Daily Financial Forecast 19 July 2019
> Trading Economics is programmed and updated daily.
Ursula von der Leyen elected first female European Commission president
Germany's Ursula von der Leyen has been confirmed as the European Commission's first female president and the first German in the top EU job for over 50 years. In a secret ballot, MEPs voted narrowly to support her as a replacement for Jean-Claude Juncker when he steps down on 31 October. She won the support of 383 MEPs - just nine more votes more than required to secure an absolute majority - and below the 400 threshold that would give her a stable majority to get her policies through parliament over the next five years.
New European chief open to another Brexit delay
In the last hour, the EU's top job of President of the European Commission has been given to Ursula von der Leyen. As part of her pitch to MEPs earlier, the German Defence Minister said she was open to another Brexit delay. But the EU is further bracing itself for no deal, after Tory leadership rivals Boris Johnson and Jeremy Hunt both ruled out accepting the Irish backstop in Theresa May's Brexit deal, even if there was a time limit.
Iran tries to seize British tanker in Strait of Hormuz
Iran tries to seize British tanker in Strait of Hormuz | DW News Britain says three Iranian boats tried to intercept a British oil tanker near the Persian Gulf in the Strait of Hormuz. London says they were driven off by a Royal Navy frigate - the HMS Montrose - escorting the tanker in the Strait of Hormuz. The frigate aimed its deck guns at the Iranian boats as a warning. No shots were fired. Iran has denied that its vessels tried to stop the tanker, saying they were carrying out routine duties. The incident comes after a warning yesterday from Iranian President Hassan Rouhani. He said that Iran was ready to retaliate after one of its oil tankers was seized off the coast of Gibraltar last week.
What seismologists are learning from this weekend's California earthquakes
Residents in Southern California are bracing for more possible
earthquakes in the wake of last week's temblors. There have been more
than 4,000 aftershocks since last week's 7.1 and 6.4 magnitude quakes
near Ridgecrest. Chief weathercaster Lonnie Quinn of New York station
WCBS-TV joins "CBS This Morning" to show us what seismologists are
learning about these earthquakes, and how they may affect the rest of
California. Click the video news report.
Deutsche Bank's radical restructuring rocks Frankfurt
Europe's largest lender, Deutsche Bank, has announced it will cut 18,000
jobs in an effort to radically restructure the financial institution.
Deutsche has said the move will cost 7.4 billion euros, as the company
leaves global investment banking behind and slashes some operations in
fixed income. Staff across Asia were already seen leaving their
buildings, though the bulk of job cuts are expected to be in Europe and
the United States. Could those jobs have been saved if Donald Trump had
paid back his loans? Click the video news report.
Deutsche Bank to exit global equities business and slash 18,000 jobs
Deutsche Bank announced Sunday that it will pull out of its global
equities sales and trading business as part of a sweeping restructuring
plan to improve profitability. Click the video news report.
Economist believes Duterte admin can deliver on catch-up spending plan
The Philippines is poised for faster economic growth in 2019. This was
the general consensus among foreign and local experts, thanks to a more
accommodative inflation and interest rate environment in the country.
The government, however, is advised to address key issues to make this
growth sustainable. Click the video news report.
Greece: Mitsotakis ousts Tsipras in snap election
Greece's center right opposition leader of the New Democracy party Kyriakos Mitsotakis has won a landslide victory in the country's snap election. Outgoing Prime Minister Alexis Tsipras and his left wing Syriza party have conceded defeat. Tsipras came to power in 2015 after promising to repeal punishing austerity measures. But he quickly made a U-turn and gave in to the demands of international creditors. Mitsotakis says the country is now entering a new post bailout era.
EU-Western Balkans summit: Is enlargement in sight?
"The place of the Western Balkans is inside the European Union," EU
Commissioner Johannes Hahn said in his keynote speech on Thursday. But
how serious is the EU in its commitment to continue the integration
process? Euronews answers.... Click the video news report.
China 2019 - China, Science and the World
Between 2009 and 2013, China experienced a meteoric expansion in R&D, doubling its research spending and overtaking the US with the largest number of researchers in any single country. How is China redrawing the map of global science?
