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U.S. Gets Final OK to Hit EU With $7.5 Billion Airbus Sanction

(Bloomberg) — The World Trade Organization on Monday formally authorized the U.S. to impose tariffs on about $7.5 billion worth of European exports annually in retaliation for illegal government aid to Airbus SE.Members approved this month’s arbitration award — the largest in the trade organization’s history — at a special meeting of the dispute settlement body at the WTO’s headquarters in Geneva. The development marks the final procedural hurdle before the U.S. can retaliate against European goods, which it plans to do on Oct. 18.The EU made a last-ditch appeal to the U.S. over the weekend to thwart the tariffs, …read more […]

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Oil Drops After Biggest Gain in a Month as Trade Optimism Ebbs

(Bloomberg) — Oil slid after surging the most in almost a month on Friday amid doubts that recent progress in the U.S.-China trade talks will compensate for a worsening global demand outlook.Futures in New York fell as much as 1.4% after gaining 2.2% in the previous session. Washington and Beijing made several concessions to reach a partial trade deal last week, and are aiming for a more comprehensive agreement before the end of the year. Prices gained on Friday as an attack on an Iranian crude tanker in the Red Sea stoked tension in the Middle East.Despite positive momentum in …read more […]

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Barclays’ Deal With Sheikh Makes Me Sick, Banker Said

(Bloomberg) — A group of senior Barclays Plc executives agonized over adding a Qatari royal to a bailout of the bank during the 2008 financial crisis, but it wasn’t enough to kill the deal.The bankers, now facing fraud charges in a London court, were responsible for finding a multi-billion pound lifeline from Qatar to stave off nationalization by the U.K. However, the country’s prime minister, Sheikh Hamad bin Jassim al-Thani, intended to invest personally in exchange for a commission structured as an advisory fee.“It’s like having the president of the United States advise JP Morgan; you just can’t have it,” …read more […]

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VW Plans Lamborghini Review

Oct.14 — Volkswagen is planning to review its options for Lamborghini. That comes as the world’s top car maker seeks to reach a market value of EU$200B, but a sale or IPO is currently off the table. Bloomberg’s Elisabeth Berhmann reports on “Bloomberg Markets: European Open.” …read more […]

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German security rulebook to keep 5G door open to Huawei – source

A new German security rulebook will not exclude Chinese telecoms equipment maker Huawei Technologies from supplying gear for the country’s 5G mobile networks, a senior government source said on Monday. The ‘security catalogue’, due to be published this week, will confirm Germany’s decision to keep a level playing field for suppliers to next-generation telecoms networks, despite calls by the United States to ban Huawei. Operators had warned that banning Huawei could add years of delays and billions of dollars in costs to rolling out 5G networks in Germany that could power super-fast home broadband, connected factories or, one …read more […]

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GLOBAL MARKETS-Stocks slip amid lack of detail on trade deal

A global index of stock markets slipped on Monday as signs of progress in the China-U.S. trade dispute drew mixed a reaction from investors, with some cautioning over a lack of detail in the initial stages of the agreement. Stock markets in Asia cheered U.S. President Donald Trump’s outlining the first phase of an agreement to end a trade war with China and suspending a threatened tariff hike, but European shares slipped. Germany’s DAX, dominated by companies exposed to China, slipped 0.5%. …read more […]

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Catalan Leader Jailed for 13 Years for Attempt to Break Up Spain

(Bloomberg) — Catalan separatists who tried to break away from Spain in 2017 were handed jail sentences of up to 13 years by the Supreme Court in Madrid in an unprecedented ruling that marks a watershed in relations with the troubled region.Former Catalan Vice President Oriol Junqueras was handed the stiffest sentence while eight other activists were given jail terms of between nine and 12 years for their part in an illegal referendum that triggered a month of unrest that shook the Spanish state in 2017, according to a statement from the court in Madrid. Carles Puigdemont, the regional leader …read more […]

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UPDATE 1-Turkish lira slips but traders doubt Trump's sanctions threat

Turkey’s lira slipped 0.6% on Monday after U.S. President Donald Trump warned of “powerful” sanctions over the country’s offensive into Syria, a somewhat muted response that analysts said reflected doubt that the White House would act. The currency, which suffered a crisis last year that knocked Turkey’s economy into recession, has fallen nearly 12% so far this year and 4.8% this month alone as Ankara and Syrian allies attacked Kurdish-led forces in northeastern Syria. The intervention, now in its sixth day, has drawn international condemnation including calls for a broader European Union arms embargo and, in Washington, Trump’s …read more […]

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Stocks Mixed as Investors Weigh Trade Prospects: Markets Wrap

(Bloomberg) — European stocks dropped, U.S. equity futures edged higher and Asian shares rose broadly as investors weighed signs of progress in U.S.-China trade negotiations. European bonds advanced.Energy and banking shares led Monday’s decline in the Stoxx Europe 600 index declined after the gauge jumped the most since January on Friday. Equities climbed from Sydney to Hong Kong, helping sustain a rally in emerging-market assets, after President Donald Trump said the two sides agreed to the outlines of a partial deal that could be signed as early as next month. S&P 500 futures ticked higher after the U.S. equities gauge …read more […]

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U.K. Cyber Firm Sophos Accepts $3.8 Billion Thoma Bravo Bid

(Bloomberg) — Private equity firm Thoma Bravo agreed to buy Sophos Group Plc for $3.8 billion, potentially adding another U.K. tech firm to a list of those bought by overseas investors.Thoma Bravo offered $7.40 in cash for each share of the cybersecurity firm, or 583 pence per share, a premium of 37.1% to the closing price at the end of trading Friday, according to a statement Monday.The offer values Sophos at $3.8 billion, making it one of the largest take-private U.K. tech deals in recent years. The Sophos directors intend to recommend in favor of the deal. Shares of the …read more […]

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Oil Refiner Reports Major IT Incident in Finland

(Bloomberg) — Neste Oyj, Finland’s biggest oil refiner and maker of renewable fuels, said it’s experiencing extensive failures in multiple IT systems.The issue is affecting terminals in Finland and the Baltics and causing delays in product distribution, the Espoo, Finland-based company said on Monday. Neste shares were down as much as 5% on the news.It’s not yet clear whether the cause is a malfunction or a cyber attack, according to spokeswoman Susanna Sieppi. The issue is under investigation, and it’s too early to estimate when the systems will be fixed, she said by phone.Neste is “probably not alone” in experiencing …read more […]

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Emirates sees place for Boeing 787 in airline’s fleet: President

Emirates Airline President Tim Clark said on Monday he sees a place for Boeing’s 787 aircraft in the Dubai airline’s fleet. Clark also said he told Boeing that the 777X should be tested over a 13-month to 16-month period, adding that he does not expect to have any 777-9 jets in 2020. Emirates was supposed to receive eight Boeing 777-9 in 2020. …read more […]