US moves to soften capital rules: ‘Big banks can declare mission accomplished’

US federal regulators are trying to soften bank requirements, loosening the amount of capital US banks must have, in what would be some of the biggest changes to bank restrictions since the 2008 financial crisis and a huge win for financial institutions.On Thursday, US Federal Reserve officials are expected to vote to lower capital requirements – the funds they need to cover risky assets – for the biggest banks by 4.8%, which could free up capital for banks such as JPMorgan Chase, Goldman Sachs and Morgan Stanley.Larger regional banks like PNC would see their requirements drop by 5.2%, while requirements banks with less than $100bn in assets would fall by 7

Bank of England tipped to raise UK interest rates twice this year to fight inflation shock from Middle East crisis, as oil and gas prices rise – as it happened

Time for a recap….A turbulent day in the financial markets has seen energy prices surge, and European stock markets fall.UK and European gas prices have jumped 15% today, after yesterday’s attacks by Iran on energy infrastructure across the Middle East.QatarEnergy has revealed that Iran’s strikes have damaged facilities responsible for producing 17% ​of the company’s LNG export capacity, and it could take three to five years to repair the damage.Brent crude jumped by 10% at one state – extending the gap between Brent and US oil – before slipping back to $110 a barrel, up 3

Lack of funding is stifling scientific research | Letter

Liz Kendall is right to warn that the UK must not let quantum computing talent slip through its fingers (UK must learn lessons from AI race and retain its quantum computing talent, says minister, 17 March).However, UK Research and Innovation’s current funding decisions risk doing exactly that.The government has announced £1bn for quantum computing, but it is cutting support for fundamental research in particle physics, astronomy and nuclear physics (PPAN). These are not separate issues. It is precisely the kind of blue-sky research funded through PPAN that trains the scientists and develops the ideas that underpin emerging technologies like quantum computing

Essex police pause facial recognition camera use after study finds racial bias

Essex police have paused the use of live facial recognition (LFR) technology after a study found cameras were significantly more likely to target black people than people of other ethnicities.The move to suspend use of the AI-enabled systems was revealed by the Information Commissioner’s Office (ICO), which regulates the use of the technology deployed so far by at least 13 police forces in London, south and north Wales, Leicestershire, Northamptonshire, Hampshire, Bedfordshire, Suffolk, Greater Manchester, West Yorkshire, Surrey and Sussex.The ICO said Essex police had paused LFR deployments “after identifying potential accuracy and bias risks” and warned other forces to have mitigations in place. LFR systems are either mounted to fixed locations or deployed in vans. In January, the home secretary, Shabana Mahmood, announced the number of LFR vans would increase five-fold, with 50 available to every police force in England and Wales

Francesca Jones defeats Venus Williams in Miami for WTA 1000 breakthrough

In her first training session at the ATX Open in Austin last month, weeks after injury put an end to her Australian Open, Francesca Jones found herself in an unusual, delightful situation. Her training partner across the net was none other than Venus Williams, the most successful active female tennis player.Being able to train with such a legendary player was a dream itself, but Jones can now say that she has also defeated her, as she closed out a 7-5, 7-5 win over the 45-year-old seven-time grand slam champion in the first round of the Miami Open. The victory marks Jones’s first WTA 1000 match win in her career, breaking a four-match losing streak.This was an intense battle that Williams, a three-time Miami Open champion between 1998 and 2001, could have won

March Madness: VCU fight back from 19 down to oust UNC in first-round stunner

Terrence Hill Jr made a stepback three-pointer with 15 seconds left in overtime and 11th-seeded VCU erased from a 19-point second-half deficit to stun sixth-seeded North Carolina 82-78 on Thursday night in the first round of the NCAA Tournament.Hill finished 7 for 10 from three-point range and scored 20 of 34 points after halftime as VCU (28-7) won their first NCAA Tournament game since 2016.Nyk Lewis added 16 points, including two clutch free throws, to seal the game for the Rams, who’ll face the winner of No 14 Penn and No 3 Illinois in the second round on Saturday.Henri Veesaar had 26 points and 10 rebounds for the Tar Heels (25-8), who went 0-3 after star Caleb Wilson was ruled out for the season with an injury.In overtime, Seth Trimble made 1 of 2 free throws with 35 seconds left to put the Tar Heels up 78-77