Nigeria to join African free trade zone
Nigeria says it will sign up to a free trade agreement with other African countries at the African Union summit this weekend. The African Continential Free Trade Agreement aims to boost trade between countries in Africa by reducing or removing tariffs. Nigeria - the continent's largest economy - had been one of just three nations not signed up to the project. Also today, France has a new police force: dedicated to fighting tax evasion.
Tricks of the trade: How the EU negotiates trade deals
Trade deals twenty years in the making - what have the EU's latest trade agreements taught us about how the bloc negotiates? Stephen Carroll speaks to André Sapir, a senior fellow at the European think tank Bruegel who worked as an adviser to the European Commission for more than a decade.
Greens: "Von der Leyen represents the status quo"
In the France 24 Debate, Monica Frassoni, co-chair, European Greens
doubts Ursula von der Leyen's qualifications for leading a European
Commission which she believes has become a "glorified secretariat" for
the 28 leaders of the European Council. Click the video news report.
IMF's Christine Lagarde nominated as president of European Central Bank
International Monetary Fund Managing Director Christine Lagarde was on
Tuesday nominated as the president of the European Central Bank,
following which she announced to temporarily relinquish her
responsibilities as head of IMF. Click the video news report.
Downfall of Chinese bank rattles Australian investors
One Chinese bank has investors around the world worried. Some analysts fear another crisis could be on its way for Beijing. Click the video news report.
US proposes tariffs on $4 billion of EU goods
CNBC's Silvia Amaro discusses the U.S. Trade Representative's proposal
to impose tariffs on $4 billion dollars' worth of EU goods. Click the video news report.
Trump meets Kim, makes history by stepping into North Korea
US President Donald Trump has become the first sitting US president to set foot inside North Korea. He met with North Korean leader Kim Jong Un and the two men agreed to resume stalled nuclear talks.
Trump says meeting with Xi 'went better than expected'
President Trump and Chinese President Xi agree to restart U.S. - China trade talks. Click the video news report.
World leaders arrive in Osaka for G20 summit
World leaders have begun to gather in Osaka, Japan ahead of the G20
summit that will kick off on Jun 28. Issues such as trade, climate
action and security are on the table during the two-day gathering. Click the video news report.
Macron bolsters Japan ties, defends Renault-Nissan alliance on Tokyo visit
France wants to continue it's Indo Pacific access which includes country like Japan, India, and Australia. Macron's basicly interest is the military zones because France has sold 36 fighter jets to India, signed a contract to provide 12 attacked submarines to Australia and signed a 5 year plan of naval partnership with Japan. France is the only EU country which has a series of overseas territories with large amount export 14%, import 17% and 9 million square kilometers of France EEZ territories in the Indo Pacific region. Click the video news report.
Australia Eyes New South China Sea Port to Be Used by US Marines Amid Washington-Beijing Row
Australia Eyes New South China Sea Port to Be Used by US Marines Amid Washington-Beijing Row. Click the video news report.
German firms 'very bullish' about Philippine market: trade group
Market Edge: German firms are "bullish" about the Philippine market as qualifications of its English-speaking workforce offset risks such as inflation and the volatile exchange rate, the director of a German-Philippines trade group said.
US, Israel and Russia meet for security talks on Iran & Middle East |
Iran says the path to diplomacy between Tehran and President Trump's
government is now permanently closed. The statement comes after the US
imposed new sanctions on Iran's Supreme Leader Ayatollah Ali Khamenei
and other top officials. An Iranian foreign ministry spokesman accused
the US of being 'desperate' and destroying established mechanisms for
maintaining peace. Meanwhile US National Security Adviser John Bolton
has met with his counterparts from Israel and Russia in Jerusalem. Iran
is a key point on the agenda of the security talks. Click the video news report.
Iran slams US financial sanctions as tensions escalate
Iran said Tuesday that new US sanctions targeting its supreme leader meant a "permanent closure" of diplomacy, while the country's president labelled the White House "mentally retarded" as tensions between Tehran and Washington escalated. Wassim Cornet and Luke Shrago report.
Thailand assumes ASEAN chair in 2019
Thailand assumes the ASEAN chair in 2019, and its Prime Minister Prayut Chan-o-cha seems determined to make his chairmanship part of his legacy. Mr Prayut has governed Thailand for the past five years following a military coup and assumed the premiership again less than two weeks ago following elections.
