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LONDON — Britain's financial regulator on Thursday tightened rules over the promotion and selling of cryptocurrency as it seeks to protect consumers.

The Financial Conduct Authority (FCA) unveiled a package of measures for the industry, which has long faced criticism over the lack of oversight — and promises of high returns in a volatile marketplace.

Under the new rules, companies promoting crypto products or services in Britain must from October give a "clear warning" that customers could lose money in "high risk" investments.

Marketing firms must also introduce a cooling-off period for first-time crypto investors.

And the watchdog will also ban "refer a friend" bonuses that are designed to incentivise crypto investing.

"Our rules give people the time and the right risk warnings to make an informed choice," said Sheldon Mills, head of consumers and competition at the FCA.

The announcement comes after Britain introduced legislation earlier this year to bring crypto promotions under the scope of the FCA.

UK lawmakers are also demanding that crypto investments in Britain be regulated, in much the same way as the country's gambling industry.

Reacting to the FCA announcement, director of operations at industry group CryptoUK, Su Carpenter, said the new rules could prevent fresh entrants.

"There is a risk that this solution will both unfairly concentrate market power for those firms which are already authorised and potentially encourage unauthorised firms to operate from outside of the UK," Carpenter said.

That could in turn create "a competitive disadvantage for UK-based organisations and also potentially undermining consumer safeguards", she added in a statement.

The FCA clampdown follows moves toward tighter regulation in the United States.

The Securities and Exchange Commission on Tuesday sued crypto platform Coinbase, charging that the largest US digital currency trading platform made billions of dollars by "unlawfully facilitating the buying and selling of crypto asset securities".

The SEC has this week also unveiled charges against Coinbase peer Binance and its founder Changpeng Zhao for numerous alleged securities law violations.

The news follows the spectacular failure of crypto exchange giant FTX in November, stoking concern over a market dubbed by some critics as the "Wild West".

ISTANBUL — The Turkish lira sank to a new low against the dollar on Wednesday, more than a week after the reelection of President Recep Tayyip Erdogan.

The currency, which was propped up by the central bank before the presidential election, fell 5 per cent to 22.77 lira per dollar at around 0645 GMT.

Erdogan was sworn in on Saturday after winning a historic election runoff on May 28 and named a new cabinet appointing market-friendly politician Mehmet Simsek as finance minister. 

The former Merrill Lynch economist is known to oppose Erdogan's unconventional policies.

He served as finance minister between 2009 and 2015 and deputy prime minister in charge of the economy until 2018, before stepping down ahead of a series of lira crashes that year. 

Simsek said: "We have no choice but to return to rational ground" soon after he took office, a sign of shifting away from the unorthodox policy of lowering interest rates in order to fight inflation.

"Whoever won the election, the expectation was the lira had to go weaker, to a more competitive level," London-based emerging markets Economist Timothy Ash said in a note. 

Ash said the lira's fall showed the "impact" from Simsek pushing the central bank to have a "rational policy", which means a weaker currency that is competitive.

"We are seeing policy normalisation play out."

Central banks worldwide have been raising rates in efforts to combat inflation.

But Erdogan has long advocated low interest rates in a bid to stimulate growth. He once called high rates "the mother and father of all evil" promoted by a foreign "interest lobby".

CUPERTINO — Apple on Monday unveiled its first mixed reality headset, challenging Facebook-owner Meta in a market that has yet to tempt users beyond videogamers and tech geeks.

The release was the most significant product launch by the iPhone maker since it unveiled the Apple Watch in 2015.

The Vision Pro, which was generally well received on Monday, will cost a hefty $3,499 and be available early next year in the United States only, the company said.

"There are certain products that shift the way we look at technology and the role it plays in our lives," said Apple CEO Tim Cook as he unveiled the sleek VR device that resembled ski goggles.

"We believe Apple Vision Pro is a revolutionary product with the performance, immersion and capability that only Apple can deliver," he added.

The headgear, which Apple referred to as a spatial computer, was introduced at the close of an Apple event in Cupertino, California in which the company announced a long list of product updates.

The product has been in development at Apple for years, and will focus on gaming, streaming video and conferencing.

Company executives insisted that the Vision Pro offers an unchallenged experience, making the hard sell on tech that has yet to win the hearts of the greater public.

Unlike its rivals, the Vision Pro delivers mixed reality technology that "clearly situates the user in their environment", said Insider Intelligence principal analyst Yory Wurmser.

"Whereas Meta Quest and other devices are virtual reality-first, Vision Pro keeps the user in the present and emphasizes the mixed reality features — unless they choose otherwise," he added.

Vision Pro allows wearers to twist a watch-like "crown" to go from having interactive imagery augment one's surroundings to being fully immersed in a rich 3-D experience that feels like being in a video or on a sports playing field, a hands-on demonstration showed.

Apple went to great lengths to preserve its signature design minimalism, at least to the extent that it could, given the technology squeezed into the Vision Pro.

The device has a glass front, an alumium frame, five sensors, 12 cameras, a display for each eye, and a computer that is cooled with a fan. 

Smaller than a scuba diving mask, Vision Pro will run mainly by being plugged into a power source in a clear effort to preserve a sleek design.

A cord-attached battery pack, which would slide into your pocket, would work for no more than two hours.

