PRA Fines Citigroup’s UK Operations £44 Million for Failings in Their Regulatory Reporting Governance and Controls

PRA Fines Citigroup’s UK Operations £44 Million for Failings in Their Regulatory Reporting Governance and Controls – Bank of England

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.

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China’s Top Negotiator ‘Cautiously Optimistic’ About Reaching Trade Deal

China’s Top Negotiator ‘Cautiously Optimistic’ About Reaching Trade Deal – Bloomberg

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.

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‘Phase One’ US-China Trade Deal May Not Be Completed This Year: Trade Sources

‘Phase One’ US-China Trade Deal May Not Be Completed This Year: Trade Sources – Reuters

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.

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China’s Trade Dominance Dealt a Blow After US Gains

China’s Trade Dominance Dealt a Blow After US Gains – Financial Times

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.

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Trump, Powell Met at White House to Discuss Economy

Trump, Powell Met at White House to Discuss Economy – 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.

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Sterling Hits $1.2960 on Election Optimism; Short Positions Decline

Sterling Hits $1.2960 on Election Optimism; Short Positions Decline – Reuters

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.

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