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EU Watchdog EBA Details Big Crypto Fines As Landmark Laws Bite
Authored by Robert Lakin via CoinTelegraph.com,
The European Banking Authority on Friday unveiled a sweeping framework to penalize cryptocurrency issuers that violate the European Union’s digital-asset laws, signaling a tougher enforcement stance as the trade bloc finalizes its historic regulatory architecture.
The consultation paper published June 26 establishes a standardized playbook for hitting non-compliant issuers of what the EBA considers “significant” tokens with potentially multimillion-euro penalties. Under the proposal, the Paris-based watchdog will deploy a strict two-step process to determine fines, assessing the baseline severity of an infraction before factoring in aggravating or mitigating behavior.
The move represents the sharpening of teeth for the EU’s landmark Markets in Crypto-Assets (MiCA) regulation. Introduced to bring order to a historically freewheeling sector, MiCA is the world's first comprehensive regulatory regime for digital assets, forcing token issuers and crypto service providers to operate with bank-like compliance, consumer protections and capital reserves if they want access to the single European market.
The stakes for non-compliance are explicitly designed to be punitive. According to the EBA's consultation paper, final penalties could reach statutory ceilings of 12.5% of annual turnover for issuers of significant asset-referenced tokens and 10% for significant e-money tokens, or two times the profits generated by the violation, caps meant to deter even the largest global digital-asset operators.
Cover screenshot of European Banking Authority's 14-page consultation paper.
Source: EBA
The roll-out of the penalty framework comes at a critical juncture for Europe's digital asset industry, landing just days ahead of a crucial July 1 deadline. By the start of next month, cryptocurrency firms must have secured formal licenses from national regulators to legally offer their services or market stablecoins within the 27-nation bloc, ending a transitional grace period that allowed many operators to function under looser local rules.
Firms that fail to secure their regulatory passports by July 1 face the prospect of being forced to halt operations entirely or risk triggering the exact infractions, such as unauthorized public disclosures or organizational failures, that the EBA’s new framework is built to penalize.
Binance pushes “pause” on EU operations after license failThe world’s biggest exchange operator, Binance, last week notified European Union users that access to key services will be restricted after the exchange failed to secure MiCA authorization from a member state before the July 1 deadline after it withdrew its MiCA license application in Greece.
Those restrictions include halting the onboarding of new EU users and limiting certain services for EU-based accounts effective July 1, according to exchange notices shared by users on social media.
Notice sent by Binance to customers in Poland. Source: IT_Tech_PL
The notices said users will still be able to withdraw their assets after that date, stating that “all digital assets are still available for withdrawal,” in line with applicable regulatory requirements.
Binance recorded $1.96 billion in daily net outflows on Wednesday, following its withdrawal announcement, according to DefiLlama data viewed by Cointelegraph on Sunday. The exchange then saw another $2.52 billion and $1.46 billion in net outflows over the following two days.
EU move shows sharp contrast with US enforcement approachThe timing underscores the European Union's broader strategy to position itself as the dominant global standard-setter for digital finance, contrasting sharply with the regulation-by-enforcement approach seen in the United States. By laying out clear financial penalties right as the licensing mandate takes effect, authorities in Brussels are telling the market that the era of leniency is officially over.
The industry now has a three-month consultation window ending September 28 to lobby for changes to the EBA's penalty methodology. However, with the July 1 licensing cliff edge just days away, executives will have to navigate an unforgiving compliance environment long before the final fining guidelines are formalized under law.
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GM Replaces 1,000 Factory Zero Workers With 50 Robots
General Motors is once again under the microscope after expanding automation at its Detroit-based Factory Zero plant, installing about 50 collaborative robots not long after cutting more than 1,000 positions, according to Yahoo Finance.
The decision reflects a broader shift across the auto industry as manufacturers lean more heavily on robotics and AI to improve efficiency while labor groups warn about the impact on employment.
Factory Zero, where GM builds the GMC Hummer EV and Chevrolet Silverado EV, was originally marketed as the centerpiece of the company's electric vehicle ambitions. Instead, inconsistent EV demand has forced production adjustments, temporary downtime, and workforce reductions, even as GM continues pouring money into advanced manufacturing technology.
The newly installed Fanuc cobots assist employees with attaching body panels during assembly. GM says the machines are intended to reduce repetitive, physically taxing work and improve safety—not eliminate workers. Even so, their arrival shortly after significant layoffs has sparked concern on the factory floor.
The Yahoo Finance article notes that the United Auto Workers' Local 22 has challenged the rollout, filing grievances over the new equipment and arguing that employees have good reason to question what expanded automation means for future staffing levels. GM maintains that robotics complement, rather than replace, human workers by allowing employees to focus on more skilled tasks.
The investment fits into GM's long-term manufacturing strategy. The company has spent the last several years highlighting artificial intelligence and automation as key parts of its future, including a partnership with NVIDIA to develop AI-powered factory systems. CEO Mary Barra has repeatedly said advanced technology is critical to improving productivity and keeping GM competitive.
