Monday newspaper round-up: Cryptocurrencies, jobs downturn, Cycle Pharma

(Sharecast News) - Cryptocurrencies will be regulated in a similar way to other financial products under legislation coming into force in 2027. The Treasury is drawing up rules that will require crypto companies to meet a set of standards overseen by the Financial Conduct Authority (FCA). Ministers have sought to overhaul the crypto market, which has ballooned in popularity as a way of investing money and making payments. Cryptocurrencies have not been subject to the same regulation as traditional financial products such as stocks and shares, which means that in many cases consumers do not enjoy the same level of protection. - Guardian Young people are bearing the brunt of Britain's jobs downturn, according to a report, before official figures this week that are expected to show the UK unemployment rate rising to 5.1%. The Resolution Foundation thinktank said a "jobs deficit" was pushing a growing number of graduates and non-graduates into unemployment as employers reduced hiring. City economists expect the unemployment rate to have edged up from 5% in September to 5.1% in October, in Tuesday's update from the Office for National Statistics. - Guardian

Some of Britain's biggest banks are under fire for relying on a flawed net zero study that could have influenced which companies they lend to. Lloyds, NatWest and HSBC are among the lenders to have used research that exaggerated the impact of climate change on businesses and the global economy. - Telegraph

Coffee drinkers should get used to high prices, the boss of Caffe Nero has said. Gerry Ford, the American founder and managing director of Caffe Nero, said prices were unlikely to fall in the foreseeable future - even if bean costs finally begin to drop after two years of unprecedented rises. - Telegraph

A privately owned rare diseases drugs company has rescued a US-listed competitor that was valued at more than a $1 billion a year ago. Cycle Pharma, based in Cambridge, which has previously targeted another struggling American pharmaceutical company, has agreed to pay about $15 million, plus potential future milestone amounts, for Applied Therapeutics, a Nasdaq-listed company. - The Times