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UK Bans Coinbase Ads Over Cost of Living Claims; Trump Criticizes UK-China Business Deals; and Other Global Business News
London – The United Kingdom's advertising watchdog banned advertisements from cryptocurrency firm Coinbase for implying that crypto investments could alleviate cost of living concerns, the Advertising Standards Authority (ASA) announced. The ASA upheld complaints against a series of Coinbase ads that ran in August, deeming they "trivialized the risks of cryptocurrency," which remains largely unregulated in the UK, according to the BBC.
The Coinbase ads depicted the UK in disrepair alongside a satirical slogan and the exchange's logo. While Coinbase stated it disagreed with the ASA's decision, the agency banned the adverts.
In other news, former U.S. President Donald Trump criticized the UK's growing business ties with China. Speaking at a documentary premiere, Trump said it was "very dangerous" for the UK to engage in business with China, BBC Business reported. His comments came as Prime Minister Sir Keir Starmer visited Shanghai to promote increased business and investment between the UK and China. Trump, while critical of the UK's dealings, referred to Chinese President Xi Jinping as a "friend" and said he knew him "very well."
Meanwhile, Venezuela approved a bill to open its oil sector to foreign investment following pressure from the United States, The Guardian reported. The law will grant private companies greater control over oil operations. According to The Guardian, Donald Trump has eased some sanctions on Venezuela's oil industry and said US oil companies were on the ground carrying out site assessments for potential operations.
In Canada, controversy arose over alleged secret talks between Alberta separatist activists and the U.S. State Department. British Columbia Premier David Eby accused the activists of "treason" for seeking foreign assistance in breaking up Canada, The Guardian reported. "To go to a foreign country and to ask for assistance in breaking up Canada, there's an old-fashioned word for that – and that word is treason," Eby told reporters.
Finally, in Denmark, a North Sea oilfield is being repurposed for carbon storage. The Siri platform, 250km off the Danish coast, is the hub for the "Greensand Future" project, according to BBC Business. The project aims to pump thousands of tonnes of CO2 into the almost-depleted oilfield. "Prepare for an offshore landing," the pilot announced before landing on the platform. Mads Gade, CEO of Ineos, is overseeing the project.
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