The trend extends well beyond GM. Companies including Toyota and BMW are accelerating their own investments in robotic manufacturing as rising labor costs and competitive pressures push the industry toward greater automation. Following the UAW's 2023 contract, GM estimated the agreement would add roughly $500 to the cost of every vehicle it builds.
With automation becoming more sophisticated each year, the debate over where robots end and human workers begin is only likely to intensify. As the next UAW negotiations approach in 2028, the role of AI and robotics on factory floors is shaping up to be one of the industry's biggest labor issues.
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Is There Any Point In Getting To Know Andy Burnham?
Authored by Joanna Gray via DailySceptic.org,
The best way to approach Andy Burnham, our new Prime Minister-in-waiting, is like the latest girlfriend of a desirable but emotionally damaged philanderer.
We should be polite but there’s no real point in spending too much time getting to know her, because she’ll be replaced with a new model in a matter of months.
Let’s call this philandering gentleman Mr Great Britain. He’s the dashingly handsome lothario with daddy issues (in this case loss of Empire). We all know the type: the rakish uncle who’s still smoking at Christenings. He’s a sort of Hugh Grant chap with emotional baggage who can’t resist flirting with everyone, from the great aunt to the minx who’s just finished her A-Levels and all the waitresses. In spite of his obvious flaws (the NHS, insane energy and welfare policies), Mr Great Britain is still a deeply desirable thoroughbred with excellent breeding, ancestry, land and property. The problem is, he just keeps hooking up with all the wrong girls.
Mr Great Britain’s ancestors have made some outstandingly successful marriages that have expanded and solidified the family fortunes (Pitt, Disraeli, Liverpool, Salisbury, Baldwin, Thatcher). Sadly our current Mr Great Britain, when a young man, got into bed with a certain Anthony Blair who, as Mr Great Britain sobs into his drink with his next hook up: completely broke his heart. “I thought she was the one,” Mr Great Britain cries, “She had everything a young man could want: an ability to smile, a catchy slogan. But it turns out she was an absolute cow. She made me go to war and changed all the funny institutions in the old manor.”
Add this early heart break to his loss of Empire daddy issues, and poor old Mr Great Britain doesn’t know whom to settle down with. He flails around from one type of woman to another thinking they will solve his problems. In a pique of revenge, he seduced Anthony Blair’s severe best friend Gordon. Friends hoped Gordon would steady Mr GB, but instead she just shouted at everyone and sold the family gold. Thankfully this relationship didn’t last long and people were delighted when Mr Great Britain brought home the elegant Dave Cameron. She was just the right sort, a handsome filly with breeding and a pretty face. Alas like many willowy Sloanes, Dave turned out to be a sopping wet drip.
Time was ticking on and Mr Great Britain turned his wandering eye to a rather forgettable older woman who had an improbable interest in shoes. This petered out when Mr Great Britain remembered his deep seated predilection for fun times. He dumped Theresa and leaped into the willing arms of good time girl Boris Johnson. A knockout blonde who’d been round the block with plenty of other chaps, Boris was surely the girl to revive Mr Great Britain’s vim and vigour. Alas there was nothing more to her than her hair. Boris failed in all fundamental aspects of family care: she locked up the children, spaffed the family money and invited millions of people over to the family estate. She had to go.
Things then took a turn for the worse for poor old Mr Great Britain. He had the audacity to bring another ridiculous blonde to his grandmother’s funeral. She had a strange way of talking and everyone was convinced Liz was quite mad.
He then went through his exotic phase and a dated a small polite woman of Indian extraction who did lovely things with candles at Diwali but wasn’t at all suited to the English rain.
Most recently Mr Great Britain has dumped his latest squeeze, a rather terrifying lawyer who bored everyone to tears.
Rumour has it that Mr Great Britain is in the early stages of a relationship with a Northern Woman called Andy.
She has a Northern accent so might be good with the staff but is unlikely to stick.
Friends of Mr Great Britain know that time is running out.
He’s getting a bit too old and craggy and will soon go entirely to seed unless a good woman grips him. Again, we all know the type: the gorgeous stud who finally settles down at the age of 52 with a charming and competent wife. She solves his daddy issues and gives him a sense of belonging and purpose. They create a wonderful family home and have a quiverful of children. We also know the other type: the gorgeous stud who continues dating a series of inappropriate women well into his dotage. Whenever there’s a social event, we old friends think: who will the old rogue bring this time? Shall we bother to get to know her? Oh dear, we mutter, he’s looking shabbier and shabbier; it’s too late, no-one will want him now, he’s entirely broke, lost his estate as well as his looks.
Which path will our Mr Great Britain take? For now, I wouldn’t waste too much time in getting to know the new northern lass. She’ll be gone in a matter of months. Will the next honey be another embarrassing disaster or the one who sets Mr GB on the right path to fulfil his neglected potential? If I were a matchmaker, my wife of choice for Mr Great Britain would be that lovely Christian woman Danny whose mother is a tremendous cook.
Tyler Durden Mon, 06/29/2026 - 03:30