Central banks will want oversight of Facebook’s Libra: Bank of England

The Bank of England is open to the idea of letting new payment services such as Facebook’s upcoming Libra hold funds with the central bank, Mark Carney said Thursday, June 20. (AP)
Updated 21 June 2019

Central banks will want oversight of Facebook’s Libra: Bank of England

  • “It has to be safe, or it’s not going to happen,” Band of England Governor Mark Carney said
  • Facebook proposed a new currency and payment system called Libra

LONDON: Major central banks and regulators will want oversight of Facebook’s proposed new currency and payment system, Libra, to ensure it is safe and does not allow money laundering or finance terrorism, Bank of England Governor Mark Carney said.
“It has to be safe, or it’s not going to happen,” Carney told the BBC in an interview broadcast on Friday. “We, the Fed, all the major global central banks and supervisors, would have direct regulatory (oversight).”
Britain’s Financial Conduct Authority — responsible for consumer protection and anti-money laundering — would also have a major supervisory role to play, Carney added.
Carney said on Thursday that Facebook cannot expect its new Libra currency to benefit from the same unregulated free-for-all that helped the company achieve a dominant position in social media.


SABIC eyes methanol plant in Russia’s far east

Updated 52 min 22 sec ago

SABIC eyes methanol plant in Russia’s far east

  • SABIC has signed an initial agreement with Russian interests to build and operate a methanol plant in the country’s far east
  • The installed capacity of the proposed plant in the Amur Region is expected to be up to two-million tons of methanol

LONDON: SABIC has signed an initial agreement with the Russian Direct Investment Fund (RDIF) and ESN Group, to build and operate a methanol plant in the country’s far east.
The deal was struck on the sidelines of the Russian President’s visit to the Kingdom.
The installed capacity of the proposed plant in the Amur Region is expected to be up to two-million tons of methanol.
“This is an important milestone in our global growth strategy, which is formulated around competitive feedstock and capacity to innovate and plan strategically,” said Yousef Al-Benyan, SABIC Vice Chairman and CEO.
“We plan to maintain our strategic partnership with the Russian market by continuing to focus on meeting customer needs, increasing our key customer base, and growing our commercial operation.”
Riyadh-headquartered SABIC is the region’s biggest petrochemical company with operations worldwide. It has been rapidly expanding its global footprint over the last year as it pushes into new markets and higher value products.