Deutsche Bank under money laundering investigation over Jared Kushner transactions | DW News
Deutsche Bank is reportedly being investigated for alleged violations of
anti-money laundering regulations. According to a New York Times
report, a probe is underway as to how the bank handled transactions
labelled 'suspicious' by employees. They include some transactions
linked to Donald Trump's key adviser and son-in-law, Jared Kushner. Click the video news report.
"Scotland is an European country"
Angus Robertson issued a warning to the House of Commons that Scotland
is a European country and that if it was taken out of the EU, it would
"completely undemocratic". Click the video news report.
EU summit: EU leaders meet in Brussels for a two-day summit
EU leaders arrive in Brussels for a final two-day summit (20-21st June)
before the summer break, with leadership appointments and climate change
on the agenda. Click the video news report.
Facebook's LibraCoin: how is it going to work?
The FT's global tech correspondent Tim Bradshaw explains the new currency launched by the tech giant. Click the video news report.
Hoping to help Middle East region realize its digital potential: Microsoft MEA | Squawk Box Europe
Samer Abu Ltaif, the president of Microsoft MEA, discusses the launch of cloud services in the UAE. Click the video news report.
Canada : Trans Mountain pipeline expansion
In Question Period the government faced question on the Trans
Mountain pipeline expansion, with news emerging that Prime Minister
Justin Trudeau and his cabinet will decide Tuesday whether to greenlight
the Trans Mountain expansion project, amid political and legal
uncertainty for the pipeline the government bought last year for $4.5
billion. Click the video news report.
What difference does SCO make on world stage?
Leaders of the Shanghai Cooperation Organisation are in Kyrgyzstan for an annual summit.
Led by China and Russia, the eight-member Eurasian bloc accounts for almost half of the world's population.
The meeting comes as tensions are growing between the U.S. and China over their escalating trade war.
Meanwhile, observer state Iran is seeking support against Washington's 'maximum pressure' campaign. Click the video news report.
Saudi Arabia demands action on energy security as Iran denies gulf ship attacks
Crew members of the oil tanker Front Altair, one of two vessels attacked
this week in the Gulf of Oman, have landed in Dubai. The attacks
happened three days ago.... Click the video news report.
Huawei says US ban will cost it $30 billion in lost sales
Huawei will miss sales forecasts by about $30 billion over the next
couple of years because of a US campaign against its business, the
founder and CEO of the Chinese tech company said Monday.
"In the next two years, I think we will reduce our capacity, our revenue
will be down by about $30 billion compared to the forecast, so our
sales revenue this year and next year will be about $100 billion," Ren
Zhengfei said during a panel discussion at Huawei's headquarters in
Sales last year grew by about 20% to 721 billion yuan ($104 billion). Click the video news report.
Chinese companies in the U.S. impacted by trade tensions
More than 600 companies are urging U.S. President Donald Trump to
resolve the trade dispute with China, saying tariffs hurt American
businesses and consumers. They signed a letter to Trump on Thursday, the
latest of many sent by the national campaign group known as 'Tariffs
Hurt the Heartland.' The tariffs are also set to impact many Chinese
companies operating in the U.S., including CRRC Sifang America, a
Chinese railcar manufacturer. Click the video news report
Myanmar EU Economic forum 2019
Through this event, European companies acknowledged they would like to
see a continued government effort in working constructively on an
investment friendly business climate to attract foreign investment,
create jobs in Myanmar and assure sustainable and inclusive economic
growth. Click the video news report.
Boris Johnson leads Tory leadership race after MPs' first vote
Now known that the next Prime Minister will not be a woman. And after
the first round of voting, the battle is now on to be the candidate who
joins Boris Johnson in the final vote of the Tory membership. Click the video news report.
CEO Initiative 2019: Salesforce, Coupa And IBM On Building Trust And Transparency
Businesses are at an inflection point, facing an urgent responsibility
to help shape the future. As technology changes the world around us,
it's imperative that ethical guardrails be in place to guide innovation
and future-proof business. In today's business climate, though, the way
forward isn't clear. We'll discuss how businesses can create new
frameworks, listen closely to all stakeholders, and lead with trust and
transparency. Click the video news report.