Global Steel Alliance and Financial Reforms Dominate UK Efforts

The UK is forming a 'steel alliance' with the US and EU to combat Chinese oversupply. New rules will stop the disclosure of short sellers. Tom Hayes, whose Libor-rigging conviction was overturned, sues UBS for $400 million, accusing it of casting him as the scandal's mastermind.

The UK government is actively working to establish a 'steel alliance' with the United States and the European Union. This strategic move aims to safeguard their steel industries from the pressures of global overproduction, predominantly driven by Chinese oversupply.

In financial market regulations, Britain's Financial Conduct Authority is set to unveil new guidelines. These rules will eliminate public disclosures of the identities of short sellers, a shift intended to enhance market efficiency and protection for investors.

Adding a personal dimension to these developments, Tom Hayes, infamously tied to the global Libor-rigging scandal before his conviction was overturned, is pursuing legal action against UBS. Hayes claims the Swiss financial giant painted him as the primary architect of the scandal as a self-protective measure.

(With inputs from agencies.)