Vision Pro optics are tuned to each wearer's eyes, freeing them from eyeglasses during use and also providing optical identification to verify user identity, the demonstration showed.

'Blown away' 

Tech companies have struggled to sell virtual reality headsets to a wider audience that is uncomfortable with wearing a mask.

In an effort to overcome that resistance, internal cameras on Apple's version will project the user's eyes on an external screen.

"As a non VR believer, I was actually blown away by how seamless the experience is," said tech analyst Carolina Milanesi of Creative Strategies.

While wearing Vision Pro one can see who is nearby, and even look them in the eyes and have a conversation.

Disney partnered with Apple for the launch and the Mickey Mouse company teased content from Marvel, Star Wars and live sports that would be available on the device and provide an immersive experience.

Apple said that over 100 video games would be available from the day of release.

Collision course

The release puts Apple on a collision course with Meta, which had taken a head start on doubling down on virtual worlds.

Just days before Apple's event, Meta ramped up its line of much cheaper Quest virtual reality headgear.

A new-generation Quest 3 will be available later this year at a starting price of $500.

Meta's experience with the so-called metaverse has been humbling despite it being a leader in the emergent sector and many questioned whether Apple would in the end jump in.

Less than two years after changing its name to Meta to reflect a metaverse priority, the Facebook giant has fired tens of thousands of staff and promised to get back to its social media basics.

Geneva — Qatar's labour minister was on Monday appointed without a vote to head the International Labour Organisation's annual decision-making conference, despite union criticism amid concerns over labour conditions in Qatar. 

Asian and Pacific nations, which according to a regional rotation had dibs this year on selecting the president of the two-week International Labour Conference, had proposed Ali Bin Samikh Al Marri.

Usually, such picks are approved by acclamation, but this year, some unions had called for a vote, deeming that concerns around labour conditions in Qatar raised questions about the suitability of having a Qatari minister in the post.

But the group representing unions and workers' interests within the ILO's tripartite system — alongside government and private sector employer groups — said Monday that a deal had been reached and it could accept the appointment without calling for a vote.

Qatar has long faced harsh criticism over labour rights, especially in the lead-up to last year's football World Cup.

The country's treatment of migrant labourers came under particular scrutiny amid controversy over numerous deaths and injuries on mega construction projects.

Despite reforms, rights groups have said workers in Qatar continue to face exploitation and unsafe working conditions.

'Serious doubts' 

Union group head Catelene Passchier stressed that "Qatar has in recent years been the subject of scrutiny ... regarding the violations of fundamental rights of big numbers of migrant workers in the runup to the football World Cup". 

The Dutch unionist acknowledged that the country had since engaged with the ILO "on fundamental reforms to its legal system" and had made "improvements on the ground". 

But, she said, unions on the ground had continued to express "serious doubts" over Qatar's commitment to continue implementing the reforms.

This had spurred "extensive conversations" in recent weeks and days, she said, resulting in a joint understanding that Qatar should speed up the implementation. 

"We commend Qatar for stepping up its engagement with the ILO and the international trade union movement," she said, adding that the union group had accepted Al Marri's nomination.

After his appointment, Al Marri himself pointed out to the conference that his country had introduced a minimum wage and improved conditions for domestic workers.

"We know there is still work to be done, and we are committed to doing it," he said, stressing though that the social dialogue would need to be adapted to the "reality" in his country.

In a letter sent to its 338 affiliate national organisations, representing 200 million workers, the International Trade Union Confederation acting general secretary Luc Triangle said a meeting had been held on June 3 with Al Marri and that another would follow by late July.

"It was recognised that, while progress had been made which was an example to other countries in the region, more was needed to ensure decent work for migrant workers in Qatar," he said.

Among other things, he called for "the guaranteed right to operate and act by all global unions in Qatar."

CASABLANCA — Hundreds demonstrated Sunday in Morocco's economic capital Casablanca to protest against the surging cost of living in the North African country and urge action by the government, AFP correspondents said.

Protesters from the Democratic Labour Confederation (CDT) rallied in Casablanca's historic centre "to shout out our discontent with price hikes and with attacks on purchasing power", protester Abdellah Lagbouri told AFP.

Lagbouri came to the rally from Agadir, a city further south on the Atlantic coast. Other demonstrators also travelled from across the country to Casablanca for the protest.

AFP correspondents saw scuffles between security forces and protesters, but said the rally ended without major incident.

"It's shameful, workers' livelihoods are in danger," demonstrators shouted.

CDT official Tarik Alaoui El Housseini said the organisation had initially planned a march on Casablanca, but objections from local authorities made them opt for a rally instead.

Morocco has seen months of rising prices, particularly of food, fuel and other basic staples, in part due to recurrent drought that has affected the agriculture sector.

Year-on-year inflation slowed in April to 7.8 per cent, after 10.1 per cent in February and 8.2 per cent in March, according to official figures.

Nadia Soubat, another CDT official, said the group denounced "the government's inaction in applying the social accord achieved last year".

The agreement signed in April 2022 between the Moroccan government and major labour unions stipulated a rise in minimum wages in both the public and private sectors.

Government spokesman Mustapha Baitas said recently that "the government honoured a large part of its commitments despite the difficult circumstances".