‘I am sorry,’ British PM May says of botched election

MANCHESTER, England – British Prime Minister Theresa May said she was sorry her Conservative Party lost seats in June’s snap election and pledged 10 billion pounds ($13.4 billion) of extra funding to help people buy new homes. May said she had listened to the message given by the election in which she lost her party’s majority in parliament. Announcing changes that would make university graduates 30 pounds a week better off, May said the university…

"‘I am sorry,’ British PM May says of botched election"

UK economy cools in three months to September but outlook better: CBI

LONDON – Growth across Britain’s private sector cooled slightly in the three months to September, an industry survey showed on Sunday, although companies were mostly upbeat about their prospects for the next three months. The Confederation of British Industry’s monthly indicator of output for manufacturers, retailers and services companies slipped to +11, down from +14 for the three months to August. “Growth in the economy has held steady through the summer, although at a slightly…

"UK economy cools in three months to September but outlook better: CBI"

Citi applies for Paris broker-dealer license post-Brexit

LONDON – Wall Street bank Citigroup is applying for a licence to conduct sales and trading activities in France, James Cowles, Citi’s Chief Executive Officer for Europe, the Middle East & Africa (EMEA) told a French newspaper on Friday. Citi said in July that it would headquarter its EU trading operations in Frankfurt and may need to create 150 new jobs in the EU in order to continue doing business across the bloc once Britain…

"Citi applies for Paris broker-dealer license post-Brexit"

Merkel wants clear line on eurozone reform in German coalition talks

TALLINN – Chancellor Angela Merkel said on Friday she wanted to agree a clear line on euro zone reforms in talks on a new coalition government in Germany. Speaking at a European Union summit in Tallinn, she added: “At the moment, we don’t have an acute crisis to manage, and so the time we have won – with a relatively good economic situation, relatively good growth, more jobs in Europe – can be used to…

"Merkel wants clear line on eurozone reform in German coalition talks"

Where’s the beef? EU at odds over farm trade offer to Mercosur

BRUSSELS – European Union countries are struggling to agree on how much beef they should in future let in from South American bloc Mercosur, threatening to derail trade talks that the two aim to conclude by the end of this year. The talks between the two blocs, which started in 1999, have ground to a halt before but both sides have committed to reach an initial deal in 2017, with steady progress since discussions resumed…

"Where’s the beef? EU at odds over farm trade offer to Mercosur"

EU watchdogs alerted banks on Brexit risks for capital buffers

BRUSSELS – Banks in the European Union have been told they may face large capital gaps if the bloc and Britain do not agree on how to treat their loss-absorbing debt after Brexit, EU banking watchdogs said on Friday. Under new banking rules meant to reduce taxpayers’ costs in banking crisis, EU lenders are required to issue a sufficient amount of debt that would be written down, or bailed-in, to absorb losses if they fail.…

"EU watchdogs alerted banks on Brexit risks for capital buffers"

Watchdog considers ‘interim’ permission for EU banks in UK

LONDON – Britain’s regulators could give interim permission for European Union banks to continue operating in the UK after the country leaves the bloc in 2019, a top regulator said on Friday. Andrew Bailey, chief executive of the Financial Conduct Authority said giving “interim permission” may be one solution for dealing initially with a wave of lenders from the EU who need to continue offering services in Britain after March 2019. The Bank of England…

"Watchdog considers ‘interim’ permission for EU banks in UK"

EU’s Verhofstadt says assumes a Brexit deal can be done with Britain

LONDON – The lead Brexit negotiator for the European Parliament, Guy Verhofstadt, said on Thursday that a Brexit withdrawal agreement could be reached with Britain. “That’s the assumption that I have and it is towards that that we work,” Verhofstadt said after a speech to students at the London School of Economics. “And that a withdrawal agreement be done in March 2019 means that there has to be an agreement in fact in October or…

"EU’s Verhofstadt says assumes a Brexit deal can be done with Britain"

Britain’s May fires warning to Boeing over Bombardier trade dispute

LONDON – Prime Minister Theresa May told U.S. planemaker Boeing on Thursday that its behaviour in a trade dispute with Canada’s Bombardier was undermining its commercial relationship with Britain. May intervened in the trade row between Canada and the United States after a complaint by Boeing led to the U.S. Department of Commerce imposing a preliminary 220-percent duty on Bombardier’s CSeries jets. The U.S. ruling puts as many as 4,200 jobs at risk at a…

"Britain’s May fires warning to Boeing over Bombardier trade dispute"