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China fights back. President Trump’s trade war with China is bound to escalate this week, as the administration plans to unveil new tariffs on $200 billion in Chinese products entering the U.S. In this increasingly intense trade dispute, China announced that it will be offensive, according to the Chinese popular newspaper Global Times. In addition to new retaliatory tariffs, Beijing could limit its exports of goods, raw materials and components essential to the US manufacturing production chain. Meanwhile, the Wall Street Journal revealed that the products concerned by the fresh tariffs will be taxed at around 10%, whereas the American administration had talked about 25%.
Credit Suisse faces sanctions from Swiss watchdog. After a probe into Swiss banks, the Finma pinned Credit Suisse for anti-money laundering breaches.These breaches concern alleged corruption cases related to the International Football Federation (Fifa) and the Brazilian oil companies Petrobras and Venezuelan PDVSA. In a press release, Credit Suisse said that it is working to fix the problem, pointing out that Finma "did not impose a fine on Credit Suisse, nor did it order the return of profits or limitation of business activities".
Deutsche Bank shifts more London assets. The German lender caved under pressure from the European Central Bank, which wants the institution to strengthen its capital in Germany. The country’s leading bank has increased the amount of assets to be transferred from London to Frankfurt, according to a report from the Financial Times. Deutsche Bank's balance sheet in the United Kingdom is estimated at €600 billion, and the German bank should transfer 75% of it, or €450 billion. But no final decision has yet been taken.
EU and the UK to clash on May’s plan. This week, EU leaders will hold their first serious discussions on Brexit since March. British Prime Minister Theresa May warned on Monday that the only alternative to her project is a Brexit without agreement. The "Chequers Plan" proposed by Mrs May, includes the creation of a free trade area for industrial and agricultural goods, while putting an end to the free movement of European citizens and the control of the EU Court of Justice. But there are reports that the EU’s chief negotiator, Michel Barnier, told British MPs that the plan is “dead”, and suggested that there was a fundamental misunderstanding in the UK about how the single market worked.
Credit Suisse faces sanctions from Swiss watchdog. After a probe into Swiss banks, the Finma pinned Credit Suisse for anti-money laundering breaches.These breaches concern alleged corruption cases related to the International Football Federation (Fifa) and the Brazilian oil companies Petrobras and Venezuelan PDVSA. In a press release, Credit Suisse said that it is working to fix the problem, pointing out that Finma "did not impose a fine on Credit Suisse, nor did it order the return of profits or limitation of business activities".
Deutsche Bank shifts more London assets. The German lender caved under pressure from the European Central Bank, which wants the institution to strengthen its capital in Germany. The country’s leading bank has increased the amount of assets to be transferred from London to Frankfurt, according to a report from the Financial Times. Deutsche Bank's balance sheet in the United Kingdom is estimated at €600 billion, and the German bank should transfer 75% of it, or €450 billion. But no final decision has yet been taken.
EU and the UK to clash on May’s plan. This week, EU leaders will hold their first serious discussions on Brexit since March. British Prime Minister Theresa May warned on Monday that the only alternative to her project is a Brexit without agreement. The "Chequers Plan" proposed by Mrs May, includes the creation of a free trade area for industrial and agricultural goods, while putting an end to the free movement of European citizens and the control of the EU Court of Justice. But there are reports that the EU’s chief negotiator, Michel Barnier, told British MPs that the plan is “dead”, and suggested that there was a fundamental misunderstanding in the UK about how the single market worked.
The Irish border question divides the EU and the UK. Here are the 4 options that are on the table. Source : The Department of Politics at the University of Surrey
Trump’s Supreme Court candidate in trouble. President Trump’s bid to confirm Judge Brett M. Kavanaugh to the Supreme Court was thrown into jeopardy on Sunday as a woman made allegations in a Washington Post interview that Mr. Kavanaugh sexually assaulted her when they were teenagers more than 30 years ago. M. Kavanaugh has denied the accusations, and the White House said it stood by those denials, stating that it had no intention of pulling the nomination, according to the New York Times.
JPMorgan chief backtracks. After criticizing POTUS last week, JPMorgan chief executive Jamie Dimon changed its tune on Sunday. Appearing on ABC’s “This Week with George Stephanopoulos,” Dimon was asked “what kind of grade” he would give Trump just on the economy. “I’d say pretty good”. This is in sharp contrast with last week, when Dimon said about Trump: “I’m as tough as he is; I’m smarter than he is. He said that “by the way, this wealthy New Yorker actually earned his money; it wasn’t a gift from daddy.” Dimon said on Sunday that he regretted his earlier comments.
JPMorgan chief backtracks. After criticizing POTUS last week, JPMorgan chief executive Jamie Dimon changed its tune on Sunday. Appearing on ABC’s “This Week with George Stephanopoulos,” Dimon was asked “what kind of grade” he would give Trump just on the economy. “I’d say pretty good”. This is in sharp contrast with last week, when Dimon said about Trump: “I’m as tough as he is; I’m smarter than he is. He said that “by the way, this wealthy New Yorker actually earned his money; it wasn’t a gift from daddy.” Dimon said on Sunday that he regretted his earlier comments.
