A trade deal between United States and China was now “stalled because of Hong Kong legislation”, news website Axios reported on Sunday, citing a source close to US President Donald Trump’s negotiating team.Read More
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The United States and China are close to agreement on the first phase of a trade deal, US President Donald Trump said, after top negotiators from the two countries spoke by telephone and agreed to keep working on remaining issues.Read More
The PRA has imposed a combined financial penalty on Citigroup Global Markets Limited (CGML), Citibank N.A. London branch (CBNA London) and Citibank Europe Plc UK branch (CEP UK) (together, Citi) of £43.9 million for failings in relation to their internal controls and governance arrangements underpinning compliance with PRA regulatory reporting requirements. Between 19 June 2014 and 31 December 2018, or parts thereof, the firms’ UK regulatory reporting framework was not designed, implemented or operating effectively. This led to them failing to submit complete and accurate regulatory returns to the PRA.Read More
A surge in voting, especially by young people, allowed democracy advocates to win many more seats on local councils.
- Hong Kong Stocks Rally After Pro-Democracy Groups Dominate Polls – Bloomberg
- Beijing Must Reassess Hong Kong Situation as Pro-Democracy Camp Wins Big – South China Morning Post
China’s chief trade negotiator indicated he was “cautiously optimistic” about reaching a phase one deal with the US, as two titans of American diplomacy in Asia warned of the dangers of escalating the tariff war.
- Currencies in Paralysis as Trade ‘Headline Fatigue’ Sets In – Reuters
- Why Now Is a Good Time to Start Worrying About a U.S.-China Trade Deal – Bloomberg
Completion of a “phase one” US-China trade deal could slide into next year, trade experts and people close to the White House said, as Beijing presses for more extensive tariff rollbacks, and the Trump administration counters with heightened demands of its own.
- China Risks Hurting Itself by Hitting Back Against US – Bloomberg
- China Says Will Strive to Reach ‘Phase One’ Trade Deal with US – Reuters
- Kissinger Says US and China in ‘Foothills of a Cold War’ – Bloomberg
Analysts are tentatively calling it “peak China”. The country’s position as the leading global exporter for the past two decades has been dealt a blow after it lost ground to the US in the first six months of this year.
- Stalled US-China Trade Talks Raise Threat of Another Impasse
- US, China to Tie Tariff Relief to Failed Deal From May – Bloomberg
- Without a China Trade Deal, the US Will Hike Tariffs: Trump – Reuters
US President Donald Trump and Federal Reserve Chair Jerome Powell met at the White House, their second meeting since Powell started the job in February 2017 and soon after became the target of frequent criticism from the president who had appointed him.Read More
Sterling rose above $1.2960 on Monday after Prime Minister Boris Johnson said that all Conservative Party candidates in the upcoming election have pledged to back his Brexit deal. Johnson told the Telegraph newspaper in an interview published on Saturday that all 635 Conservative candidates standing in the UK election would vote in parliament to pass the withdrawal agreement.Read More
Global debt hit a fresh record above $250 trillion in the first half of 2019, with China and the U.S. accounting for more than 60% of new borrowing, the Institute of International Finance said.Read More