus as the UK, and we’ve been leading on this, is on the shadow fleet, because we think that’s the most effective way.

“We’ve been one of the lead countries in relation to the shadow fleet, working with other countries.”

PM: We aren’t forcing wealthy people out

Sir Keir refused to give business leaders any comfort about the budget and tax hikes, despite saying in his conference speech that he recognised the last budget had an impact.

“What I acknowledged in my conference, and I’ve acknowledged a number of times now, is we asked a lot of business in the last budget. It’s important that I acknowledge that, and I also said that that had helped us with growth and stabilising the economy,” he added. “I’m not going to make any comment about the forthcoming budget, as you would expect; no prime minister or chancellor ever does.”

Asked if too many wealthy people were leaving London, he said: “No. We keep a careful eye on the figures, as you would expect.

“The measures that we took at the last budget are bringing a considerable amount of revenue into the government which is being used to fix things like the NHS. We keep a careful eye on the figures.”

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SEC ends Biden-era probe into tokenized equity platform Ondo Finance

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SEC ends Biden-era probe into tokenized equity platform Ondo Finance

The US Securities and Exchange Commission has officially dropped its investigation into the New York-based tokenization platform Ondo Finance, which it initiated in 2023.

Ondo Finance has received formal notice that a confidential, multi-year SEC investigation into the platform has been closed without any charges, the company announced on Monday.

“The probe examined whether Ondo’s tokenization of certain real-world assets complied with federal securities laws as well as whether the ONDO token was a security,” the statement said.

The SEC’s decision to end the investigation reflects a broader shift in the US policy regarding real-world asset (RWA) tokenization, bringing it on the authority’s formal agenda, Ondo noted.

A new chapter of tokenization in the US

According to a report by Crypto in America, the SEC initially opened the probe in October 2023 under former SEC Chair Gary Gensler, who was known for his stringent stance toward the crypto industry.

However, since Paul Atkins took over as SEC chair, the agency has closed a number of crypto-related cases involving major companies, including Coinbase, Ripple and Kraken.

“When the inquiry began in 2024, the US regulatory environment for digital assets was defined by caution, confusion, and occasionally overbroad enforcement actions,” Ondo Finance said in its blog post.

Source: Ondo Finance

Against that backdrop, Ondo was “one of the only firms focused on tokenizing publicly listed equities at scale,” it said, adding: “Being early, and being successful, came with scrutiny.”

According to Ondo, the resolution of the SEC inquiry marks the end of one chapter for Ondo and the beginning of another, where tokenized securities become a “core part of the US capital markets.”

“The future of global finance, including U.S. capital markets, will be onchain and Ondo will help lead that transition,” Ondo said.

Most US tokenization platforms serve overseas markets

The news comes as most tokenization platforms offer tokenized equity products primarily to customers outside the US, including firms such as Kraken-owned Backed, the issuer of xStocks.

While these platforms tokenize major US-listed stocks and exchange-traded funds (ETFs), many of the offerings are aimed at clients located overseas, particularly in Europe.